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Closed Core Power Transformer Market Trends

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

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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.

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.