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Utility Scale Power Transformer Market Size

Report ID: GMI11614
Published Date: Sep 2024
Report Format: PDF

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Utility Scale Power Transformer Market Size

The global utility scale power transformer market size was valued at USD 11.3 billion in 2023 and is set to grow at a CAGR of 6.2% between 2024 and 2032. The market is driven by increasing energy demand, rapid industrialization, and urbanization in emerging economies. Government initiatives to expand and modernize electrical grids, coupled with the integration of renewable energy sources, fuel the need for high-capacity transformers. Investments in infrastructure development and smart grid technologies aim to improve energy efficiency and reduce transmission losses. Aging power grid infrastructure in developed regions and growing electrification in rural areas further boost market demand.

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Environmental regulations promote eco-friendly transformer designs, such as dry-type and gas-insulated transformers. The U.S. Department of Energy's Grid Deployment Office recently announced USD 10.5 billion in funding to enhance power grid resilience and modernize infrastructure, highlighting the significant governmental support driving market growth.

Utility Scale Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Scale Power Transformer Market Size in 2023:	USD 11.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.2%
2032 Value Projection:	USD 19.6 Billion
Historical Data for:	2021 to 2023
No. of Pages:	100
Tables, Charts & Figures:	10
Segments covered:	Winding, Cooling, Insulation
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 utility-scale power transformer reached USD 11.3 billion in 2023 and is poised to grow at a CAGR of 6.2% between 2024 and 2032, driven by increasing energy demand, rapid industrialization, and urbanization in emerging economies.

The oil insulation segment is expected to grow at a CAGR of over 5.5% through 2032, fueled by increasing global energy consumption, the expansion of renewable energy infrastructure, and the need to upgrade aging power grids.

The utility-scale power transformer industry utilizing oil-immersed cooling is expected to surpass USD 11.9 billion by 2032, led by rising global energy demand, increased integration of renewable energy sources, and the need to modernize aging grid infrastructure.

The Asia-Pacific market is set to surpass USD 9.4 billion by 2032, propelled by increasing electricity demands in rapidly urbanizing and industrializing nations, particularly China and India.

The key companies in the market include Bharat Bijlee, Bharat Heavy Electricals, Celme, CG Power & Industrial Solutions, Daihen, General Electric, Grupo Comtrafo, Hammond Power Solutions, Hangzhou Qiantang River Electric Group (QRE), Hitachi Energy, Hyosung Heavy Industries, Hyundai Electric & Energy Systems.