Hong Kong SAR, China: Market for Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA 2024

Market Size for Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under 1 kVA in Hong Kong SAR, China

In 2022, the Hong Kong market for electrical transformers with liquid dielectric, of power handling capacity under X kVA decreased by 0% to $X, falling for the fourth consecutive year after three years of growth. Overall, consumption enjoyed a significant increase. Consumption of peaked in 2022 and is likely to see steady growth in years to come.

Production of Electrical Transformers with Liquid Dielectric, of Power Handling Capacity under X kVA in Hong Kong SAR, China

In value terms, production of electrical transformers with liquid dielectric, of power handling capacity under X kVA fell sharply to $X in 2022 estimated in export price. Over the period under review, production, however, posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 2,056% against the previous year. Production of peaked at $X in 2021, and then fell rapidly in the following year.

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

Exports from Hong Kong SAR, China

For the sixth year in a row, Hong Kong SAR recorded growth in overseas shipments of electrical transformers with liquid dielectric, of power handling capacity under X kVA, which increased by 72% to X units in 2022. In general, exports posted a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 1,083% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, exports of electrical transformers with liquid dielectric, of power handling capacity under X kVA contracted to $X in 2022. Overall, exports, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 15%. Over the period under review, the exports of reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for exports of electrical transformers with liquid dielectric, of power handling capacity under X kVA from Hong Kong SAR, accounting for a 44% share of total exports. Moreover, exports of electrical transformers with liquid dielectric, of power handling capacity under X kVA to China exceeded the volume sent to the second major destination, Vietnam (X units), fivefold. The third position in this ranking was held by the United States (X units), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +39.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+101.9% per year) and the United States (+36.6% per year).

In value terms, China ($X) remains the key foreign market for electrical transformers with liquid dielectric, of power handling capacity under X kVA exports from Hong Kong SAR, comprising 33% of total exports. The second position in the ranking was held by the United States ($X), with an 11% share of total exports. It was followed by Germany, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-4.3% per year) and Germany (-6.1% per year).

Export Prices by Country

In 2022, the average export price for electrical transformers with liquid dielectric, of power handling capacity under X kVA amounted to $X per unit, waning by -49.5% against the previous year. Over the period under review, the export price faced a precipitous shrinkage. The growth pace was the most rapid in 2014 an increase of 117% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (-25.5%), while the prices for the other major destinations experienced a decline.

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

Imports into Hong Kong SAR, China

In 2022, purchases abroad of electrical transformers with liquid dielectric, of power handling capacity under X kVA increased by 355% to X units, rising for the fifth year in a row after two years of decline. Over the period under review, imports recorded significant growth. The pace of growth was the most pronounced in 2021 with an increase of 416%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, imports of electrical transformers with liquid dielectric, of power handling capacity under X kVA contracted remarkably to $X in 2022. Overall, imports, however, showed a perceptible shrinkage. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. As a result, imports attained the peak of $X, and then contracted dramatically in the following year.

Imports by Country

In 2022, China (X units) constituted the largest electrical transformers with liquid dielectric, of power handling capacity under X kVA supplier to Hong Kong SAR, with a 89% share of total imports. Moreover, imports of electrical transformers with liquid dielectric, of power handling capacity under X kVA from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. Thailand (X units) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +37.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+61.4% per year) and Thailand (+69.7% per year).

In value terms, China ($X) constituted the largest supplier of electrical transformers with liquid dielectric, of power handling capacity under X kVA to Hong Kong SAR, comprising 91% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 1.4% share of total imports. It was followed by Thailand, with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-0.3% per year) and Thailand (+5.3% per year).

Import Prices by Country

The average import price for electrical transformers with liquid dielectric, of power handling capacity under X kVA stood at $X per unit in 2022, which is down by -83.6% against the previous year. In general, the import price continues to indicate a precipitous descent. The pace of growth was the most pronounced in 2017 an increase of 38%. As a result, import price attained the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-29.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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