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Vacuum Pressure Encapsulated (VPE) Transformer Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Vacuum Pressure Encapsulated (VPE) Transformer Market Size
According to The Business Research Company's, The vacuum pressure encapsulated (vpe) transformer market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing power demand, aging power infrastructure, government initiatives for grid modernization, focus on renewable energy integration, environmental concerns and regulations.
The vacuum pressure encapsulated (vpe) transformer market size is expected to see strong growth in the next few years. It will grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising investments in energy infrastructure, integration of iot and digitalization, focus on energy efficiency, resilience against harsh environmental conditions, growth of smart grid deployments globally. Major trends in the forecast period include adoption of dry-type transformers, customization and modular designs, development of eco-friendly insulation materials, advanced monitoring and diagnostics, advance equipment.
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Market Drivers and Trends:
The growing electricity demand is anticipated to fuel the vacuum-pressure encapsulated (VPE) transformer market. Electricity demand refers to the amount of electrical power being consumed at a given time. It is measured in kilowatts (kW) and represents the rate at which electricity is used. Vacuum-pressure-encapsulated transformers boast excellent mechanical and short-circuit strength, eliminating the risk of fire or explosion and managing electricity by providing effective electrical isolation. For instance, in July 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand is set to increase by 5% in 2021. Further, global electricity generation increased by 2.4% (nearly 700 TWh) in 2022. Therefore, the growing electricity demand is driving the vacuum-pressure encapsulated (VPE) transformer market.
Major companies operating in the vacuum-pressure encapsulated (VPE) transformer market are developing innovative products such as dry-type pole-mounted transformers to provide efficient and environmentally friendly electricity distribution. Dry-type pole-mounted transformers use air or gas as the cooling medium and are mounted on poles for outdoor installation without the need for liquid insulation. For instance, in April 2022, Siemens Energy, a Germany-based energy technology company, launched the CAREPOLE, a Vacuum Pressure Impregnated (VPI) pole-mounted transformer. The transformer is available in single-phase designs with a voltage capacity of up to 36 kV and power ratings ranging from 10 kVA to 100 kVA. Compared to traditional oil-filled transformers, it is a dry-type transformer that uses no oil, making it safer and more ecologically friendly.
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Major Key Players of the Market:
Major companies operating in the vacuum pressure encapsulated (vpe) transformer market report are Hitachi Ltd, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens Energy AG, ABB Group, Toshiba Corporation, Eaton Corporation, TBEA Co Ltd, Fuji Electric Co Ltd, WEG SA, Bharat Heavy Electricals Limited (BHEL), Hyundai Electric & Energy Systems Co Ltd, Crompton Greaves Limited, CG Power and Industrial Solutions Limited, Hammond Power Solutions Inc, Virginia Transformer Corp, Voltamp Transformers Limited, Kirloskar Electric Company Limited, Matelec Group
Vacuum Pressure Encapsulated (VPE) Transformer Market 2024 Key Insights:
• The vacuum pressure encapsulated (vpe) transformer market is expected to grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Growing Demand For Electricity Is Anticipated To Fuel The Vacuum Pressure Encapsulated Transformer Market
• Innovative Developments In Vacuum-Pressure Encapsulated Transformers
• Asia Pacificwas the largest region in the vacuum pressure encapsulated (VPE) transformer market in 2023
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