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Asia Pacific Power Transformer Market Size

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

Asia Pacific Power Transformer Market Size

Asia Pacific Power Transformer Market was valued at USD 9.5 billion in 2023 and is projected to grow at a CAGR of over 7.5% during 2024 and 2032. fueled by the continually growing global demand for electricity. Developing economies, especially in the Asia Pacific region, have encountered issues related to power shortages and frequent electrical outages. For instance, in September 2023, State Grid Corporation of China announced that its investments in the power sector could surpass USD 13.7 trillion between 2020 and 2060.

 

Asia Pacific Power Transformer Market

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A power transformer is an electrical device that is designed to convert electrical energy at one voltage level to another. It is a vital component of electrical grids and industrial facilities, enabling efficient transmission and distribution of electrical power over long distances and between different voltage levels. In the last decade, the expansion of Purchasing Power Parity (PPP) has played a constructive role in driving electricity demand. Consumers are progressively inclined toward embracing a sustainable energy mix, bolstered by continuous electrification initiatives in suburban regions. This combination of factors is expected to contribute to a promising outlook for the business.

 

For instance, in September 2023, Hitachi Energy, a global technology leader committed to advancing a sustainable energy future, has officially opened its advanced transformer manufacturing facility in Liangjiang New Area, located in the southwest region of China's Chongqing Municipality.

 

The power transformer sector could encounter obstacles stemming from the initial high costs and rising replacement expenses. Stringent technological regulations and labeling standards have led to elevated product expenditures. Transformers serve as pivotal components within the transmission and distribution (T&D) network, responsible for voltage regulation and current conduction capabilities. Given their critical role, substantial investments are essential for quality assurance and the implementation of automated manufacturing procedures. The utilization of advanced electrical components and the growing focus on energy efficiency have additionally played a part in driving up transformer costs

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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