The importation of electric transformers and static converters to Indonesia saw considerable fluctuations over the past decade. In 2023, imports stood at 1063.5 million USD, showing a steady increase from previous years. From 2019 to 2023, the compound annual growth rate (CAGR) was 2.53%, indicating moderate but consistent growth. The year-on-year variation from 2022 to 2023 was 3.79%, showcasing a stable upward trend.
Key trends over the longer period include significant growth spikes in 2017 and 2018, followed by a drop in 2019 and 2020, before resuming a positive trajectory. This suggests a recovery phase that started in 2021 and continued through 2023 with moderate increments each year.
Looking ahead, the forecasted data from 2024 to 2028 predict continuous growth with a forecast 5-year CAGR of 2.74%, and an overall 14.49% increase in value. This indicates the market is expected to expand, albeit at a moderate pace.
Future trends to watch for:
- Adoption of renewable energy sources driving the demand for electric transformers and converters.
- Technological advancements in transformer efficiency and static converter capabilities.
- Government initiatives and infrastructure projects stimulating market growth.
- Potential impacts of international trade policies and economic factors on import volumes and values.
