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Asia Pacific Power Transformer Market Analysis

  • Report ID: GMI6899
  • Published Date: Oct 2023
  • Report Format: PDF

Asia Pacific Power Transformer Market Analysis

Asia Pacific Power Transformer Market Size, By Core, 2021 - 2032 (USD Billion)

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The closed core segment held a market value of more than USD 3 billion in 2022. Closed core power transformers have gained extensive adoption in the industry due to their adaptability in managing various voltage conditions. Their ability to facilitate renewable energy conversions while ensuring operational longevity has played a pivotal role in the expansion of this sector. Nevertheless, advancements in coil technologies and increasing emphasis on energy efficiency have given rise to a range of alternative core technologies. These alternatives offer substantial enhancements in efficiency and performance when compared to conventional closed core units.
 

The auto transformer market is poised for growth on account of its superior transformation capabilities and operational flexibility compared to its competitors. The adoption of the product is being propelled by several key factors, including its compact design, cost-efficiency, and elevated efficiency levels. Furthermore, the incorporation of smart monitoring technologies has enhanced product reliability and cost-effectiveness, thereby making significant contributions to the Asia Pacific power transformer market expansion.
 

The increasing demand for oil-immersed power transformers can be attributed to their effective compatibility with high-tension applications and superior cooling capabilities when compared to dry power transformers. This technology has gradually established a strong presence in the market, primarily due to its efficient cooling characteristics and ease of installation. Nevertheless, it's worth acknowledging that issues concerning product leakage, health, and fire hazards might pose limitations on the demand for these power transformers in the foreseeable future.
 

Based on insulation, the oil-insulated units have been a longstanding insulation technology since the inception of power transformers in electrical infrastructure. Their effective insulation capabilities, high-temperature resilience, and sustainable applicability have driven demand for the product. However, the rapid advancement of technology has introduced more sophisticated insulation technologies, potentially posing challenges to Asia Pacific power transformer market growth.
 

The market for power transformers rated at ≤ 100 MVA is expected to experience significant growth due to its extensive applications in various sectors, including process industries, power generation, and infrastructure. The swift adoption of renewable energy sources in residential settings, combined with the rapid expansion of microgrid networks, will have a positive impact on the industry.
 

Pad-mounted distribution power transformer units have gained substantial market acceptance, primarily because the installation of larger units requires efficient base foundations and grounding arrangements. These units have found widespread use across various industries and utility environments, driven by the necessity of having power transformers located in close proximity to their intended usage locations.
 

Asia Pacific Power Transformer Market Revenue Share, By Application, 2022

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The residential application is set to grow at a 7.3% CAGR through 2032. The business environment is poised to be influenced by fast-paced urbanization and supportive government initiatives that encourage the integration of renewable energy sources in residential areas. The growing adoption of on-site electricity generation technologies and ongoing efforts to establish smart control networks will additionally contribute to the increased demand for these products.
 

China Power Transformer Market Size, 2021 - 2032 (USD Billion)

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The China power transformer market held approximately 44.2% of the revenue share in 2022. China's rapid industrialization and urbanization have been significant drivers of increased electricity demand. Consequently, there is a growing requirement for power transformers to support power distribution and transmission in the country. To facilitate long-distance power transmission and connect remote renewable energy sources, China has made substantial investments in high-voltage direct current (HVDC) technology. This has generated demand for specialized power transformers capable of handling high-voltage direct current.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of power transformer in APAC was worth USD 9.5 billion in 2023 and will observe around 7.5% CAGR from 2023 to 2032.

The residential application is set to record over 7.3% growth through 2032 as the business environment is poised to be influenced by fast-paced urbanization and supportive government initiatives that encourage the integration of renewable energy sources in residential areas.

China power transformer industry held over 44.2% revenue share in 2022 and is expected to witness substantial growth through 2032, due to the country’s rapid industrialization and urbanization.

General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, Bharat Heavy Electricals Limited, Toshiba International Corporation, Elsewedy Electric, Eaton, CG Power & Industrial Solutions Ltd., DAIHEN Corporation, and Hyosung Heavy Industries.

Asia Pacific Power Transformer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 17
  • Tables & Figures: 563
  • Countries covered: 5
  • Pages: 250
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