The global liquid transformer market is expected to achieve significant growth and is expected to reach a valuation of US$16.3 billion in 2023 with a CAGR of 4.3% over the next ten years, reaching a valuation of US$24.9 billion by 2033. Growth is fueled by the increasing use of transformers in the residential, commercial and industrial sectors, thereby strengthening the position of transformers as an integral part of modern power distribution systems.
Transformers are electrical devices needed to convert electrical energy from one voltage to another, which come in two main varieties: liquid type and dry type. Liquid transformers, known for their efficiency and reliability, use a unique cooling mechanism to facilitate voltage conversion and power distribution, which distinguishes them from dry-type transformers.
Growth in electricity consumption. The growing demand for electricity around the world, especially in the residential, commercial and industrial sectors, is driving the development of the liquid transformer market. As the global economy transitions to renewable energy and smart grids, demand for liquid transformers is expected to grow at an unprecedented rate due to their superior insulation and cooling capabilities, which make them more attractive than dry-type transformers.
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Power transmission and distribution activities: North America leads the global liquid transformer market with a market share of 22.7%. The region’s strong market position is further underpinned by public investment in power generation and rising disposable income, leading to increased penetration of consumer devices. The booming construction and industrial sector in North America, fueled by economic growth, industrialization and urbanization, is also driving sales growth for liquid transformers.
In this dynamic market landscape, new entrants are constantly strengthening collaborations and investing heavily in research and development to provide innovative solutions for various vertical industries. Startups such as
Kay Pee Corporation: Headquartered in Surat, Gujarat, Kay Pee Corporation is a trusted manufacturer and supplier of a full range of power transformers, voltage stabilizers, test panels, etc. Their well-designed products are designed to meet various needs of customers, which reflects their commitment to excellence.
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Post time: Aug-25-2023
