China Transformer Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Transformer Market Analysis
The China Transformer Market is expected to rise at a CAGR of more than 4% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Factors such as increasing energy demands from the industries and expansion of transmission and distribution systems are likely going to drive the China Transformer Market. Increasing renewable energy in the country will probably drive the China Transformer Market during the forecast period.
- However, fluctuating prices for raw materials used in the manufacturing of transformers are expected to restrain the China Transformer Market.
- A smart grid is a highly efficient and economical technology that can reduce carbon emissions. Such installation and up-gradation for now existing networks in the country can create several opportunities for the China Transformer Market in the future.
China Transformer Market Trends
This section covers the major market trends shaping the China Transformer Market according to our research experts:
Distribution Transformer Expected to Dominate the Market
- A Distribution Transformer or Service Transformer provides the final voltage transformation in the electric power distribution system. It will then step down the voltage applied in the distribution lines to the level used by various customers of the residential, commercial, and industrial sectors.
- Although certain national standards permit units with ratings as high as 5000 kVA to be referred to as distribution transformers, distribution transformers typically have values of less than 200 kVA. Because distribution transformers are designed to operate continuously, minimizing iron losses is crucial to their functionality, even when there is no load. They are made to be as efficient as possible at lesser loads because they typically don't run at full loads.
- China, because of its rapidly increasing urbanization and industrialization, is expanding its existing transmission and distribution system by laying new transmission lines and installing new substations to fill the energy demand-supply gap in the country.
- In 2021, the electricity generation for China was about 8,534.3 Terawatt-Hour (TWh), which was higher than what the country produced in 2020, 7,779.1 TWh. The increase in electricity generation exhibits an increase in the power generation capacity, which is likely to use new distribution transformers for the transmission of electricity to consumers.
- Hence, owing to the above points, the distribution transformer segment is likely to dominate the China Transformer Market during the forecast period.
Increasing Renewable Energy Expected to Drive the Market
- Due to the constant increase in energy demand and an increasing issue related to greenhouse gas emissions, China is witnessing a large installation in renewable energy capacity, which requires a large amount of power and distribution transformers to transfer electricity from the generation site to the consumers.
- Moreover, China's increasing industrial operations to surpass the United States and become a superpower in terms of the economy are likely to drive the transformers' market in the country. The country's government has also banned coal-fired power plants at several locations; such measures instantly boosted the country's renewable installations and are likely to expand its transmission and distribution system to supply power.
- In 2021, the total renewable energy installation capacity in China was 1020.2 gigawatts (GW), which was more than the installed capacity of 2020, 899.6 gigawatts (GW). With the increasing growth in renewable power generation, particularly from wind and solar PV, and connecting those to the country's grid, the demand for transformers is expected to remain high in the country.
- Moreover, large-scale solar PV development in the country is supported by the government's subsidies. China has adopted a feed-in tariff subsidy policy for renewable energy, which has been marked as one of the most effective renewable energy support policies globally for solar PV developments.
- Hence, owing to the above points, increasing renewable energy is expected to drive the China transformer market during the forecast period.
China Transformer Industry Overview
The China Transformer Market is fragmented. Some of the key players in this market (not in a particular order) include Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation, and JiangSu HuaPeng Transformer Co., Ltd.
China Transformer Market Leaders
Siemens AG
ABB Ltd.
General Electric Company
Mitsubishi Electric Corporation
JiangSu HuaPeng Transformer Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
China Transformer Market News
- November 2022: An major west-to-east power transmission project in Guangdong Province, South China, successfully installed the first convertor transformer using on-load tap changers built in China. This signifies that China has successfully overcome the limitations imposed by this key technology in high-end electric equipment.
- March 2022: The State Grid Corporation of China (SGCC), the country's main grid operator, ordered two 110 kilovolts, 63 megavolt ampere EconiQTM power transformers from Hitachi Energy for an innovative substation project being carried out in Jiangsu Province on China's east coast. This project aims to advance the use of sustainable technology, which is consistent with the policy of SGCC and Hitachi Energy.
China Transformer Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Power Rating
5.1.1 Small
5.1.2 Large
5.1.3 Medium
5.2 Cooling Type
5.2.1 Air-Cooled
5.2.2 Oil-Cooled
5.3 Transformer Type
5.3.1 Power Transformer
5.3.2 Distribution Transformer
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Siemens AG
6.3.2 ABB Ltd.
6.3.3 General Electric Company
6.3.4 Mitsubishi Electric Corporation
6.3.5 Schneider Electric SE
6.3.6 Panasonic Corporation
6.3.7 Hitachi, Ltd.
6.3.8 JiangSu HuaPeng Transformer Co., Ltd.
6.3.9 Baoding Tianwei Baobian Electric Co., Ltd.
6.3.10 Toshiba Corp
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
China Transformer Industry Segmentation
A transformer is an electrical energy transfer device that either steps up or down the voltage from one alternating-current circuit to one or more other circuits.
The China Transformer Market is segmented by power rating, cooling type, and transformer type. By power rating, the market is segmented into small, medium, and large. By cooling type, the market is segmented into air-cooled and oil-cooled. By transformer type, the market is segmented into power transformers and distribution transformers. For each segment, the market sizing and forecasts is based on the revenue (USD Billion).
| Power Rating | |
| Small | |
| Large | |
| Medium |
| Cooling Type | |
| Air-Cooled | |
| Oil-Cooled |
| Transformer Type | |
| Power Transformer | |
| Distribution Transformer |
China Transformer Market Research FAQs
What is the current China Transformer Market size?
The China Transformer Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in China Transformer Market?
Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Electric Corporation and JiangSu HuaPeng Transformer Co., Ltd. are the major companies operating in the China Transformer Market.
What years does this China Transformer Market cover?
The report covers the China Transformer Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the China Transformer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Transformer Industry Report
Statistics for the 2024 China Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Transformer analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
