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Power Transformer Market Trends

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

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Power Transformer Market Trends

The power transformer industry is experiencing notable trends driven by the increasing integration of renewable energy sources into power grids and the growing emphasis on smart grid technology. The International Energy Agency (IEA) reported a global investment of USD 446 billion in the renewable sector in 2021, marking a substantial rise since the implementation of the Paris Agreement in 2015. This increase is anticipated to have a favorable impact on market dynamics. Advancements in digital monitoring and automation technologies are enhancing transformer performance and reliability. Additionally, significant investments in modernizing aging infrastructure, particularly in developed regions, and expanding grid networks in emerging economies are further propelling market growth.

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.