Power Transformer Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is expected to hold largest revenue share of 43.2% by 2035. The growth of the power transformers industry can be boosted by renewable energy adoption in this region. Integration into the grid of these subsidiary energy resources is needed in order to move away from conventional energy sources, such as solar and wind. In order to ensure efficient transmission and distribution of renewable energy, power transformers play a crucial role in raising or lowering voltage levels. In Asia, in 2019 there was renewable energy production around 2,929,465 GWh, 3,150,570 GWh in 2020, and 3,480,502 GWh in 2021. It is expected that the region will present favorable growth prospects for the power transformers industry due to rising concerns over greenhouse gas emissions and their environmental risks. The need for power transformers in the country is growing due to an increase in manufacturing, infrastructure development and construction work. Rising energy demand and growing interest in the production of renewables are at the heart of power transformer market expansion.
North American Market Insights
The power transformer market share in the North America region is expected to cross 26% during the forecast period. Due to increased electricity demand, the market for power transformers is growing in this area. The need for additional power transformers to increase and improve the electric grid is growing as a result of increasing worldwide demand
