High Voltage Power Transformer Market Worth $12.3 Billion By 2029 Marketsandmarketstm

(MENAFN- PR Newswire) Asia Pacific is expected to emerge as the largest market for high voltage power transformers, driven by several convergent factors that are shaping its energy landscape. The primary driver is the expansive urbanization and industrialization across major economies such as China, India, and Southeast Asia. These countries are experiencing significant growth in their manufacturing sectors and widespread construction of new infrastructure, which necessitates a robust and reliable power supply, thereby increasing the demand for high voltage high voltage power transformers. Moreover, governments in the Asia-Pacific are heavily investing in enhancing their national grid infrastructures to support economic growth and improve the quality of life for their growing populations. According to a recent BloombergNEF report, China accounted for nearly half of all global low-carbon spending. In 2022, the country invested USD 546 billion in solar and wind energy, as well as electric vehicles and batteries. India plans to invest USD 34.2 billion by 2030 in an interstate transmission network (ISTS) to evacuate renewable energy, according to K Sreekant, Chairman and Managing Director of government owned Powergrid Corporation of India (PGCIL). According to data from GlobalData, Energy Monitor's parent business, China invests more in transmission grids than any other country combined. In 2022, China invested USD 166 billion in its transmission infrastructure, while other countries contributed USD 118 billion. Investments in infrastructure updates are driven by the country's aging power infrastructure. All these investments will likely drive the high voltage high voltage High Voltage Power Transformer Market in the Asia Pacific region. This has led to a surge in demand for advanced high voltage high voltage power transformers that can handle the variable outputs of renewable energy sources such as wind and solar. Additionally, the region is characterized by a strong push towards rural electrification, especially in countries with significant rural populations. Programs aimed at extending the electrical grid to remote areas are crucial in increasing the penetration of electricity to underserved regions, further driving the demand for high voltage high voltage power transformers.

Key Market Players of High Voltage Power Transformer Industry :

Key players in the global High Voltage Power Transformer Market include Hitachi Energy (Japan), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).

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