Republic of Korea: Market for Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA 2024

Market Size for Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA in Republic of Korea

After two years of decline, the South Korean market for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA increased by 70% to $X in 2022. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from X kVA to X kVA in Republic of Korea

In value terms, production of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA skyrocketed to $X in 2022 estimated in export price. In general, production enjoyed a moderate expansion. Over the period under review, production of attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA

Exports from Republic of Korea

In 2022, shipments abroad of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA decreased by -18.7% to X units, falling for the second year in a row after three years of growth. Overall, exports showed a noticeable setback. The growth pace was the most rapid in 2020 when exports increased by 1,860%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA soared to $X in 2022. In general, exports recorded a slight setback. The most prominent rate of growth was recorded in 2016 when exports increased by 165%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for exports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA from South Korea, with a 35% share of total exports. Moreover, exports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA to Japan exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was held by China (X units), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.6% per year) and China (+11.3% per year).

In value terms, Japan ($X) remains the key foreign market for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA exports from South Korea, comprising 35% of total exports. The second position in the ranking was held by the United States ($X), with a 17% share of total exports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.6% per year) and China (+14.6% per year).

Export Prices by Country

In 2022, the average export price for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA amounted to $X per unit, rising by 78% against the previous year. In general, the export price posted a moderate expansion. The growth pace was the most rapid in 2021 an increase of 1,978%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per unit) and the United States ($X per unit), while the average price for exports to the Philippines ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA

Imports into Republic of Korea

In 2022, supplies from abroad of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA decreased by -5.2% to X units, falling for the second year in a row after three years of growth. Over the period under review, imports faced a abrupt slump. The growth pace was the most rapid in 2020 when imports increased by 1,503%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA surged to $X in 2022. In general, imports showed a perceptible contraction. The most prominent rate of growth was recorded in 2018 with an increase of 132% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X units), Japan (X units) and Germany (X units) were the main suppliers of imports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA to South Korea, with a combined 67% share of total imports. China, Switzerland, Taiwan (Chinese), Israel and the UK lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +26.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA suppliers to South Korea were the United States ($X), Japan ($X) and Germany ($X), with a combined 67% share of total imports. China, Switzerland, Taiwan (Chinese), Israel and the UK lagged somewhat behind, together accounting for a further 25%.

Israel, with a CAGR of +36.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA amounted to $X per unit, picking up by 87% against the previous year. Over the period under review, the import price posted a prominent expansion. The pace of growth was the most pronounced in 2021 when the average import price increased by 1,160%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per unit) and Japan ($X per unit), while the price for the UK ($X per unit) and Israel ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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