The Asia Pacific Power Transformer Market would witness market growth of 7.2% CAGR during the forecast period (2022-2028).
Power transformers are essential devices that assist in connecting generating stations to transmission networks. It is expected that rise in the usage of renewable and non-renewable energy resources will propel the power transformer market throughout the predicted period. Power transformers form an important part of the power grid.
Rising consciousness about the excess release of CO2 and other greenhouse gases will increase the usage of smart grids. Smart grids enable the monitoring of grid instruments in remote areas and also allow to react instantly to the fluctuating power demand. Smart power transformers are being utilized more because of their benefits.
Strict government regulations regarding the release of carbon are predicted to remain stringent throughout the upcoming years, thus, offering the development opportunities to the power transformer market. The emergence of renewable power sources and growth in demand for electricity raise the acceptance of high voltage transmission technologies like HVDC, HVAC, and UHV power transformers. Several nations like China are already utilizing ultra-high-voltage transmission technology.
In 2015, NSGM (national smart grid mission) was initiated by the government of India to monitor and plan the application of programs and policies linked to smart grid programmes in India. The main objective of the smart grids is to enhance the reliability of the electronic networks and create a grid obedient to the inputs of renewable energy by distributed generation. Moreover, efficiencies grown with smart meters and smart grids enable customers to control their electricity consumption in an improved way and assist them in decreasing their bills. This will accelerate the growth of the power transformers market in the upcoming years.
The China market dominated the Asia Pacific Power Transformer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,884.7 Million by 2028. The Japan market is estimated to grow a CAGR of 6.5% during (2022 - 2028). Additionally, The India market would experience a CAGR of 7.8% during (2022 - 2028).
Based on Insulation, the market is segmented into Oil, Gas, Air, Solid and Others. Based on Application, the market is segmented into Industrial, Residential & Commercial and Utilities. Based on Rating, the market is segmented into 100 MVA to 500 MVA, 501 MVA to 800 MVA and 801 MVA to 1,200 MVA. Based on Phase, the market is segmented into Three and Single. Based on Core, the market is segmented into Shell, Closed and Berry. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Power Transformer Market is Projected to reach USD 33.7 Billion by 2028, at a CAGR of 6.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, ABB Group, General Electric Company, Siemens Energy AG, Alstom SA, Mitsubishi Electric Corporation, Hyosung Heavy Industries Corporation, CG Power & Industrial Solutions Ltd. (Murugappa Group), Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), and Bharat Heavy Electricals Ltd.
By Insulation
By Application
By Rating
By Phase
By Core
By Country
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