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Phase Shifting Transformer Market Trends

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

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Phase Shifting Transformer Market Trends

The electricity industry exhibits diverse prospects on a global scale, which are shaped by factors such as the size and extent of operational areas, network characteristics, the number of customers served, and ownership structures. Various models are employed to assess tariffs and revenues, accommodating this diversity and enabling effective comparisons. Despite this diversity, both Distribution System Operators (DSOs) and Transmission System Operators (TSOs) generally uphold high standards of quality and reliability in supplying electricity to their customers.

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.