China's Power Equipment Exports Grow for Three Consecutive Years

Source: China Electric Power News Date: 2026-03-23 ​​15:17

Against the backdrop of a new upward cycle in global power investment, China's power equipment exports have strengthened, maintaining growth for three consecutive years. Transformers have become the most prominent growth highlight.

Statistics from the China Chamber of Commerce for Machinery and Electronic Products Import and Export show that in 2025, China's exports of power equipment-related products reached approximately US$37.4 billion, a year-on-year increase of 26%, with the growth rate increasing by 10.4 percentage points compared to 2024. The Chamber's statistics mainly include core components of power generation equipment such as thermal power, hydropower, wind power, and nuclear power, as well as supporting transmission and distribution equipment, but do not include end-use equipment and photovoltaic modules.

In terms of export structure, power equipment products are highly concentrated. According to statistics from the Chamber of Commerce for Machinery and Electronic Products Import and Export by customs code, the top 20 categories of products account for 92% of total exports. Among them, wires and cables and transformers account for approximately 41%, becoming the main export products; various parts and components account for approximately 22%; and internal combustion engine generator sets, such as diesel generator sets, account for approximately 19%.

Among all products, transformers performed particularly well. Of the approximately 70 related codes monitored by the China Chamber of Commerce for Machinery and Electronic Products Import and Export, transformer exports accounted for 19% of total exports, up from 13% in 2023, approaching one-fifth. In terms of value, China's transformer exports reached approximately US$3.8 billion in 2023, rising to US$5.3 billion in 2024, and further to US$7.7 billion in 2025. On an annual basis, the year-on-year growth rate in 2025 exceeded 45%, significantly higher than the overall growth rate of power equipment exports.

Industry analysts believe that the strong growth in power equipment exports is mainly due to the continued expansion of global electricity demand. A report released by the International Energy Agency in February predicts that global electricity demand will maintain strong growth until 2030. Emerging economies will continue to be the main engine of global electricity demand growth, contributing nearly 80% of the new global electricity demand by 2030.