Asia Pacific Transformer Market Size - By Core (Closed, Shell, Berry), Product Type (Distribution Transformer, Power Transformer, Instrument Transformer), Winding (Two Winding, Auto Winding), Cooling, Insulation, Rating, Mounting, Application & Forecast,

Asia Pacific Transformer Market Size - By Core (Closed, Shell, Berry), Product Type (Distribution Transformer, Power Transformer, Instrument Transformer), Winding (Two Winding, Auto Winding), Cooling, Insulation, Rating, Mounting, Application & Forecast, 2023 - 2032

Asia Pacific Transformer Market size is poised to expand at 5.7% CAGR from 2023 to 2032 driven by increasing investments in smart grid technologies and electric vehicle (EV) infrastructure.

With the growing focus on enhanced energy efficiency and sustainability in the region, smart grid technologies are increasingly deployed to improve the reliability and efficiency of power transmission and distribution systems. For instance, China plans to invest USD 442 billion in power grid modernization and expansion between 2021 and 2025. Similarly, Japan proposed USD 155 billion financing program in 2022 to encourage investments in smart power networks. Additionally, the rising adoption of EVs is necessitating the development of robust charging infrastructure, thereby driving the demand for transformers for supporting the charging networks.

The Asia Pacific transformer industry is categorized into core, product, winding, cooling, insulation, rating, mounting, application, and region.

With respect to product, the market value from the distribution transformer segment is anticipated to gain notable traction from 2023-2032, attributed to the escalating demand for electricity in residential and commercial sectors. Distribution transformers help to step down the electrical voltage for local consumption. This is contributing to their increasing acceptance in power distribution networks in the region. Moreover, the high emphasis on energy efficiency and sustainable power solutions coupled with technological advancements in transformer design and manufacturing will boost the segment growth.

Asia Pacific transformer industry from the utility application segment is projected to generate substantial revenue by 2032 driven by the increasing energy demand and the expansion of utility infrastructure. Several utility companies across the region are increasingly adopting advanced transformer technologies to ensure stable and uninterrupted power supply to meet the escalating electricity needs of residential, commercial, and industrial sectors. Additionally, the growing focus on grid modernization and the integration of renewable energy sources will propel the segment expansion.

As per country, India transformer industry is poised to record robust growth through 2032 propelled by the rapid industrialization, urbanization, and infrastructural development in the country. The surge in ambitious renewable energy targets and the increasing integration of renewable power sources are surging the demand for transformers.

Additionally, industry players are heavily investing in the development of their manufacturing facilities in response to the anticipated rise in the demand for transformers across the nation, further supporting the market growth. For instance, in January 2023, CG Power and Industrial Solutions Ltd., a Murugappa group company, announced plans to invest Rs.126 crores to boost the manufacturing capacity of its distribution transformers and power transformers units in Malanpur and Bhopal.