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This can be attributed to the fact that voltage transformers are used in instrumentation and control systems to step down high voltage levels to levels suitable for measurement instruments and control devices.

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Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) industrial segment is expected to lead the trail by 2032īy application, the industrial segment held the highest market share in 2022, accounting for nearly one-third of the global voltage transformer market revenue and is estimated to dominate during the forecast period. This high voltage reduces energy losses during long-distance transmission through power lines. However, the high voltage segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, as high-voltage transformers are employed to step up the voltage of electrical power generated at power plants. They are used to convert the high voltage from the grid to the required voltage for the railway infrastructure.

This is due to medium voltage transformers play a crucial role in railway electrification systems. The high voltage segment is expected to grow faster throughout the forecast period.īy voltage type, the medium voltage segment held the highest market share in 2022, accounting for nearly half of the global voltage transformer market revenue and is estimated to maintain its leadership status throughout the forecast period. High initial costs of voltage transformer Surge in demand for smart grid initiatives Moreover, the surge in demand for smart grid initiatives offers remunerative opportunities for the expansion of the voltage transformer market. However, the high initial costs of voltage transformers hinder the market growth to some extent. The global voltage transformer market is experiencing growth due to several factors such as an increase in demand for electricity where voltage transformers are crucial components in the electricity distribution network, responsible for transforming power generated from various sources to meet the diverse voltage needs of end-use industries.

17, 2024 (GLOBE NEWSWIRE) - Allied Market Research published a report, titled, “ Voltage Transformer Market by Voltage Type (Low Voltage, Medium Voltage, and High Voltage) and Application (Residential & Commercial, Utility, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the voltage transformer market was valued for $22.4 billion in 2022 and is estimated to reach $42.1 billion by 2032, exhibiting a CAGR of 6.6% from 2023 to 2032. This is especially important in applications where space and weight are critical factors. Advancements in materials and design have led to the development of smaller and lighter voltage transformers without compromising performance.

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