Current Transformer Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific industry is likely to dominate majority revenue share of 41% by 2035. The region has seen a high demand for potent power systems. The manufacturing sector in India is rapidly growing forward eventually giving a boost to the market. The increase in electricity consumption in the region is expected to fuel the market growth of current transformers. According to the International Energy Agency, Asia Pacific will account for nearly half of the global electricity consumption by 2035.
China's government has put laws and programs into place to support grid modernization, integration of renewable energy sources, and energy efficiency.In 2022, China's renewable energy capacity accounted for 1,213 GW, or 47.3% of the country's total generation capacity.
Japan is a developed market with a high degree of innovation and technological improvement for current transformers. In order to lower carbon emissions, the nation is concentrating on energy efficiency and renewable energy sources in addition to its well-established power infrastructure. Japan intends to cut its greenhouse gas emissions by 46% by 2030 and will keep up its intense efforts to reach the ambitious target of 50% reduction in emissions.
Current transformer sales are substantial in Korea due to the country's expanding infrastructure and electricity needs. The nation has made large investments in the field of renewable energy, especially in wind and solar energy. It is anticipated that the government of Korea would raise the percentage of renewable energy sources in the nation's power mix to 20% by 2030, hence increasing the demand for current transformers.
North America Market Insights
North American region in current transformer market is predicted to grow substantially through 2035. The market’s expansion can be attributed majorly to the rising demand for renewable energy sources and well-established advanced reliable power grid infrastructure. As per IRENA, North America consists of the richest renewable resources such as wind, solar, and geothermal.
In the region, the United States is the leading since the country has invested a considerable amount in power infrastructure and prioritizes renewable energy resources. Around USD 50 billion investment was made by the U.S. in 2022 in renewable energy technologies as per a recent report. In Canada, electricity consumption is rapidly increasing boosting growth to the market. According to International Energy Agency, Canada is expected to increase electricity generation from non-emitting sources by up to 90% by 2030.
