Power transformer market is anticipated to grow at a CAGR of 7.4% during the forecast period (2024-2031). Power transformers are electrical instruments used in transmitting electrical power from one circuit to another without changing the frequency. They operate by the principle of electromagnetic induction. They are used in transmitting electrical power between generators and distribution primary circuits. The increasing power demand globally is a key factor driving the global power transformer market.
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Innovations in power transformer technology, such as green transformers development and high-voltage direct current (HVDC) transmission meet the growing energy demand more efficiently. Such developments are further aiding global market growth. In April 2021, Tata Power announced the commissioning of India’s largest natural ester-filled 110 /33 / 22 kV, 125 MVA power transformer in the Mumbai Transmission network at the BKC receiving station in active collaboration with Hitachi ABB Power Grids and Cargill. This transformer uses natural esters with a high fire point (350 degrees Celsius) to eliminate the fire risk.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Power Transformer Market Report Segment
By Application
- Residential & Commercial
- Utilities
- Industrial
By Core
- Closed
- Shell
- Berry
By Insulation
- Gas
- Oil
- Solid
By Phase
- Single
- Three
Global Power Transformer Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global power transformer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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