The Asia Pacific Converter Transformer Market would witness market growth of 14.0% CAGR during the forecast period (2022-2028).
Ultra-high voltage (UHV) technology is a step forward from high-voltage direct current (HVDC), allowing for the transmission of enormous amounts of electricity with little losses and the integration of renewables that are often located far from demand centers.
The voltage of the AC supply system is increased by the converter transformers. Transformer winding insulation must be properly built to tolerate a high DC potential to earth. Converter transformers can be designed in single units up to 300 Megavolt Amperes (MW). Larger transformers are impractical to transport, thus when higher ratings are needed, many separate transformers are joined together. Two three-phase units or three single-phase units can both be used. Only one type of transformers is utilized in the latter variation, making the delivery of a replacement transformer more cost-effective.
Electric mobility is a potential method for reducing carbon emissions in the transportation industry. India is one of only a few countries to back the EV30@30 initiative, which aims for at least 30% of new vehicle sales to be electric by 2030. To achieve this ambitious change, an accessible and reliable infrastructure of electric vehicle (EV) charging stations is a must.
Several initiatives have been established by the Indian government to support the development of a charging network infrastructure. Given the specific qualities of this new infrastructure type, however, it would be necessary to tailor it to the unique Indian transportation environment and establish stakeholder capacity to support its on-ground deployment. It is crucial to adopt a contextual approach when developing EV charging infrastructure that satisfies local requirements and is optimally integrated into the electrical supply and transportation networks.
The China market dominated the Asia Pacific Converter Transformer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $469.8 Million by 2028. The Japan market poised to grow at a CAGR of 13.3% during (2022 - 2028). Additionally, The India market would display a CAGR of 14.7% during (2022 - 2028).
Based on Application, the market is segmented into Grid Connections, Wind Farms, and Oil & Gas. Based on Type, the market is segmented into 401-600 Kv, 201-400 Kv, and 601-800 Kv. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Converter Transformer Market is Projected to reach USD 4.4 Billion by 2028, at a CAGR of 13.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, General Electric (GE) Co., Toshiba Corporation, Mitsubishi Electric Corporation, Kirloskar Electric Co. Ltd., CG Power & Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., and Xi'an Xidian Transformer Co., Ltd.
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