Electric Power Transmission Transformers Market Size, Share & Trends Analysis Report By Product (Low Voltage Transformers, Medium Voltage Transformers, High Voltage Transformers), By Applications (Industrial, Commercial, Residential), By End Use, By Region, and Segment Forecasts - 2035

Electric Power Transmission Transformers Market Overview

The global electric power transmission transformers market size was valued at USD 10346.81 million in 2025 and is projected to grow from USD 10989.35 million in 2026 to USD 13166.43 million by 2035, exhibiting a CAGR of 6.21% during the forecast period.

The Electric Power Transmission Transformers Market is entering a sustained expansion cycle as utilities, industrial operators and infrastructure developers reinforce grids for electrification, renewable integration and rising digital-power demand. High Voltage Transformers are estimated to account for approximately 48% of product demand because bulk transmission networks increasingly require large-capacity equipment for 220 kV, 400 kV, 500 kV and 765 kV systems. Industrial applications represent approximately 44% of market demand as manufacturing facilities, data centers, mining operations and energy-intensive sites require dependable high-capacity electrical connections. Transformer manufacturers are responding to historically tight supply conditions by increasing factory capacity, localizing critical components and upgrading testing capabilities. Several major producers announced manufacturing expansions of 40% to more than 100% during 2025-2026, reflecting strong order pipelines. Demand is also shifting toward digitally monitored units, lower-loss core materials, online dissolved-gas analysis and transformers designed for renewable corridors and high-voltage direct-current networks.

The United States remains a strategically important transmission transformer market because electricity demand from data centers, manufacturing, electrification and grid modernization is accelerating at the same time that utilities are replacing aging equipment. North America is estimated to account for approximately 26% of global market demand, with the United States contributing more than 80% of regional installations. Large Power Transformer supply remains particularly tight, encouraging substantial domestic manufacturing investment. In 2025, one major supplier announced a new U.S. transformer manufacturing investment that includes approximately 457 million for a large-power-transformer facility expected to create more than 825 jobs, while another manufacturer committed approximately 340 million to a new three-phase transformer facility. A separate Texas expansion completed during 2025 more than doubled production capacity for selected grid equipment. These projects demonstrate how transformer availability has become a strategic infrastructure issue rather than only a routine electrical-equipment procurement decision.

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Key Findings

• Leading Product Type: High Voltage Transformers are expected to lead with approximately 48% market share as utilities accelerate 220 kV to 765 kV grid expansion, renewable interconnections and long-distance transmission projects.
• Leading Application: Industrial applications are projected to account for approximately 44% of market demand as manufacturing, data centers, energy infrastructure and large production facilities require higher-capacity and more resilient electrical connections.
• Leading Region: Asia-Pacific is expected to lead with approximately 43% market share, supported by major transmission investments and large transformer manufacturing bases across China, India, Japan and South Korea.
• Fastest Growing Region: Asia-Pacific is projected to expand at approximately 7.3% annually as renewable corridors, industrial electrification and extra-high-voltage networks accelerate across major developing electricity systems.
• Technology Trend: Extra-high-voltage transmission is expanding rapidly, with major current projects requiring transformer and reactor equipment designed for approximately 765 kV networks supporting long-distance renewable-power evacuation.
• Market Driver: Grid modernization remains the strongest driver as selected transformer manufacturers are increasing plant production capacity by approximately 40% to 50% to address sustained global equipment shortages.
• Competitive Landscape: Manufacturing expansion is intensifying, with one major U.S. transformer project alone expected to create more than 825 jobs while establishing additional domestic large-power-transformer capacity.
• Future Outlook: Factory localization will accelerate through 2035 as major producers plan capacity additions approaching 30000 MVA in individual expansion programs to address growing high-voltage grid requirements.

Latest Trends

Transformer manufacturing localization is one of the most significant trends shaping the Electric Power Transmission Transformers Market in 2026. Utilities increasingly face extended procurement cycles for large transformers, creating incentives for manufacturers to expand production closer to major demand centers. During 2025, multiple suppliers announced factory expansions ranging from approximately 40% to more than 100% in production capability. A major German transformer facility is undergoing a 16000-square-meter expansion designed to increase capacity by approximately 50%, while a Swedish large-transformer operation is being expanded by approximately 20000 square meters with planned capacity growth of around 40%. North American investment is equally strong, including projects worth approximately 340 million, 457 million and 195 million for new or expanded transformer production. This factory-building cycle reflects demand extending beyond conventional utility replacement into renewable integration, AI data centers, electrified manufacturing and grid-security programs.

A second trend is the increasing use of extra-high-voltage transformers within renewable-energy transmission corridors. Wind and solar generation is frequently located hundreds of kilometers from major demand centers, creating the need for 400 kV, 500 kV and 765 kV transmission infrastructure. In 2025, a major Indian utility procurement included more than 70 units of 765 kV-class transformers and shunt reactors for renewable-power corridors, with deliveries beginning in 2026. High Voltage Transformers already represent approximately 48% of market demand, and expansion of HVDC systems is further strengthening the segment. Digital monitoring is also becoming more important because large transformers can remain in service for 30 to 40 years, making early fault detection economically valuable. Online temperature monitoring, dissolved-gas analysis, moisture detection and digital asset-health systems are increasingly integrated into fleet-management programs.

Market Dynamics

Driver

""Grid modernization and electrification are creating unprecedented transformer demand.""

The principal driver of the Electric Power Transmission Transformers Market is the accelerating need to expand electricity networks while replacing aging grid assets. High Voltage Transformers account for approximately 48% of product demand because transmission systems must move growing volumes of electricity over long distances from generating centers to industrial and urban loads. Electricity consumption is rising as transportation, heating, manufacturing and digital infrastructure become increasingly electrified. Data centers create a particularly visible source of new load because campuses can require electrical connections measured in hundreds of megawatts. Industrial applications account for approximately 44% of transformer demand, reinforcing requirements for large substations and high-capacity interconnections. Transformer manufacturers have described current demand as exceeding earlier projections, prompting investments measured in hundreds of millions across the United States, Europe and Asia.

Renewable integration provides another structural demand driver. Solar and wind generation often requires new transmission infrastructure rather than simply using existing distribution systems. Recent transmission projects in India include more than 70 units of 765 kV transformers and shunt reactors dedicated to renewable-energy corridors. Equipment at this voltage class enables very large power transfers across long distances while reducing the number of parallel transmission lines required. Asia-Pacific consequently represents an estimated 43% of global transformer demand and is projected to grow at approximately 7.3% annually. China and India are simultaneously expanding renewable generation and extra-high-voltage transmission, while Japan and South Korea are modernizing mature networks. These programs create recurring requirements for High Voltage Transformers, replacement units, spare transformers and specialized grid components.

Restraint

""Long manufacturing cycles and constrained component supply limit project execution.""

Long production lead times remain one of the most significant restraints affecting the transmission transformer industry. Large units require specialized electrical steel, copper conductors, insulation, bushings, tap changers and extensive factory testing before shipment. Each transformer is usually engineered around a specific voltage, capacity and site configuration, reducing the ability to maintain finished inventory. Large transformer production can require more than 12 months from engineering approval through testing, and periods of severe industry congestion have pushed procurement schedules considerably longer. High Voltage Transformers represent approximately 48% of demand and face the greatest complexity because larger units require specialized transport and installation planning. Manufacturers are increasing capacity, but major new factories may take 2 to 4 years from announcement to full commercial production.

Critical material supply also constrains output. Grain-oriented electrical steel is essential for transformer cores because low magnetic losses directly affect operating efficiency. Expanding core-processing capacity requires specialized equipment and quality control. One recent Indian investment established a new core-processing center with approximately 12000 metric tons of annual capacity as part of broader transformer manufacturing expansion. Transformer insulation is another bottleneck: a separate Indian manufacturing program is designed to double capacity for extra-high-voltage pressboard and laminated board by 2027. These investments demonstrate how final transformer production depends on several specialized component industries. Even when a manufacturer has available assembly space, shortages of bushings, steel, insulation or skilled winding personnel can restrict annual output.

Opportunity

""Renewable corridors and data-center expansion create major new transformer opportunities.""

Data-center expansion creates one of the strongest new opportunities because large computing campuses require extremely dependable connections to regional transmission networks. AI-oriented facilities can place hundreds of megawatts of incremental demand on individual grid areas, often requiring dedicated substations and multiple transformers for redundancy. Industrial applications represent approximately 44% of market demand, and data centers increasingly compete for the same transformer manufacturing capacity as utilities. Suppliers are responding by expanding North American production, including a new U.S. large-transformer facility supported by approximately 457 million in investment and another three-phase transformer factory supported by approximately 340 million. Increased domestic capacity can reduce transportation exposure and improve access to replacement units. Manufacturers that combine transformers with monitoring, protection and substation engineering can capture a larger portion of these complex infrastructure projects.

High-voltage renewable transmission provides another major opportunity. Asia-Pacific is projected to grow at approximately 7.3% annually as China and India invest in long-distance electricity corridors. High Voltage Transformers are especially important because renewable projects frequently need to step power through multiple voltage levels before energy reaches major consumption centers. Manufacturing investment reflects this trajectory. In June 2026, a new large-power-transformer factory investment of approximately INR 2000 crore was announced in India, while another supplier approved around INR 2060 crore for approximately 30000 MVA of additional large-transformer manufacturing capability. Suppliers able to manufacture 400 kV, 765 kV and HVDC-related equipment locally can benefit from reduced logistics complexity and national preferences for domestic grid manufacturing.

Challenge

""Meeting efficiency, reliability and delivery requirements simultaneously remains difficult.""

Transformer manufacturers face the technical challenge of increasing capacity while maintaining extremely high reliability standards. A large transmission transformer may operate continuously for more than 30 years and experience substantial thermal, electrical and mechanical stresses. Equipment must withstand short-circuit forces, switching events and environmental extremes while maintaining low losses. High-voltage insulation systems can involve multiple meters of dielectric separation and complex oil-paper interfaces, requiring precise manufacturing. Factory acceptance testing can include impulse tests, temperature-rise tests and partial-discharge measurements before shipment. Even a small manufacturing defect can create substantial grid consequences because a single transformer may carry hundreds of MVA. Rapid factory expansion of approximately 40% to 50% therefore requires not only additional buildings but also experienced engineering personnel, winding technicians and advanced testing facilities.

Transportation presents another major challenge because large transformers can weigh several hundred tonnes and cannot be moved using ordinary road freight. The largest units require specialized railcars, heavy-haul trailers, port equipment and site-specific route planning. Bridge capacities, turning radii and overhead clearances may restrict feasible transportation routes. A factory capable of producing 30000 additional MVA annually must therefore coordinate manufacturing growth with logistics infrastructure. Utilities also face strategic-spare challenges because storing large units requires significant space and capital, while transformers designed for one substation may not fit another without modification. Standardization can reduce this problem, but transmission networks contain decades of different voltage and technical configurations.

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Segmentation Analysis

By Types

Low Voltage Transformers: Low Voltage Transformers account for approximately 19% of market demand within the supplied segmentation and support downstream power conversion close to end users. These transformers are particularly relevant where Commercial and Residential installations require safe voltage reduction within buildings and local electrical networks. Low-voltage equipment generally serves systems below approximately 1 kV on the secondary side, although exact classifications vary by national standards. The category benefits from growth in distributed electrical loads, building electrification and auxiliary systems within large substations. While individual unit capacities are substantially smaller than High Voltage Transformers, much higher installation counts maintain the segment's importance.

Medium Voltage Transformers: Medium Voltage Transformers represent approximately 33% of market demand and provide a critical link between high-voltage transmission systems and local industrial or commercial networks. Equipment commonly supports systems from several kilovolts through approximately 36 kV or higher depending on regional classification. Industrial facilities use these transformers for motors, processing equipment and internal electrical distribution, while Commercial buildings deploy them in campus-level substations. The segment benefits from electrification of manufacturing and data-center infrastructure. Medium Voltage Transformers are also increasingly paired with digital monitoring because operators want continuous information about temperature, loading and insulation condition across high-utilization assets.

High Voltage Transformers: High Voltage Transformers lead with approximately 48% market share because electricity networks require large power transformers at critical transmission substations. Equipment can operate at 110 kV, 220 kV, 400 kV, 500 kV, 765 kV and higher system voltages depending on grid architecture. Recent renewable-transmission projects have required more than 70 transformers and reactors in the 765 kV class, illustrating the scale of current extra-high-voltage investment. High Voltage Transformers also have the longest manufacturing cycles and greatest testing requirements. Current factory expansions of approximately 40% to 50% are therefore concentrated heavily around this category as manufacturers respond to persistent shortages.

By Applications

Industrial: Industrial applications account for approximately 44% of Electric Power Transmission Transformers Market demand and represent the leading application segment. Manufacturing plants, steel facilities, chemical operations, mining, data centers and large industrial campuses require substantial electrical capacity and high levels of supply reliability. Large projects can require multiple transformers rated in hundreds of MVA, while data-center clusters increasingly need redundant substation configurations. Industrial electrification is also replacing fossil-fuel-driven processes with electric heating and machinery, increasing grid-connected load. Manufacturers are expanding transformer production specifically to address demand from utilities, large industrial customers and data centers.

Commercial: Commercial applications represent approximately 32% of market demand and include offices, retail complexes, hospitals, telecommunications facilities and large institutional buildings. High-density commercial developments often require dedicated substations and Medium Voltage Transformers to distribute electricity across multiple structures. Hospitals and digital infrastructure place especially high value on redundancy because interruptions can disrupt critical services. Commercial electricity demand is also rising as heating, cooling and transportation become more electrified. These loads increase upstream transmission requirements even where the final facility operates at less than 36 kV.

Residential: Residential applications account for approximately 24% of demand and are supported by urban expansion, housing development and increasing household electrification. Individual homes do not use transmission-class transformers, but millions of new residential connections increase aggregate requirements across substations and transmission networks. Electric vehicles, heat pumps and air conditioning can significantly increase household peak demand compared with conventional loads. Residential growth therefore creates cascading transformer requirements from local low-voltage networks through Medium Voltage Transformers and upstream High Voltage Transformers. Rapidly urbanizing economies in Asia-Pacific provide particularly strong long-term demand.

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Regional Outlook

North America

North America represents approximately 26% of global market demand, driven by grid replacement, data centers, industrial reshoring and renewable interconnection. The United States hosts supplied companies including Eaton, SPX Transformer Solutions and GE Grid Solutions. Transformer shortages have become a major infrastructure issue as utilities compete with industrial customers for limited manufacturing slots. In 2025, Eaton announced approximately 340 million of investment in a new South Carolina transformer factory expected to create around 700 jobs once hiring begins.

Additional North American capacity is under development across several sites. A large new transformer facility in Virginia is receiving approximately 457 million of investment and is expected to create more than 825 jobs. Expansion in Quebec supported by approximately 270 million Canadian dollars is expected to nearly triple large-power-transformer production capacity. A separate Texas manufacturing expansion costing approximately 100 million added 200000 square feet and more than doubled capacity for selected three-phase transformers and voltage regulators. These projects demonstrate the scale of North America's transformer supply response.

Europe

Europe accounts for an estimated 21% of global Electric Power Transmission Transformers Market demand. Grid modernization, offshore wind, cross-border interconnections and electrification are increasing the requirement for transmission equipment. Siemens in Germany, ABB in Switzerland, Schneider Electric in France and Alstom in France represent major supplied companies associated with the region. European countries are expanding transmission systems to move renewable electricity between coastal generation areas and inland demand centers, increasing demand for High Voltage Transformers.

Manufacturing expansion is accelerating. During 2025, a major transformer plant in Nuremberg announced an approximately 220 million euro expansion adding around 16000 square meters and increasing capacity by approximately 50%. Another Swedish transformer facility began a 20000-square-meter expansion designed to raise large-power-transformer capacity by approximately 40%. A new Spanish dry-type transformer facility covering more than 22000 square meters is also scheduled for completion by the end of 2026. These projects support Europe's ability to serve both regional and export transformer demand.

Asia-Pacific

Asia-Pacific leads the Electric Power Transmission Transformers Market with an estimated 43% share and is projected to expand at approximately 7.3% annually. China and India are the largest growth centers because both countries require extensive transmission investment to support renewable generation, industrial expansion and growing electricity demand. China-based suppliers in the supplied competitive group include Shanghai Electric, TBEA, China XD Group and Baoding Tianwei Group Tebian Electric, while India contributes BHEL and Crompton Greaves. Japan and South Korea add major technology capabilities through Mitsubishi Electric, Toshiba, Fuji Electric and HYOSUNG.

India is experiencing particularly strong transformer investment. In 2025, a major transmission supplier received an order for more than 70 units of 765 kV transformers and shunt reactors, with deliveries scheduled from 2026 through 2027. During 2026, a new Large Power Transformer factory supported by approximately INR 2000 crore was announced, while another manufacturer approved approximately INR 2060 crore to add around 30000 MVA of capacity. Toshiba's Indian operations are also increasing power-transformer capacity from approximately 30000 MVA to 42000 MVA annually. These projects underline Asia-Pacific's leading position.

Latin America

Latin America represents approximately 4% of global market demand, with Brazil, Mexico and Chile among the principal transmission investment centers. Renewable generation is creating requirements for longer transmission corridors because hydroelectric, solar and wind resources are often located far from large cities. High Voltage Transformers consequently have increasing importance within regional infrastructure projects. Industrial mining operations also create substantial electricity loads, particularly across copper-producing regions where facilities require dependable high-capacity connections.

Grid modernization and interconnection projects provide opportunities through 2035 as countries increase renewable penetration. Large solar and wind facilities can require transformers rated at hundreds of MVA, while transmission corridors extend hundreds of kilometers between generation zones and demand centers. Latin America's approximately 4% global share remains smaller than Asia-Pacific, Europe and North America, but renewable resources and industrial electrification create a stable platform for transformer demand.

Middle East & Africa

Middle East & Africa accounts for approximately 6% of global market demand and offers long-term potential through urban growth, renewable energy and major infrastructure development. Gulf economies are building solar projects, data centers, industrial facilities and new urban districts that require significant transmission-system expansion. High Voltage Transformers are especially important where power must travel long distances from generation plants to expanding population centers. Utilities in several countries are investing in 220 kV and 400 kV networks to reinforce existing grids.

Africa has a different growth profile, with electrification and grid reliability representing major drivers. Hundreds of millions of people across the continent still experience limited or unreliable electricity access, creating a need for transmission expansion alongside distributed energy. Transformer deployment must therefore support both new generation and stronger cross-border interconnections. The region's approximately 6% current market share remains modest, but electricity-demand growth and renewable development can increase requirements steadily through the 2026-2035 forecast period.

List of Top Electric Power Transmission Transformers Companies

• BHEL (India)
• HYOSUNG (South Korea)
• Eaton (United States)
• Schneider Electric (France)
• Crompton Greaves (India)
• Fuji Electric (Japan)
• Shanghai Electric (China)
• TBEA (China)
• China XD Group (China)
• Siemens (Germany)
• ABB (Switzerland)
• Mitsubishi Electric (Japan)
• Baoding Tianwei Group Tebian Electric (China)
• SPX Transformer Solutions (United States)
• Alstom (France)
• Hitachi (Japan)
• Toshiba (Japan)
• GE Grid Solutions (United States)

Top 2 Companies Market Share

Hitachi: Hitachi is estimated to represent approximately 13% of the tracked competitive transformer market, supported by extensive large-power-transformer, HVDC and grid-equipment capabilities. The company's global capacity expansion program includes more than 9 billion in manufacturing, engineering and related electrification investments, with approximately 457 million dedicated to a new U.S. large-transformer factory. Additional projects include a Swedish factory expansion raising large-transformer capacity by approximately 40% and a Canadian expansion designed to nearly triple annual output.

Siemens: Siemens is estimated to account for approximately 11% of the tracked competitive landscape, supported by established large-transformer production and grid-technology capabilities. In 2025, its Nuremberg transformer operation began an approximately 220 million euro expansion expected to increase manufacturing capacity by around 50%. In February 2026, its Indian business approved approximately INR 2060 crore for an additional 30000 MVA of Large Power Transformer manufacturing capacity, reinforcing its exposure to Asia-Pacific's approximately 43% market share.

Investment Analysis

Investment in the Electric Power Transmission Transformers Market is reaching historically high levels as manufacturers respond to persistent supply constraints. Capacity additions are increasingly measured in hundreds of millions for individual factories. One U.S. producer is investing approximately 340 million in a new three-phase transformer facility, while another large-transformer project in Virginia carries an investment of approximately 457 million. European capacity is expanding through a 220 million euro project designed to increase output by approximately 50%, and Canadian expansion is expected to nearly triple large-transformer capacity at one site. These investments demonstrate that manufacturers expect elevated transformer demand to persist for several years rather than represent a short-term procurement spike.

Asia-Pacific represents the strongest long-term investment location because the region accounts for approximately 43% of demand and is projected to grow around 7.3% annually. India alone has recently attracted expansion programs including approximately INR 2000 crore for a new Large Power Transformer factory and INR 2060 crore for approximately 30000 MVA of incremental capacity. Toshiba is increasing Indian transformer capacity from approximately 30000 MVA to 42000 MVA annually and plans further investment to more than double combined production at its Indian and Japanese operations by FY2030 compared with FY2024. Investment is also flowing into transformer-grade pressboard, core processing, bushings and test laboratories because expanding final assembly without increasing component availability would not resolve supply constraints.

New Product Development

New product development is increasingly focused on lower-loss transformers, digital asset monitoring and equipment optimized for renewable transmission. High Voltage Transformers represent approximately 48% of demand, making efficiency improvements especially important because large units operate continuously for decades. Manufacturers are using improved grain-oriented electrical steel, advanced conductor arrangements and optimized core geometries to reduce no-load and load losses. Digital sensors monitor oil temperature, winding temperature, dissolved gases, moisture and bushing condition. Continuous data can identify emerging faults weeks or months before conventional inspections, allowing utilities to plan maintenance rather than respond to catastrophic failure.

Extra-high-voltage and HVDC transformer development is another major innovation area. Recent projects require equipment for approximately 765 kV AC networks, while global renewable corridors increasingly use HVDC where transmission distances become very large. These transformers require sophisticated insulation, large bushings and highly controlled manufacturing tolerances. New product development also targets environmental performance through alternative insulating liquids, reduced material losses and lower-carbon manufacturing. A transformer component facility in India is being expanded with 100% fossil-free process heat and electricity while doubling capacity for extra-high-voltage pressboard by 2027, illustrating how sustainability requirements are entering transformer manufacturing itself.

Five Recent Developments

• June 2026: Hitachi announced an approximately INR 2000 crore investment for a new Large Power Transformer factory in Vadodara, India, expanding local capacity for rising domestic and global high-voltage grid demand.
• February 2026: Siemens Energy India approved approximately INR 2060 crore for an additional 30000 MVA of Large Power Transformer manufacturing capacity, with the expanded capability planned to enter operation between 2030 and 2032.
• September 2025: Siemens Energy began an approximately 220 million euro expansion of its Nuremberg transformer facility, adding around 16000 square meters and targeting approximately 50% higher production capacity.
• September 2025: Hitachi announced more than 1 billion of U.S. grid-manufacturing investment, including approximately 457 million for a Virginia Large Power Transformer factory expected to create over 825 jobs.
• May 2025: GE Grid Solutions secured an order for more than 70 units of 765 kV transformers and shunt reactors for Indian renewable-energy corridors, with manufacturing and deliveries extending from 2026 through 2027.

Report Coverage

The Electric Power Transmission Transformers Market report evaluates industry conditions across the 2025 base period and the 2026-2035 forecast horizon, during which the supplied market outlook indicates a CAGR of 6.21%. Product coverage is restricted to Low Voltage Transformers, Medium Voltage Transformers and High Voltage Transformers, representing estimated shares of approximately 19%, 33% and 48%, respectively. Application coverage includes Industrial, Commercial and Residential, with estimated shares of approximately 44%, 32% and 24%. The analysis evaluates transmission expansion, transformer replacement, data-center demand, renewable interconnections, HVDC development, electrical-steel requirements, insulation manufacturing, digital monitoring, factory capacity and equipment lead-time conditions.

Regional analysis covers Asia-Pacific, North America, Europe, Middle East & Africa and Latin America, representing estimated shares of approximately 43%, 26%, 21%, 6% and 4%, respectively. Competitive coverage includes all 18 supplied companies: BHEL, HYOSUNG, Eaton, Schneider Electric, Crompton Greaves, Fuji Electric, Shanghai Electric, TBEA, China XD Group, Siemens, ABB, Mitsubishi Electric, Baoding Tianwei Group Tebian Electric, SPX Transformer Solutions, Alstom, Hitachi, Toshiba and GE Grid Solutions. Current industry coverage also reflects factory expansions ranging from approximately 40% to more than 100%, extra-high-voltage equipment at 765 kV, individual capacity additions reaching approximately 30000 MVA and major manufacturing investments designed to alleviate transformer shortages through 2035.