Closed Core Power Transformer Market Size - By Winding (Two Winding, Auto-Transformer), By Cooling, By Insulation (Gas, Oil, Solid, Air), By Mounting (Pad, Pole), By Application & Forecast, 2024 - 2032

Closed Core Power Transformer Market Size

Closed Core Power Transformer Market was valued at USD 7.3 billion in 2023 and is set to grow at a CAGR of over 5.9% during 2024 to 2032. This growth is driven by the rising demand for energy-efficient power transmission, increasing investments in renewable energy, and the modernization of power infrastructure. The expanding industrial sector and urbanization are also boosting the need for reliable electricity.
 

Regulatory mandates to reduce carbon emissions and the adoption of smart grid technologies further support market growth. The rise in electric vehicle (EV) adoption, which requires robust charging infrastructure, and advancements in transformer design are making closed core power transformers more popular. Consequently, the market is expected to expand significantly in the coming years.
 

Closed Core Power Transformer Market Trends

The closed core power transformer industry is growing quickly due to the rising demand for energy-efficient solutions and the growth of renewable energy projects. Advances in smart grid technology and digital monitoring systems are improving the performance and reliability of these transformers. Additionally, strict government regulations aimed at reducing carbon emissions are pushing utilities and industries to use more efficient power transmission equipment. Key trends include the development of eco-friendly and high-temperature-resistant materials, as well as a move towards compact and modular transformer designs for easier installation and maintenance. The market is also seeing increased investments and collaborations focused on innovation and technological advancements.
 

Closed Core Power Transformer Market Analysis

The market for closed core power transformers with oil-immersed cooling segment is projected to exceed USD 7.5 billion by 2032. This growth is driven by several advantages offered by oil-immersed cooling, including superior thermal conductivity, which enhances heat dissipation and allows transformers to handle higher loads more efficiently. Additionally, oil-immersed cooling provides better insulation, reducing the risk of electrical faults and extending the lifespan of the transformers. The ability to operate in a wide range of environmental conditions and the cost-effectiveness of oil as a cooling medium further contribute to the increasing adoption of these transformers in various applications, from power generation to distribution networks.
 

The pad-mounted power transformers segment is anticipated to grow at a CAGR of over 5.5% through 2032. This growth is driven by several advantages offered by pad mounting, such as enhanced safety and reliability, as these transformers are enclosed in tamper-resistant enclosures, reducing the risk of electrical hazards and vandalism. Additionally, pad-mounted transformers are ideal for urban and suburban areas due to their compact design, which requires less space and facilitates easier installation and maintenance. Their ability to blend into the environment and reduce noise levels further contributes to their growing popularity in residential and commercial applications.
 

Asia-Pacific closed core power transformer market is expected to exceed USD 6.5 billion by 2032, due to the rising demand for electricity in fast-urbanizing and industrializing countries like China and India. Ongoing investments across the integration of renewable energy across the energy mix will further drive the product demand. Additionally, investments in grid upgrades and government initiatives to improve energy efficiency and reduce transmission losses support this market growth. The adoption of new technologies and the need for reliable power transmission solutions in various sectors also contribute to the market's expansion.
 

The U.S. closed core power transformer market is growing due to increased electricity demand, grid upgrades, and renewable energy integration. Investments in modernizing infrastructure, government efficiency incentives, and advancements in transformer technology also drive growth. These factors together support the rising need for efficient and reliable power transmission solutions across the country.
 

Closed Core Power Transformer Market Share

Siemens Energy holds a significant share in the closed core power transformer industry, driven by its innovative solutions and advanced technology. The company’s strong market position is supported by increasing demand for efficient power transmission, infrastructure upgrades, and renewable energy integration. Siemens Energy’s commitment to enhancing grid reliability and performance further solidifies its prominent role in this sector.
 

Closed Core Power Transformer Market Companies

Major key players operating across the closed core power transformer industry are

• ABB
• Bharat Heavy Electricals Limited (BHEL)
• CG Power & Industrial Solutions Ltd.
• Celme S.r.l.
• General Electric
• Hitachi Energy Ltd.
• Hyosung Heavy Industries
• Hyundai Electric & Energy Systems Co., Ltd.
• JSHP Transformer
• Mitsubishi Electric Corporation
• Siemens Energy
• Schneider Electric
• Toshiba Energy Systems & Solutions Corporation
   

Closed Core Power Transformer Industry News

• General Electric introduced a new line of power transformers in January 2022, designed to support renewable energy initiatives. The lineup includes the GE-Mistral-14, optimized for voltages ranging from 275 kV to 400 kV, as well as two high-capacity transformers rated at 340 MVA, and the MBH Power model. These transformers have been adopted by numerous wind farm projects worldwide. GE's diverse portfolio of power transformers, catering to various voltage needs, serves roles in power generation, transmission, and distribution.
   

This closed core power transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in Units and USD Million from 2021 to 2032, for the following segments:

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Market, By Winding

• Two winding
• Auto transformer

Market, By Cooling

• Dry type
• Oil immersed

Market, By Insulation

• Gas
• Oil
• Solid
• Air
• Others

Market, By Mounting

• Pad
• Pole
• Others

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina