By the end of 2021, the Asia Pacific solid state transformers market generated $31.3 million in revenue. The market is anticipated to grow at a CAGR of 12.3% from 2022 to 2032, reaching US$ 110.9 million. A type of transformer that is more compact and reasonably priced than traditional transformers is a solid state transformer, also referred to as a smart transformer.
The active regulation of voltage and current by the solid state transformer makes it a crucial part of the construction of smart grids. Approximately 33% of the world’s solid state transformer market is in the Asia-Pacific region.
The Asia Pacific solid state transformers (SST) market refers to the industry that produces and supplies solid-state transformers in the Asia Pacific region. Solid-state transformers are power electronic devices that can transfer electrical power from one voltage level to another, with high efficiency and flexibility, and are replacing traditional transformers in various applications.
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The Asia Pacific region has been experiencing an increasing demand for power, driven by rapid urbanization, industrialization, and population growth. This has led to a growing need for reliable, efficient, and flexible power infrastructure, which can be addressed by the deployment of solid-state transformers.
The market is expected to grow in the coming years, driven by several factors, including the increasing adoption of renewable energy sources such as wind and solar power, the growing demand for electric vehicles, and the need for more efficient power distribution and transmission systems.
The Asia Pacific region has been witnessing significant growth in the renewable energy sector, and solid-state transformers are essential for the efficient integration of renewable energy into the power grid. Additionally, the increasing adoption of electric vehicles is expected to drive the demand for solid-state transformers, as they can provide efficient and flexible charging solutions.
Competitive Landscape
With increased investments in advanced design and research, numerous small firms are working on solid state transformers with the aim of producing an efficient, low-pollution engine powertrain. Important companies like Denso, Bosch, and BorgWarner Inc. will probably make investments in Research and Development projects and technological development to broaden the global market.
- In July 2021, General Electric received orders to supply a wide variety of transformers and reactors to India which included solid-state transformers. The contract was granted by Power Grind Corporation India.
- In March 2021, Hitachi ABB and Nanyang Technological University agreed to work together on the advancement of solid-state transformer technology.
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Asia Pacific Solid State Transformers by Category
By Product Type:
- Power solid state transformer
- Distribution solid state transformer
- Traction solid-state transformer
By Voltage Level:
- HV/MV
- MV/LV
By Application:
- Renewable Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- Others
By Country:
- India
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia and New Zealand
- China
- Japan
- South Korea
- Rest of Asia Pacific
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