Global Transformer Winding Machines market share 2024, Forecast To 2033

The transformer winding machines market has displayed strong growth, advancing from $0.95 billion in 2023 to $1.01 billion in 2024, with a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period is attributed to the upgrading of aging infrastructure, increased demand for electricity, a growing need for energy-efficient transformers, government initiatives promoting the adoption of renewable energy, and ongoing industrialization and infrastructure development. Moving into the next few years, the market is expected to experience strong growth, reaching $1.3 billion in 2028 at a CAGR of 6.5%. The anticipated growth in the forecast period can be attributed to increasing demand for electric vehicles, the expansion of renewable energy, growing deployment of energy storage systems, electrification of transportation, and an increased focus on grid resilience and reliability. Major trends expected in the forecast period include the integration of smart grids and IoT, increased automation and robotics, digitization and Industry 4.0 practices, customization and flexibility in manufacturing, and the adoption of energy-efficient winding techniques.