Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA Market

The global market for electrical transformers with liquid dielectric, of power handling capacity under 1 kVA is projected to experience a decrease in consumption over the next eight years. The forecasted decline in market volume and value is expected to result in a slightly negative CAGR for both metrics. Despite notable growth in 2022, the trend pattern indicates fluctuations throughout the analyzed period. China, Hungary, and the United States are the top consumers, with significant variance in per capita consumption rates. Production and imports of electrical transformers also show growth, with China leading as the largest producer and exporter. Overall, the market is anticipated to see steady growth in the coming years, with some countries showing higher rates of growth compared to others.

Market Forecast

The market for electrical transformers with liquid dielectric, of power handling capacity under 1 kVA is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -2.3% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 6.2B units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -1.0% for the period from 2022 to 2030, which is projected to bring the market value to $38.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA

Global consumption of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA rose notably to 7.5B units in 2022, picking up by 5.4% compared with 2021 figures. Overall, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +57.6% against 2020 indices. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The revenue of the market for electrical transformers with liquid dielectric, of power handling capacity under 1 kVA worldwide stood at $41.3B in 2022, picking up by 9.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Hungary (1.4B units), China (1.3B units) and the United States (530M units), with a combined 42% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of kVA, amongst the leading consuming countries, was attained by Hungary (with a CAGR of +54.3%), while kVA for the other global leaders experienced more modest paces of growth.

In value terms, China ($13.8B) led the market, alone. The second position in the ranking was taken by Mexico ($5.6B). It was followed by the United States.

In China, the market of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA shrank by an average annual rate of -3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (+10.4% per year) and the United States (+0.3% per year).

In 2022, the highest levels of per capita consumption of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA was registered in Hungary (142 units per person), followed by Singapore (56 units per person), Hong Kong SAR (21 units per person) and the Netherlands (11 units per person), while the world average per capita consumption of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA was estimated at 1 units per person.

In Hungary, per capita consumption of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA expanded at an average annual rate of +54.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Singapore (+14.3% per year) and Hong Kong SAR (+34.7% per year).

Production

World Production of Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA

In 2022, global production of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA skyrocketed to 7.5B units, growing by 27% compared with 2021 figures. Overall, production enjoyed a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 68%. Over the period under review, global production of reached the maximum volume in 2022 and is likely to see gradual growth in the near future.

In value terms, production of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA fell to $57.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 26% against the previous year. As a result, production attained the peak level of $66.5B, and then dropped in the following year.

Production By Country

China (3.5B units) remains the largest electrical transformers with liquid dielectric, of power handling capacity under 1 kVA producing country worldwide, comprising approx. 47% of total volume. Moreover, production of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA in China exceeded the figures recorded by the second-largest producer, Thailand (522M units), sevenfold. The third position in this ranking was held by South Korea (405M units), with a 5.4% share.

In China, production of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA increased at an average annual rate of +10.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+22.0% per year) and South Korea (+18.3% per year).

Imports

World Imports of Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA

In 2022, supplies from abroad of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA increased by 2.9% to 9.6B units, rising for the fifth consecutive year after two years of decline. Overall, imports posted a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 323% against the previous year. Over the period under review, global imports of attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, imports of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA expanded significantly to $6.3B in 2022. The total import value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, global imports of reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports By Country

The countries with the highest levels of imports of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA in 2022 were Hungary (1,538M units), Hong Kong SAR (1,130M units), China (915M units), Singapore (685M units), the Netherlands (587M units), Mexico (515M units), Japan (506M units), Italy (505M units) and Malaysia (466M units), together finishing at 72% of total import. Germany (288M units), India (281M units), Thailand (233M units) and Vietnam (223M units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +57.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest electrical transformers with liquid dielectric, of power handling capacity under 1 kVA importing markets worldwide were Hong Kong SAR ($604M), Germany ($542M) and China ($528M), together accounting for 26% of global imports. Mexico, Japan, Thailand, India, Italy, Singapore, Vietnam, Malaysia, the Netherlands and Hungary lagged somewhat behind, together accounting for a further 29%.

Thailand, with a CAGR of +10.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for electrical transformers with liquid dielectric, of power handling capacity under 1 kVA amounted to $0.7 per unit, picking up by 2.1% against the previous year. Overall, the import price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2013 an increase of 34% against the previous year. As a result, import price reached the peak level of $2.8 per unit. From 2014 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($1.9 per unit), while Hungary ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA

In 2022, approx. 9.6B units of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA were exported worldwide; rising by 18% on the year before. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 747%. Over the period under review, the global exports of reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, exports of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA stood at $5.9B in 2022. The total export value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 10% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

China was the key exporter of electrical transformers with liquid dielectric, of power handling capacity under 1 kVA in the world, with the volume of exports finishing at 3.2B units, which was near 33% of total exports in 2022. Hong Kong SAR (1,211M units) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.9%). The Netherlands (401M units), Singapore (361M units), Malaysia (344M units), Mexico (326M units), South Korea (314M units), Italy (301M units), Vietnam (301M units), India (287M units), Japan (242M units) and the Czech Republic (211M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to electrical transformers with liquid dielectric, of power handling capacity under 1 kVA exports from China stood at +50.2%. At the same time, Vietnam (+65.4%), the Netherlands (+50.7%), India (+44.0%), Hong Kong SAR (+40.4%), Singapore (+37.6%), Mexico (+32.6%), the Czech Republic (+28.8%), Italy (+27.5%), Thailand (+24.6%), Japan (+19.6%), Malaysia (+14.5%) and South Korea (+14.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +65.4% from 2012-2022. While the share of China (+26 p.p.), Hong Kong SAR (+7.2 p.p.), the Netherlands (+3.3 p.p.), Vietnam (+2.9 p.p.), India (+2 p.p.) and Singapore (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Thailand (-2.8 p.p.), Japan (-2.8 p.p.), South Korea (-7.7 p.p.) and Malaysia (-8.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.2B) remains the largest electrical transformers with liquid dielectric, of power handling capacity under 1 kVA supplier worldwide, comprising 37% of global exports. The second position in the ranking was held by Hong Kong SAR ($763M), with a 13% share of global exports. It was followed by Italy, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +3.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-1.4% per year) and Italy (-0.8% per year).

Export Prices By Country

In 2022, the average export price for electrical transformers with liquid dielectric, of power handling capacity under 1 kVA amounted to $0.6 per unit, falling by -12.8% against the previous year. In general, the export price continues to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 16%. As a result, the export price reached the peak level of $7.5 per unit. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($0.7 per unit), while Thailand ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-16.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform