The Asia Pacific solid state transformers revenue by the end of 2021 was US$ 31.3 Million. The market is expected to reach US$ 110.9 Million by 2032, as it is estimated to grow at a CAGR of 12.3% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Estimated Year (2022) Market Value | US$ 34.6 Million |
| Projected Year (2032) Market Value | US$ 110.9 Million |
| CAGR% (2022 to 2032) | 12.3% |
| Top 5 Vendor Market Share | Around 35% |
Solid state transformers, which are also known as smart transformers, are a type of transformer that is smaller and more cost-effective than conventional transformers. The solid state transformer can actively regulate voltage and current, allowing it to be an essential component in developing smart grids.
The Asia-Pacific solid state transformer market consists of around 33% of the global solid state transformer market.
The Asia Pacific solid state transformers market is estimated to grow at a CAGR of 12.3% for the forecast period.
Electric vehicles are produced at a specific price due to their increasing popularity. Due to these upgrades, EV charging points in urban areas are increasing. Solid state transformers are rising because of their use in fast EV charging without any harmful effects. Thus, growing electric vehicles and increasing electric mobility create more demand for the solid state transformers market.
The demand for charging containing different transformers is expected to grow as the electric car market expands. Governments across the world also support e-mobility. governments of the USA and China have provided financial incentives for buying electric vehicles. Solid state transformers are used for developing reliable and efficient chargers for EVs.
Sustainable power sources, particularly wind turbines and solar power stations, can satisfy an anticipated need for power. Sustainable power sources are rising to compensate for the non-sustainable power sources and diminish ozone-harming substance outflows. Africa and Asia can possibly increase their portion of sustainable power. Solar farms and wind turbines are new conveyance transformers that are protected to be involved and dependable, an answer for strong state transformers. Strong state transformers interface power hotspots for power frameworks and power transmission productivity.
For instance, research establishments, public authorities, and different associations have been using environmentally friendly power hotspots for power. Because of its overall state, a transformer's ability to drive energy interest.
India is the world's fifth largest power producer in terms of installed capacity, which indicates that the solid state transformers market is expanding due to the increasing demand for power due to rapid growth in population, industrialization, and urbanization.
Government programs like Deendayal Upadhyay Gram Jyoti Yojana (DDUGJY) to strengthen and improve sub-transmission and distribution infrastructure in rural areas will increase the demand for solid state transformers in the future. The Integrated Power Development Plan (IPDS) to meet urban power demand is also increasing demand for the solid state transformers market.
The solid state transformers market in Japan is expected to grow owing to increasing infrastructure advancements coupled with domestic infrastructure advancements. The market for solid state transformers in Japan is expected to rise prominently during the forecast period to meet the growing demand for power consumption in industries as well as homes.
Growing concern over efficient and stable power systems in Japan is expected to boost the growth of the solid state transformers market in Japan. Increasing countries' efforts to improve the country's power grid system, coupled with growing concern by the Japanese government over the reduction of domestic carbon-generating electricity, are expected to drive the solid state transformers market in Japan.
Singapore's solid state transformers market is expected to witness potential growth due to the increasing urbanization and industrialization of the country. Singapore's solid state transformers market is expected to witness significant growth in line with the promotion of efficiency and safety in domestic production, generation, and supply, as well as efficient power supply.
The government's continued efforts to develop the country's power sector are expected to raise the bar for Singapore's solid state transformers market during the forecast period. The Singapore government is working efficiently to meet the increasing nominal energy demand in utilities across the country. Cost-effective improvements in solid state transformers are expected to boost the growth of the Singapore solid state transformers market during the forecast period.
The largest shareholder in the Asia Pacific Solid State Transformers market is power solid state transformers which held the market share of 43.4% for 2021.
The adoption of solid-state transformers in power grids is anticipated to be pushed by the alarming rate of the rising usage of non-renewable energy sources and the greenhouse gas emissions, such as coal, oil, uranium, and other fossil fuels. The Asia Pacific market for solid state transformers is being driven by the rising demand for power transformations as a result of increased industrialization and modernization.
MV/LV (medium voltage/low voltage) levels are used primarily for providing electricity to households and household appliances, the demand for these voltage levels is increasing because of the rising urbanization taking place in Asia Pacific countries. Numerous government initiatives are being implemented to supply electricity to rural areas which are boosting the demand for medium voltage levels.
For these reasons, the MV/LV voltage levels are estimated to grow at a CAGR of 13.3% over the forecast period.
The largest market shareholder for the Solid State Transformers market is Renewable Power Generation. The demand for and popularity of alternative power production systems is predicted to increase, as is the market for renewable energy, which will further fuel the demand for the solid state transformers market.
Solid-state transformers are more dependable and effective than line-frequency transformations, due to which demand for solid state transformers in power distribution applications is expected to rise.
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.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 31.3 Million |
| Market CAGR 2022 to 2032 | 12.3% |
| Share of top 5 players | Around 35% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | India, Indonesia, Malaysia, Thailand, Singapore, Australia and New Zealand, China, Japan, South Korea, and the Rest of Asia Pacific |
| Key Segments Covered | Product Type, Voltage Level, Application, and Country |
| Key Companies Profiled | Hitachi ABB; Schneider Electric; General Electric; Mitsubishi Electric; Synergy Transformers; Kirloskar Electric; Eaton; EVR Power; TBEA Co. Ltd; Siemens |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading Asia Pacific solid state transformers are Kirloskar Electric, General Electric, Schneider Electric, Mitsubishi Electric, and Eaton.
India is estimated to have the highest growth for the Asia Pacific solid state transformers during the forecast period of 13.7%.
Application of solid-state transformers in developing smart grids.
Power solid-state transformers had the largest market share for the Asia Pacific solid state transformers of 43.4% in 2021.
The distributed solid-state transformer has the highest CAGR of 14.2% for the forecast period.
India, China, Japan, Australia, and Indonesia.
The market share of India for the year 2021 for the Asia Pacific solid state transformers was 34.6%.
Japan had a market share of 18.6% in 2021 for Asia Pacific solid state transformers.
China has a CAGR of 9.9% for the forecast period 2022 to 2032.
The estimated market value for Asia Pacific solid-state transformers for the year 2023 is US$ 38.5 Million.
For Japan, the CAGR for the forecast period is estimated to be 9.2% for the Asia Pacific solid state transformers.
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Asia Pacific Solid State Transformers Market
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