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Closed Core Transformer Market Trends

Report ID: GMI6197
Published Date: Jul 2023
Report Format: PDF

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Closed Core Transformer Market Trends

Closed-core transformers find extensive applications in various industrial and commercial sectors. They are used in manufacturing facilities, data centers, hospitals, and commercial buildings to step up or step down voltage levels and ensure efficient power distribution. The growing need for electricity infrastructure, driven by urbanization, industrialization, and population growth, is fueling the demand for closed-core transformers.

These transformers are essential for transmitting and distributing electrical power efficiently and reliably. The global shift towards renewable energy sources, such as solar and wind power, is driving the demand for closed-core transformers. These transformers play a crucial role in integrating renewable energy into the grid by stepping up or stepping down voltage levels to match transmission and distribution requirements. Governments and utilities are investing in grid modernization initiatives to enhance grid reliability, efficiency, and flexibility. Closed-core transformers are an integral part of grid modernization efforts as they help optimize power transmission and distribution, improve power quality, and enable advanced monitoring and control capabilities.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of closed core transformer was reached USD 20.8 billion in 2023 and is estimated to witness 6.3% CAGR from 2024 to 2032, driven by the increasing integration of renewable energy sources, such as solar and wind power, into the electricity grid.

The power transformer segment is poised to register over 3.5% CAGR during 2023 to 2032, due to rising infrastructural spending and favorable regulations promoting the refurbishment and expansion of existing grid networks.

North America market is poised to record significant growth at over 6.5% CAGR till 2032, attributed to the growing focus on replacing existing electrical equipment with advanced high-quality systems.

Some of the leading companies operating in the market are General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, Toshiba International Corporation, Elsewedy Electric, Eaton, CG Power & Industrial Solutions Ltd., and Voltamp.