Electrical transformers, static converters and inductors market in Finland

Earlier Report Observations

The Finnish market for electrical transformers, static converters, and inductors expanded significantly from 2020 to 2022, with market size growing from $614 million to $842 million. This growth was driven by the rapid development of renewable energy, particularly wind power, whose capacity increased by 20% in 2024 alone, requiring new transformers for grid connection. Additionally, prospects for growth in electricity-intensive industries such as hydrogen production, e-fuels, steel, and battery manufacturing boosted demand for power conversion equipment.

After peaking in 2022, the market experienced a moderate correction in 2023 and 2024, settling at $784 million. This adjustment coincided with a change in the method for calculating electricity transmission capacity in 2024, which may have temporarily affected infrastructure investment timing. International factors like fluctuating raw material prices, such as for molybdenum in stainless steel, also influenced component costs and market dynamics during this period.

Throughout the period, the transformer sector saw innovation toward sustainability, including biodegradable insulation materials, energy-efficient designs, and compact formats that save space and materials. These advancements align with Finland's broader shift toward 95% fossil-free electricity generation and support long-term market evolution.

Production electrical transformers, static converters and inductors in Finland

In value, 2017-2020, M $ US

Finland's production of electrical transformers, static converters, and inductors declined for the second year in a row. In 2020, output was valued at 1 084 million US dollars, marking a gradual decrease of 6.2% from the previous year. Over the period from 2017 to 2020, production fell by 3.3%, with a compound annual growth rate of 1.1%. The highest value was recorded in 2018 at 1 173 million US dollars, which also saw the largest increase of 4.6%.

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

Exports electrical transformers, static converters and inductors from Finland

Exports in kind, t

The market exhibited volatility during these years. The minimum volume was recorded in 2019 at 9 970 tonnes, while the maximum occurred in 2017, resulting in a 3.5-fold variation between these two years. In 2020, exports of electrical transformers, static converters, and inductors from Finland reached 34 152 tonnes, a significant increase of 242.5% compared to the previous year. The largest decline was observed in 2019, with a drop of 69.7%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

From 2017 to 2020, the structure of exports in kind showed a diversified set of partners. The United States accounted for 9.4% of exports, Germany for 8.9%, and Denmark for 7.7%, together making up only 26.0% of total flows. The remaining 74.0% was distributed among numerous smaller markets.

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

After two years of growth, exports of electrical transformers, static converters, and inductors from Finland declined. In 2020, the export volume amounted to 1 009 million US dollars, a decrease of 6.3% from the previous year. The highest value was recorded in 2019 at 1 077 million US dollars, while the largest increase occurred in 2018, with a rise of 3.5%.

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

The market base for exports in value terms from 2017 to 2020 was broad. The United States contributed 11.8% of exports, Germany 10.5%, and China 5.3%, together accounting for just 27.7% of total flows. The remaining 72.3% was shared by numerous other countries.

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, static converters and inductors to Finland

Imports in kind, t

The market displayed volatility over the observed period. Imports reached their lowest point in 2019 at 6 318 tonnes and peaked in 2017, showing a swing of 5.4 times between these years. In 2020, deliveries of electrical transformers, static converters, and inductors to Finland amounted to 32 631 tonnes, equivalent to a sudden rise of 416.5% compared to the previous year. The largest decline was recorded in 2019, with a drop of 79.1%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

Data from 2017 to 2020 indicate that imports in kind of electrical transformers, static converters, and inductors to Finland were not heavily concentrated. Estonia accounted for 19.4% of imports, Poland for 13.2%, and China for 12.7%, together making up only 45.3% of total flows.

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

In 2020, Finland imported approximately 539 million US dollars worth of electrical transformers, static converters, and inductors, reflecting an increase of 8.0% compared to 2019. Between 2017 and 2020, imports grew by 5.7%, equating to an annualized rate of 1.9%. The lowest value was recorded in 2019 at 499 million US dollars, which also saw the largest decline of 3.9%.

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

From 2017 to 2020, China, Estonia, and Germany remained the principal suppliers of electrical transformers, static converters, and inductors to Finland in value terms. China accounted for 26.4% of imports, Estonia for 18.7%, and Germany for 11.5%, jointly representing 56.6% of total imports.

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

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