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Closed Core Power Transformer Market Size

Report ID: GMI10698
Published Date: Aug 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Closed Core Power Transformer Market Size in 2023:	USD 7.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.9%
2032 Value Projection:	USD 12.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	10
Segments covered:	Winding, Cooling, Insulation, Mounting, Application
Growth Drivers:	Refurbishment demand for existing grid infrastructure Growing deployment of renewable energy Increasing demand for electricity
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of closed core power transformer was worth over USD 7.3 billion in 2023 and is expected to register 5.9% CAGR from 2024 to 2032, owing to the rising demand for energy-efficient power transmission and increasing investments in renewable energy worldwide.

Closed core power transformer industry from the oil-immersed cooling segment is expected to exceed USD 7.5 billion by 2032, due to offering superior thermal conductivity, which enhances heat dissipation and allows transformers to handle higher loads more efficiently.

Asia Pacific closed core power transformer industry is expected to reach over USD 6.5 billion by 2032, due to rising demand for electricity in fast-urbanizing and industrializing countries like China and India in the region.

ABB, Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., Ltd., JSHP Transformer, Mitsubishi Electric Corporation, Siemens Energy, Schneider Electric, and Toshiba Energy Systems & Solutions Corporation, are some of the major closed core power transformer companies worldwide.