The report recognizes the following companies as the key players in the Industrial Transformer Market in the APAC Region: ABB Ltd., Alstom Power and Siemens Energy.
Other Prominent Vendors in the market are: Acme Electric, Altrafo, CELME, Crompton and Greaves, EREMU, GE, MACE, Schneider, SPX and YangZhou Power Electric
The report said: “The emergence of advanced transformer component technologies is expected to trigger the increased adoption of transformers across various end-user segments, propelling the overall market growth. Advanced transformer components, such as bushes and tap changers, ensure the enhanced reliability and safety of transformers during operation.”
According to the report, demand for electricity in the APAC region is one of the key drivers of the market. This increased demand for electricity is mainly driven by the industrial, residential, commercial, and transportation sectors in the APAC region.
Further, the report states that costs of raw materials needed for manufacturing transformers have increased, which is hindering market growth. The increase in raw material prices mainly stems from the growing demand-supply mismatch and fluctuations in crude oil prices.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.