Electrical transformers market in Finland

Earlier Report Observations

The market for electrical transformers in Finland demonstrated significant growth from 2018 to 2024, with its value increasing from $185 million to $242 million. This upward trend experienced interruptions, notably in 2019 when the market contracted to $167 million and again in 2021 with a drop to $181 million, followed by robust recoveries.

Domestic production followed a similar path, rising from $185 million to $247 million over the same period, despite a dip in 2023. The expansion of international trade in transformers also played a role in the market's dynamics, contributing to the overall increase in market size.

Production electrical transformers in Finland

In value, 2017-2020, M $ US

After two years of contraction, Finland's electrical transformer production rebounded in 2020. Output reached 188.6 million US dollars, marking a 2.9% increase compared to the previous year. Over the 2017-2020 period, production declined by 4.9%, with a compound annual growth rate of 1.7%. The lowest value was recorded in 2019 at 183.3 million US dollars, while the sharpest drop occurred in 2018 with a 6.7% decrease.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

In kind, 2017-2020, K unit

In 2020, Finland produced 406.7 thousand units of electrical transformers, representing a 10.4% increase from the previous year. Over the 2017-2020 period, production grew by 35.7%, with a compound annual growth rate of 10.7%. The largest decline was recorded in 2019 at 3.2%, while the most significant increase occurred in 2018 with a 26.9% rise.

Annual dynamics of production in Finland in kind, 2017-2020, K unit

Exports electrical transformers from Finland

Exports in kind, K unit

The data shows irregular changes, indicating a volatile market environment. Import levels fluctuated significantly, with a 55-fold difference between the high in 2017 and the low in 2019. In 2020, Finland exported 1 561 thousand units of electrical transformers, which represents a dramatic 4,176.3% increase compared to the previous year. The lowest value was recorded in 2019 at 36 thousand units, with the largest decline that year reaching 98.1%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, K unit

From 2017 to 2020, India (60.5% of exports in kind), China (11.6%), and Estonia (10.6%) remained the top buyers of electrical transformers from Finland. Together, these three countries accounted for 82.7% of Finland's total exports in kind during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

Finland's electrical transformer exports grew for the second consecutive year in 2020. Export volume reached 116.4 million US dollars, showing a strong 18.2% increase compared to the previous year. Over the 2017-2020 period, exports decreased by 3.4%, with a compound annual growth rate of 1.2%. The lowest value was recorded in 2018 at 83.2 million US dollars, which also saw the largest decline of 30.9%. The most significant increase occurred in 2019 with an 18.2% rise.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

From 2017 to 2020, Denmark (19.5% of exports in value terms), Sweden (13.4%), and Norway (7.9%) were among the largest buyers of electrical transformers from Finland. However, even combined, these three countries represented just 40.9% of total exports in value terms, indicating a broadly diversified partner base.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports electrical transformers to Finland

Imports in kind, K unit

Volatility characterized the market behavior during these years. Import levels reached their maximum in 2018, then fell to their lowest point in 2019—a gap of 125 times. In 2020, Finland imported 54 thousand units of electrical transformers, representing an intense 10,723.9% increase relative to the previous year. The minimum value was recorded in 2019 at 54 thousand units, while the maximum occurred in 2018 at 6 823 thousand units. The largest decline was recorded in 2019 at 99.2%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, K unit

From 2017 to 2020, China (35.2% of imports in kind), the United States (17.4%), and Estonia (16.8%) continued to be the main suppliers of electrical transformers to Finland. Together, these three countries formed 69.4% of Finland's total imports in kind during this period.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

After two years of decline, Finland's electrical transformer imports increased in 2020. The country imported a total of 116.5 million US dollars worth of electrical transformers, representing a 41.3% uptick compared to the previous year. Over the 2017-2020 period, imports grew by 15.7%, with a compound annual growth rate of 5.0%. The lowest value was recorded in 2019 at 82.4 million US dollars, while the largest decline occurred in 2018 with a 17.1% decrease.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

From 2017 to 2020, imports of electrical transformers to Finland in value terms were widely dispersed across partner countries. Poland (14.9% of imports in value terms), Germany (14.3%), and Hungary (8.2%) together represented only 37.3% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020