Market research

Electrical transformers market in Spain

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The market for electrical transformers in Spain expanded significantly from 2019 to 2024, with market size rising from $450.4 million to $1.17 billion. This growth was particularly strong after 2020, supported by a rebound in electricity generation across Europe and the ongoing integration of renewable energy sources, which increased demand for transformers.

Key market developments included the launch of new transformers for floating offshore wind power and manufacturing partnerships that strengthened supply chains. From 2022 onward, a global shortage of power transformers, caused by surging demand for renewable energy and supply chain constraints, further highlighted the need for grid investments. European grid modernization projects and initiatives like the Trans-European Networks for Energy (TEN-E) sustained transformer demand.

By 2024, the market had reached $1.17 billion, reflecting sustained growth driven by long-term trends in electricity demand, renewable energy expansion, and infrastructure upgrades.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In value
    1. 4.1.1.1. Production, 2019-2021, 2024
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2019-2021, 2024
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Spain
  1. 5.1.1. In kind, 2019-2021, 2024, K unit
  2. 5.1.2. In value, 2019-2021, 2024, M $ US
2. 5.2. Production in the EU, 2018-2024
  1. 5.2.1. In kind, 2018-2024, K unit
  2. 5.2.2. In value, 2018-2024, M $ US
6. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, M unit
    1. 6.1.2.1. Annual dynamics of product's imports to Spain in kind, 2018-2024, M unit
    2. 6.1.2.2. Dynamics of product's imports in kind to Spain by countries, 2018-2024, M unit
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Spain in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Spain by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/unit
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Spain, 2018-2024, $ US/unit
    2. 6.1.4.2. Dynamics of average price of product's imports to Spain by countries, 2018-2024, $ US/unit
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, M unit
    1. 6.2.2.1. Annual dynamics of product's imports to Spain in kind, 2018-2024, M unit
    2. 6.2.2.2. Dynamics of product's imports in kind to Spain by countries, 2018-2024, M unit
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Spain in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Spain by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/unit
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Spain, 2018-2024, $ US/unit
    2. 6.2.4.2. Dynamics of average price of product's imports to Spain by countries, 2018-2024, $ US/unit
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, M unit
    1. 7.1.2.1. Annual dynamics of product's exports from Spain in kind, 2018-2024, M unit
    2. 7.1.2.2. Dynamics of product's exports in kind from Spain by countries, 2018-2024, M unit
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Spain in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Spain by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/unit
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Spain, 2018-2024, $ US/unit
    2. 7.1.4.2. Dynamics of average price of product's exports from Spain by countries, 2018-2024, $ US/unit
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, M unit
    1. 7.2.2.1. Annual dynamics of product's exports from Spain in kind, 2018-2024, M unit
    2. 7.2.2.2. Dynamics of product's exports in kind from Spain by countries, 2018-2024, M unit
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Spain in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Spain by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/unit
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Spain, 2018-2024, $ US/unit
    2. 7.2.4.2. Dynamics of average price of product's exports from Spain by countries, 2018-2024, $ US/unit
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, M unit
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, M unit
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production electrical transformers in Spain

In value, 2017-2020, M $ US

In 2020, Spain's output of electrical transformers was valued at 616.4 million US dollars, representing a year-over-year increase of 29.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	29.8%	-

Source: SHEV.io

In kind, 2017-2020, K unit

In 2020, Spain produced 5,979 thousand units of electrical transformers, which is 114.7% higher than the previous year.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	114.7%	-

Source: SHEV.io

Exports electrical transformers from Spain

Exports in kind, K unit

After two years of growth, Spain's exports of electrical transformers declined in 2020. Exports totaled 5,298 thousand units, marking a slight reduction of 2.1% compared to 2019. The peak was recorded in 2019 at 5,411 thousand units, while the largest increase occurred in 2018 with a 2.3% rise.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	2.3%	0.5%	(2.1%)	0.2%

Source: SHEV.io

From 2017 to 2020, three main markets—Morocco, Germany, and Hungary—collectively absorbed 71.8% of Spain's total exports of electrical transformers in kind.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, M $ US

Spain's exports of electrical transformers declined for the second consecutive year in 2020, totaling 279.2 million US dollars, a 6.5% drop from 2019. Over the 2017-2020 period, exports decreased by 9.5%, with a compound annual growth rate (CAGR) of -3.3%. The highest value was recorded in 2018 at 380.7 million US dollars, which also saw the largest increase of 23.4%. In contrast, the largest decline occurred in 2019 with a 21.6% decrease.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	23.4%	(21.6%)	(6.5%)	(3.3%)

Source: SHEV.io

From 2017 to 2020, Spain traded electrical transformers with numerous countries, with the largest destinations—France, the United States, and Germany—together accounting for only 36.6% of total exports in value terms.

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

Source: SHEV.io

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

Source: SHEV.io

Imports electrical transformers to Spain

Imports in kind, K unit

In 2020, Spain's imports of electrical transformers totaled 38,426 thousand units, reflecting a significant decline of 12.0% compared to 2019. Over the 2017-2020 period, imports increased by 10.9%, with a CAGR of 3.5%. The lowest value was recorded in 2018 at 30,240 thousand units, while the peak occurred in 2019 at 43,657 thousand units. The largest decrease was in 2018 with a 12.7% drop, and the largest increase was in 2019 with a 44.4% rise.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(12.7%)	44.4%	(12.0%)	3.5%

Source: SHEV.io

From 2017 to 2020, China (45.3% of imports in kind), Germany (27.6%), and the Netherlands (8.7%) consistently led Spain's import structure for electrical transformers in kind, jointly accounting for 81.6% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

In 2020, Spain's imports of electrical transformers totaled 256.8 million US dollars, a 6.2% decrease from 2019. The lowest value was recorded in 2018 at 250.7 million US dollars, while the peak was in 2019 at 273.8 million US dollars, which also saw the largest increase of 9.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(3.3%)	9.2%	(6.2%)	(0.3%)

Source: SHEV.io

From 2017 to 2020, Italy (25.5% of imports in value terms), China (15.0%), and Germany (14.0%) were the primary suppliers of electrical transformers to Spain, jointly accounting for 54.5% of total imports in value terms.

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

Source: SHEV.io

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

Source: SHEV.io