Growing investments in the energy sector owing to infrastructural developments would fuel Asia-Pacific power transformers market over the next five years
A new market research report introduced by TechSci Research provides an overall analysis of Asia-Pacific Power Transformers Market. The presented market report will incorporate all the major factors and advancements that assume an imperative role in the market growth in the anticipated range of 05 years. It likewise introduces the overview of industry players, preferences, challenges the market is experiencing. The research report gives an entire comprehension of the Asia-Pacific Power Transformers Market in terms of revenue.
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Asia-Pacific power transformers market is expected to grow at a CAGR of around 8% during the forecast period. Power transformers are static machines used in a transmission network. Power transformers are used to transfer electrical energy in an electrical or electronic circuit between generator and primary distribution circuits. These transformers operate at high or peak load and have maximum efficiency at full load. Power transformers allow transmission of power over long distances at high voltages thus minimizing the transmission loss.
Factors like increase in demand for power, cross border power transmission, initiatives to utilize more renewable and non-conventional energy sources, smart grids, and need to upgrade transmission networks are driving the Asia-Pacific power transformers market. Additionally, replacement of old transformers and widening of transmission networks is further propelling the growth of power transformers market across the region. Moreover, growing investments in the energy sector owing to infrastructural developments would fuel Asia-Pacific power transformers market over the next five years.
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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 the rating, the market can be categorized into small power transformers, medium power transformers, and large power transformers. The small power transformers are expected to hold significant market share during the forecast period owing to its widespread applications in small industries and ability of customization according to the requirements of the customer. Based on cooling type, the market can be bifurcated into oil-cooled and air-cooled, of which the former segment dominates the market since their usage is considered safe in high voltage conditions.
Based on application, the market can be fragmented into commercial, residential and industrial. Traditionally, industrial and commercial end-users cumulatively accounted for major share in the market. The industrial category includes the adoption of these transformers in captive power plants and for power generation in manufacturing industries, whereas large-scale commercial establishments also employ these transformers for in-house power requirements.
Asia-Pacific power transformers market is gaining traction and expanding to various countries including China, India, Japan, South Korea and Australia. Among these countries, China is expected to dominate the overall power transformers market followed by India, Japan, South Korea and Australia.
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The major players operating in the power transformers market are 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. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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