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.
Browse market data Tables and Figures spread through 110 Pages and an in-depth TOC on " Asia Pacific Power
Transformers Market"
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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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