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Closed Core Transformer Market Size

Report ID: GMI6197
Published Date: Dec 2024
Report Format: PDF

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Closed Core Transformer Market Size

The global closed core transformer market size was valued at USD 22.5 billion in 2024 and is expected to witness a CAGR of 6% between 2025 and 2034, driven by technological advancements, increasing energy efficiency demands, and the global push for renewable energy integration. While challenges such as high initial costs persist, the long-term benefits in terms of efficiency and reliability are likely to continue driving their adoption across various industries, especially in power distribution and industrial automation.

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The closed-core transformer industry is witnessing a notable shift driven by the increasing demand for energy-efficient solutions across various sectors. As energy efficiency becomes a key focus for industries and governments worldwide, closed-core transformers, which minimize magnetic flux leakage and energy losses, are gaining popularity. This demand is particularly strong in power distribution, industrial automation, and applications where reduced energy consumption is critical. Additionally, strict energy efficiency regulations and global initiatives to reduce carbon emissions are propelling the adoption of these transformers, positioning them as a viable solution for businesses seeking to optimize energy use and meet regulatory standards.

Closed Core Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2024
Closed Core Transformer Market Size in 2024:	USD 22.5 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	6%
2034 Value Projection:	USD 40.8 Billion
Historical Data for:	2021 to 2024
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Product, Winding, Cooling, Insulation, 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, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of closed core transformer reached USD 22.5 billion in 2024 and is set to grow at a 6% CAGR from 2025 to 2034, driven by technological advancements and increasing energy efficiency demands.

The oil-insulated segment is anticipated to grow at a CAGR of over 5.1% through 2034, as it offers efficient and reliable power distribution with superior thermal management, particularly in the oil and gas industry.

The U.S. closed core transformer market is projected to surpass USD 7.3 billion by 2034, led by efforts to modernize power grids, integrate renewable energy, and improve energy efficiency.

Key players in the market include ABB, Arteche, Celme, CG Power, Eaton, Elsewedy Electric, General Electric, Hyosung, Kirloskar Electric, Mitsubishi Electric, Ormazabal, Schneider Electric, Siemens Energy, Toshiba, and Voltamp.