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Two Winding Power Transformer Market Size

Report ID: GMI10887
Published Date: Aug 2024
Report Format: PDF

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Two Winding Power Transformer Market Size

Two Winding Power Transformer Market was valued at USD 11.4 billion in 2023 and is projected to expand at a CAGR of 5.9% between 2024 and 2032, fuelled by surging electricity demand in emerging economies and a worldwide shift towards renewable energy sources, notably solar and wind.

Two Winding Power Transformer Market

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Additionally, developed regions are channelling investments into upgrading and modernizing their aging power infrastructure, further bolstering the market. The global embrace of smart grid technologies and the quest for improved power transmission efficiency, aimed at curbing energy loss, are also driving the heightened demand for two winding power transformers.

Two Winding Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Two Winding Power Transformer Market Size in 2023:	USD 11.4 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.9%
2024 – 2032 Value Projection:	USD 19.3 Billion
Historical Data for:	2021-2023
No. of Pages:	100
Tables, Charts & Figures:	10
Segments covered:	Core, Cooling, Insulation, 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, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of two winding power transformer was worth over USD 11.4 billion in 2023 and is projected to expand at 5.9% CAGR through 2032, fuelled by surging electricity demand in emerging economies and a worldwide shift towards renewable energy sources, notably solar and wind.

The pad-mounted segment of two winding power transformer industry will record 5.5% CAGR through 2032, driven by the advantages, including enhanced safety with tamper-resistant designs, easier accessibility for maintenance, and a smaller footprint.

Asia-Pacific market for two winding power transformer is expected to exceed USD 9 billion by 2032, driven by rapid industrialization and urbanization, which are fuelling the demand for reliable energy supply.

Bharat Heavy Electricals Limited (BHEL), Celme S.r.l., CG Power & Industrial Solutions Ltd., General Electric, Hyundai Electric & Energy Systems Co., Ltd., Hyosung Heavy Industries, Hitachi Energy Ltd., JSHP Transformer, and Mitsubishi Electric Corporation among others.