Closed Core Power Transformer Market Size

Closed Core Power Transformer Market size is estimated at USD 7.8 billion in 2024 and is predicted to reach USD 17.3 billion by the end of 2037, expanding at a CAGR of 6.3% during the forecast period, i.e., 2025-2037. In 2025, the industry size of closed core power transformers is assessed at USD 8.3 billion.

The global shift towards cleaner energy sources is significantly pushing the sales of closed core power transformers. Several economies are investing heavily in energy production due to the swiftly increasing electricity consumption rates. For instance, according to the International Energy Agency (IEA), in 2024, the global investment in clean energy is estimated to surpass USD 3 trillion.

Even though governments have a direct or indirect role in shaping capital inflows, the private sector is expected to drive energy investment decisions in the coming years. For instance, in 2023, the corporates held 48.0% of the total investments in the energy sector. The rapidly expanding energy demand is driving a high need for advanced power transformers to effectively and safely transmit and distribute electricity. Also, the rising grid infrastructure investments and well-managed tenders are generating lucrative opportunities for closed core power transformers in high-potential economies such as Africa. A recent study by IEA estimates that Africa invested over USD 40 billion in the clean energy field in 2024.