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Closed Core Power Transformer Market Size

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

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.
 

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.

Closed Core Power Transformer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 13
  • Tables & Figures: 10
  • Countries covered: 24
  • Pages: 100
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