Asia-Pacific power transformer market expected to reach $8,9 B by 2023
The Asia-Pacific power transformer market was valued at $5.2 B in 2016, and is projected to reach $8,9 B by 2023, registering a CAGR of 8.1 % from 2017 to 2023.
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The Asia-Pacific power transformer market was valued at $5.2 B in 2016, and is projected to reach $8,9 B by 2023, registering a CAGR of 8.1 % from 2017 to 2023.
Power transformers, a critical part of power infrastructure, are expected to witness significant growth in the coming years. This is due to the consistent increase of the demand for electricity throughout the Asia-Pacific.
Moreover, the region is moving towards green energy as there is an increase in utilisation of renewable and non-conventional energy resources, such as wind, solar, and hydro energy. To meet the growth in demand for electricity, a widening of transmission networks is taking place.
Utilisation of renewable and non-conventional energy sources, and need for transmission networks upgrade, boosts the Asia-Pacific power transformer market.
The countries covered by this market report are: China, Japan, India, South Korea, Australia, Indonesia, Vietnam, Malaysia, Myanmar, Hong Kong, Macau, Thailand, and the rest of Asia-Pacific.
Source: Cole of Duty