Asia-Pacific Transformers Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Transformers Market Analysis
The Asia-Pacific Transformer Market is expected to rise at a CAGR of more than 4.5% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Factors such as increasing energy demands from the industries and expansion of transmission and distribution systems are likely going to drive the Asia-Pacific transformer market.
- However, delay in the implementation of the projects is expected to restrain the Asia-Pacific transformer market.
- A smart grid is a highly efficient and economical technology that can reduce carbon emissions. Such up-gradation for now existing networks in the region can create several opportunities for the Asia-Pacific Transformer Market in the future.
- Due to its increasing demand for electricity and the rising renewable energy installation and connecting them to the country's grid, China is expected to be the largest market for Asia-Pacific transformers.
Asia-Pacific Transformers Market Trends
This section covers the major market trends shaping the APAC Transformer Market according to our research experts:
Distribution Transformer Expected to Dominate the Market
- A distribution transformer or service transformer is used to provide the final voltage transformation in the electric power distribution system. It will then step down the voltage applied in the distribution lines to the level used by various customers of the residential, commercial, and industrial sectors.
- Countries in the Asia-Pacific region, such as China, India, and Indonesia, because of rapidly increasing urbanization and industrialization in the countries, are expanding their existing transmission and distribution systems by laying new transmission lines and installing new substations to fill the energy demand-supply gap in their respective country.
- In 2021, the electricity generation for Asia-Pacific was about 13994.4 Terawatt-Hour (TWh), which was higher than what the region produced in 2020, 12949.3 TWh. The increase in electricity generation exhibits an increase in the power generation capacity, which is likely to use new distribution transformers for the transmission of electricity to consumers.
- In August 2022, a USD 308 billion action plan was approved by the Punjab government to enhance the caliber and dependability of consumer electricity supply. Various infrastructure projects, including the construction and augmentation of 89 and 382 66/ 11 kV power transformers, as well as the commissioning of 94 new 66 KV sub-stations, will be carried out as part of the plan. The plan also calls for the installation of 23,687 11KV distribution transformers, the laying of 15,859 circuit km of HT/LT lines, and the laying of 2,015 circuit km of 66 kV transmission lines.
- Hence, owing to the above points, the distribution transformer segment is likely to dominate the Asia-Pacific transformer market during the forecast period.
China Expected to Dominate the Market
- China, due to the rapidly increasing energy demand and an increasing number of commercial and industrial operations, the country is likely to be the largest market for the transformer in Asia-Pacific. The continually growing demand for power supply in the country is expected to drive the transformer market in the country.
- China's increasing industrial operations to surpass the United States to become a superpower in terms of economy is likely to drive the transformer market in the country. Moreover, the country's government is also locating several industries in remote and rural locations for which it is likely to expand its transmission and distribution system to supply power.
- In 2021, China's electricity generation was 8534.3 terawatt hours with an annual growth rate of 10% as compared to the previous year, which was about 61% of the total electricity generation by Asia-Pacific. China's considerable share of energy demand is likely to create dominance over the transformer market in the region.
- In July 2022, Tuci offshore wind power project received Windstar transformers and high-voltage hybrid switchgear Plug and Switch System (PASS) from Hitachi Energy. Each turbine from Hitachi Energy's OceaniQTM range for offshore applications is equipped with high-performance 66 kV Windstar power transformers and 72.5 kV high-voltage hybrid switchgear PASS M00-Wind to guarantee high capacity and reliability.
- Hence, owing to the above points, China is expected to dominate the Asia-Pacific transformer market during the forecast period.
Asia-Pacific Transformers Industry Overview
The Asia-Pacific Transformer Market is fragmented. Some of the key players in this market (not in a particular order) include Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation, and CG Power and Industrial Solutions Ltd.
Asia-Pacific Transformers Market Leaders
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Siemens AG
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ABB Ltd.
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General Electric Company
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Mitsubishi Electric Corporation
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CG Power and Industrial Solutions Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Transformers Market News
- October 2022: Hitachi Energy India announced that it has been given a contract by NTPC Renewable Energy, the wholly-owned subsidiary of Gujarat's future 4.75 gigawatts (GW) renewable energy plant, to provide power transformers.
- February 2022: the Indian Ministry of Power and New and Renewable Energy approved a power distribution network project worth USD 4.12 billion under the Integrated Power Distribution Programme (IPDS). The program aims to improve the quality and reliability of power supply to consumers through a financially sustainable and operationally efficient distribution sector.
Asia-Pacific Transformers Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Force Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Power Rating
- 5.1.1 Small
- 5.1.2 Large
- 5.1.3 Medium
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5.2 Cooling Type
- 5.2.1 Air-Cooled
- 5.2.2 Oil-Cooled
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5.3 Transformer Type
- 5.3.1 Power Transformer
- 5.3.2 Distribution Transformer
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5.4 Geography
- 5.4.1 China
- 5.4.2 India
- 5.4.3 Japan
- 5.4.4 Rest of the Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
- 6.3.1 Siemens AG
- 6.3.2 ABB Ltd.
- 6.3.3 General Electric Company
- 6.3.4 Mitsubishi Electric Corporation
- 6.3.5 Schneider Electric SE
- 6.3.6 Panasonic Corporation
- 6.3.7 Hitachi, Ltd.
- 6.3.8 JiangSu HuaPeng Transformer Co., Ltd.
- 6.3.9 Baoding Tianwei Baobian Electric Co., Ltd.
- 6.3.10 Toshiba Corp
- 6.3.11 CG Power and Industrial Solutions Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAsia-Pacific Transformers Industry Segmentation
A transformer is an electrical energy transfer device that either steps up or down the voltage from one alternating-current circuit to one or more other circuits.
The Asia-Pacific Transformer Market is segmented by power rating, cooling type, transformer type, and geography. By power rating, the market is segmented into small, medium, and large. By cooling type, the market is segmented into air-cooled and oil-cooled. By transformer type, the market is segmented into power transformers and distribution transformers. The report also covers the market size and forecasts for the transformer market across the major countries. For each segment, the market sizing and forecasts are based on the revenue (USD Billion).
| Power Rating | Small |
| Large | |
| Medium | |
| Cooling Type | Air-Cooled |
| Oil-Cooled | |
| Transformer Type | Power Transformer |
| Distribution Transformer | |
| Geography | China |
| India | |
| Japan | |
| Rest of the Asia-Pacific |
Asia-Pacific Transformers Market Research FAQs
What is the current Asia-Pacific Transformer Market size?
The Asia-Pacific Transformer Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Transformer Market?
Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation and CG Power and Industrial Solutions Ltd. are the major companies operating in the Asia-Pacific Transformer Market.
What years does this Asia-Pacific Transformer Market cover?
The report covers the Asia-Pacific Transformer Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Transformer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Transformer Industry Report
Statistics for the 2024 APAC Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Transformer analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
