Power Transformer Market Share

APAC Excluding Japan Market Forecasts

The Asia Pacific excluding Japan power transformer market is slated to cross USD 30.37 billion by the end of 2037. 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 Statistics

The power transformer market in the North America region is expected to cross USD 19.35 billion 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