Home > Energy & Power > Electrical Equipment > Transformers > Asia Pacific Transformer Market

Asia Pacific Transformer Market Trends

Report ID: GMI6620
Published Date: Sep 2023
Report Format: PDF

Download Free Sample

APAC Transformer Market Trends

The Asia Pacific region holds the distinction of being the world's largest energy producer and consumer, with China taking a prominent role in both production and consumption. In line with its commitment to the Paris Agreement, the region has experienced a substantial twofold increase in the adoption of renewable energy sources. National targets for renewable energy, coupled with a shift towards expanding traditional electrical networks, have created a favorable business environment. Utility companies have primarily directed their efforts towards enhancing and expanding the grid infrastructure to accommodate the growing share of renewable energy sources and advanced distributed generation technologies.

According to the Renewable Energy Institute, the total renewable energy generation in the country exceeded 6,000 TWh in 2018, making China the top choice for global investors in the renewable energy sector. China attracted a significant amount of investment, totaling USD 90 billion, in its renewable energy industry.

Furthermore, favorable government incentives and regulatory reforms designed to promote the adoption of renewable energy throughout the region are expected to have a substantial positive impact on the growth of the transformer market. The implementation of stringent policies aimed at establishing a sustainable energy mix in various industries, supported by utility-led large-scale expansion of renewable energy, will further enhance the prospects of the industry.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

Market size for transformer in the APAC reached USD 22.4 billion in 2023 and is estimated to exhibit a 5.4% CAGR between 2024 and 2032, due to increasing energy demand and the rapid expansion of the electricity industry in the region.

Asia Pacific power transformer industry will garner huge gains through 2032, owing to fast-paced industrial growth and the accelerating rate of urbanization.

China market captured an estimated 38% of the revenue share in 2022, attributed to consistent technological innovations and the increased emphasis on expanding the existing energy infrastructure.

Major companies operating across the market are General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, Bharat Heavy Electricals Ltd., Toshiba International Corporation, Elsewedy Electric, Eaton, and CG Power & Industrial Solutions Ltd.