Asia Pacific Dry-type Transformer Market Forecast 2021-2028
The Asia Pacific dry-type transformer market is expected to register a CAGR of 5.86%, during the forecast period of 2021 to 2028. The region's market growth is accredited to factors, like, the growing population migration from rural to urban areas, and the increasing household income.
The Asia Pacific dry-type transformer market growth assessment included the analysis of Japan, South Korea, China, Vietnam, Australia & New Zealand, India, Indonesia, Thailand, and the rest of the Asia Pacific. India's power division is experiencing a large-scale transformation, as the nation continues to experience growing electricity demand rates. The country has also proposed incorporating large-scale renewable resources, in addition to the efforts established by the government to modernize it. However, the Indian electrical grid is inefficient and unreliable. As a result, issues such as, power system overload, energy theft, and the archaic grid infrastructure are expected to account for 25% of the total losses.
Besides, numerous regions in India are witnessing higher power cut rates, owing to the surging demand for electricity and the supply gap. Thus, to address the problem of electricity reliability, the government has introduced various policies to increase electricity generation and encourage consumers to reduce peak-hours consumption. On the other hand, with the surging share of renewable energy, the need for upgrading the existing transmission and distribution infrastructure is expected to increase. As a result, the demand for dry-type transformers is projected to rise, thereby fueling the region's market growth, over the forecast period.
Some of the prominent companies operating in the market include, Hitachi Ltd, Crompton Greaves Ltd, Hyosung Heavy Industries, Hyundai Heavy Industries Co Ltd, Kirloskar Electric Co Ltd, etc.
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