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Asia Pacific Power Transformer Market Trends

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

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Asia Pacific Power Transformer Market Trends

India, Indonesia, and China have notably attracted substantial investments from major manufacturers in recent years. The increasing demand for manufactured goods, accompanied by the expansion of manufacturing facilities to meet this demand, is anticipated to provide a further impetus to the power transformer market in these countries. The rising energy requirements and ongoing expansion of grid networks, particularly in emerging economies, offer abundant opportunities for the power transformer industry to address the evolving needs of various sectors. The persistent emphasis on industrial growth and the need for dependable power supply will remain key drivers of the power transformer market's growth in these regions.

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.