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Phase Shifting Transformer Market Size

  • Report ID: GMI6866
  • Published Date: Oct 2023
  • Report Format: PDF

Phase Shifting Transformer Market Size

Phase Shifting Transformer Market size was valued at USD 157.4 million in 2023 and is projected to grow at a CAGR of over 7.3% through 2032. The increasing integration of renewable energy sources (such as wind and solar) and the need for grid stability and reliability were driving the demand for phase shifting transformer.

 

Phase Shifting Transformer Market

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The power industry faces challenges due to the high initial costs and rising replacement expenses for transformers. These costs have increased due to stringent regulations and labeling standards in the industry. Transformers play a critical role in the transmission and distribution (T&D) network by regulating voltage and conducting current effectively. Ensuring the quality and precision of these components for critical electricity applications requires significant investments in quality checks and automated manufacturing processes. Additionally, the use of advanced electrical components and the growing emphasis on energy efficiency further contribute to the overall increase in transformer prices.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of phase shifting transformer was worth USD 157.4 million in 2023 and is projected to record over 7.3% CAGR through 2032, due to the increasing integration of renewable energy sources and the higher need for grid stability and reliability.

Phase shifting transformer industry from the > 800 MVA rating segment will witness more than 7% CAGR from 2023 to 2032, owing to the surging grid modernization efforts.

The utility application segment may hold over 74.1% share of the phase shifting transformer market by 2032, driven by the growing adoption of utility-scale renewable energy projects, such as solar and wind farms.

APAC phase shifting transformer market size is set to grow at over 7.1% CAGR through 2032, due to significant growth in renewable energy installations, including solar and wind power.

Phase Shifting Transformer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 531
  • Countries covered: 24
  • Pages: 200
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