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Medium Power Transformers Market Size, Growth Insights & Industry Forecast 2024-2033
Medium Power Transformers Global Market Report 2024
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According to The Business Research Company's, The medium power transformers market size has grown strongly in recent years. It will grow from $33 billion in 2023 to $34.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to electrical distribution growth, industrialization, technological advancements, regulatory compliance.
The medium power transformers market size is expected to see steady growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to renewable energy integration, digital technologies, electric vehicle charging infrastructure, transition to eco-friendly insulation materials. Major trends in the forecast period include grid modernization, digital twins and simulation, eco-friendly materials, advanced monitoring.
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Market Drivers and Trends:
Favorable government policies to increase electrification contributed to the growth of the market in the historic period. Countries around the world are implementing several initiatives to increase electrification across the countries. For example, the government of India launched the 'Pradhan Mantri Sahaj Bijli Har Ghar Yojana' to achieve 100% electrification in the country. For instance, in July 2022, Government of India, launched power sector's revamped distribution sector scheme. This project will strengthen India's renewable energy goals, commitment, and green transportation aspirations. These initiatives increased the market for medium power transformers in the historic period.
The transformer manufacturing market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, the US Department of Energy (DOE) invested $7.5 million to support the research and development of smart transformers for grid resiliency. Companies should consider investing in technologies to produce smart transformers for commercial establishments.
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Major Key Players of the Market:
Siemens Aktiengesellschaft, General Electric Company, Fuji Electric Co. Ltd., Hitachi Ltd., Schneider Electric SE, Eaton Corporation plc, Mitsubishi Electric Corporation, Jinpan International USA Ltd., CG Power and Industrial Solutions Ltd., Fortune Electric Co. Ltd., Kirloskar Electric Company Limited, Amran Inc., Koncar Distribution and Special Transformers Inc., Hammond Power Solutions Inc., MGM Transformer Company, Schaffner Holding AG, RITZ Instrument Transformers GmbH, Emerson Electric Co., SMA Solar Technology AG, Tianan Electric Group Co. Ltd., RECO Transformers Pvt. Ltd., SPX Transformer Solutions Inc., TBEA Co. Ltd., Toshiba Energy Systems & Solutions Corporation, Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited, Wilson Transformer Company Pty Ltd, ABB Asea Brown Boveri Ltd., Bharat Bijlee Limited, Bowers Electricals Ltd., C&S Electric Limited, Cargill Transformer Materials, Delta Star Inc., ETEL Transformers Pvt. Ltd., Federal Pacific, Pioneer Transformers Ltd., Howard Industries Inc.
Medium Power Transformers Market 2024 Key Insights:
• The medium power transformers market size is expected to see steady growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Government-Led Electrification Initiatives Boost The Medium Power Transformer Market
• The Transformation Of Transformers Smart Transformers In The Modern Grid
• Asia-Pacific was the largest region in the medium power transformers market in 2023
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