The global solid state transformer market is estimated to grow at a promising compound annual growth rate (CAGR) of approximately 17% from 2022 to 2030. A solid-state transformer (SST), or smart transformer, is an advanced technology that replaces the traditional transformers. The solid-state transformer incorporates several semiconductor components, circuits added with a high-frequency transformer.
The advancement of solid-state transformers will reduce the use of coal and crude oil. The decline in the use of renewable energy would promote the adoption of solid-state transformers in the upcoming years. Countries like the US, Germany, China, and Canada have started adopting wind energy and solar energy as the most efficient way to produce electricity. Solid-state transformers use these energy sources to maintain the efficiency of power transmission systems.
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Moreover, smart transformers play a significant role in the electric mobility segment. Growing investment in the industry will be profitable to the global solid-state transformer market.
However, the expensive costs of solid-state transformers and lack of awareness can hinder the growth of the overall market. The SSTs market has witnessed the lowest adoption of the technology in the developing and underdeveloped economies, which can negatively impact the market.
Advanced SSTs designs are expected to help prominent players in developing innovative products. The new technologies and innovative advancements will fuel the growth of the global solid-state transformer market. Recently, Hitachi partnered with NTU to launch commercial transformers.
Apart from that, the applications of solid-state transformers in EV fast chargers, PV inverters, locomotives, light rail, and battery energy storage systems would offer profitable opportunities during the analysis period.
Regional Analysis
Europe is expected to dominate the global solid-state transformer market by holding a maximum share during the analysis period. The region witnessed a massive adoption of renewable energy in various states that contributed to the growth of the market. Meanwhile, Asia-Pacific is anticipated to grow at a rapid pace, owing to the growing investments in Asia-Pacific countries like China, India, Japan, and Australia.
Impact Analysis of COVD-19
Most of the industries had to halt operational activities during the pandemic, which disrupted the financial health of the market.
Renewable energy generation was highly affected due to the broad expansion of COVID-19 infection, which ultimately impacted the growth of the global solid-state transformer market.
China accounts for a 40% share in the supply chain. Due to the significant impact, the COVID-19 outbreak had on China the solid-state transformer market experienced a slowdown.
Key Market Segments
By Component
Converters
Switches
High-frequency Transformers
Others
By Application
Renewable power generation
Electric vehicle charging stations
Power distribution
Traction locomotives
Others
By Product
Distribution solid state transformer
Power solid state transformer
Traction solid state transformer
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key market players
ABB Ltd.
Alstom SA
Eaton Corporation PLC
ERMCO
General Electric
Kirloskar Electric Company
Maschinenfabrik Reinhausen GmbH
Mitsubishi Electric Corporation
Red Box Aviation
Schneider Electric
Siemens AG
SPX Transformer Solutions
Synergy Transformers
VARENTEC INC.
Vollspark
Other Prominent Players
Table of Content
Chapter 1: Global Solid State Transformer Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Solid State Transformer market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Solid State Transformer Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Solid State Transformer market Size Forecast (2023-2032).
Continue….
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Solid State Transformer market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Solid State Transformer market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Solid State Transformer market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Solid State Transformer business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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