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Power Transformer Market Size

Report ID: GMI128
Published Date: Jun 2024
Report Format: PDF

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Power Transformer Market Size

Power Transformer Market was valued at USD 20.7 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2032, owing to the increasing demand for electricity along with rapid urbanization and industrialization, particularly in emerging economies. Additionally, investments and technological advancements in smart grids and grid automation are fostering the adoption of advanced power transformers.

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Government initiatives and regulatory policies aimed at reducing carbon emissions and improving energy efficiency further bolster the market growth, as they encourage the deployment of high-efficiency transformers. The global shift towards renewable energy sources, such as wind and solar power, necessitates the integration of power transformers into the grid for efficient energy transmission and distribution. Aging power infrastructure in developed regions is also prompting significant investments in modernization and replacement projects.

Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Power Transformer Market Size in 2023:	USD 20.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.7%
2032 Value Projection:	USD 37.5 Billion
Historical Data for:	2021 to 2023
No. of Pages:	110
Tables, Charts & Figures:	20
Segments covered:	Core, Winding, Cooling, Insulation, Rating, 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, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of power transformer was worth USD 20.7 billion in 2023 and is expected to register 6.7% CAGR from 2024-2032 owing to the increasing demand for electricity due to rapid urbanization and industrialization, particularly in emerging economies worldwide.

Power transformer industry from the shell core segment is expected to reach over USD 14 billion by 2032, due to featuring a streamlined design that reduces their overall size and weight compared to traditional transformers, while maintaining or even enhancing their electrical performance.

Asia Pacific power transformer industry is projected to surpass USD 18 billion by 2032 due to rapid industrialization and urbanization across countries like China, India, and Southeast Asia in the region.

Bharat Bijlee Limited, CG Power & Industrial Solutions Ltd., Celme S.r.l., DAIHEN Corporation, Grupo Comtrafo, General Electric, Hitachi Energy Ltd., Hyosung Heavy Industries, and Hammond Power Solutions, are some of the major power transformer companies worldwide.