Press Release

Asia Pacific Power Transformers Market to Witness Significant Growth During Forecast Period

Growing demand for electricity, advancements in transmission lines and replacement of old transformers to drive Asia-Pacific power transformers market through 2024

According to TechSci Research report, Asia Pacific Power Transformers Market By Rating, By Cooling Method, By Product Type, By Application, By Country, Competition, Forecast & Opportunities, 2024, the Asia-Pacific power transformers market is expected to grow at a CAGR of around 8% during the forecast period. The power transformers are witnessing adoption owing to the growing investments in the energy sector and increase in demand for electricity across the region. As power sector is the key indicator of economic growth, countries in the region are investing in strengthening their power infrastructure and meet the growing demand for electricity. Power transformers form a critical part of a power grid.  Additionally, with the rising awareness related to CO2 emissions, the adoption of smart grids is expected to grow. Presently, the “Go Green” revolution is driving the demand for smart grids across the region. However, high initial cost of purchase and installation is likely to hamper the Asia-Pacific power transformers market during the forecast period.

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The Asia-Pacific power transformers market is segmented based on rating, cooling method, product type, application, country and company. Based on rating, the market can be categorized into small power transformers, medium power transformers, large power transformers. The small power transformers segment dominates the market owing to their use in a variety of applications. However, large power transformers are expected to register significant growth during the forecast period on account of growing emphasis on reduction of transmission losses. Based on cooling type, the market can be bifurcated into oil-cooled and air-cooled. The oil-cooled power transformers segment accounts for larger share in the market as their usage is considered safe in high voltage conditions.

Bharat Heavy Electricals Ltd., Mitsubishi Heavy Industries, Ltd., Siemens Aktiengesellschaft, General Electric Company, Hyundai Electric & Energy Systems Co. Ltd.,  ABB Ltd., Schneider Electric SE, Eaton Corporation plc, Hitachi Ltd., Crompton Greaves Ltd.  and others are some of the leading players operating in Asia-Pacific power transformers market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“The Asia-Pacific power transformers market is expected to witness significant growth during the forecast period, owing to the several ongoing Transmission & Distribution expansions being carried out in the region. Additionally, increasing demand for power transformers in countries such as India and China would further propel growth in Asia-Pacific power transformers market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Asia Pacific Power Transformers Market By Rating, By Cooling Method, By Product Type, by Application, By Country, By Company, Forecast & Opportunities, 2024 has evaluated the future growth potential of Asia-Pacific power transformers market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia-Pacific power transformers market.

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