Solid State Transformer Market Scope and overview, CAGR, Volume and Value 2022-2030
The solid state transformer market is estimated to grow at a promising compound annual growth rate (CAGR) of approximately 17% from 2022 to 2030
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Report Ocean published a new report on the solid state transformer market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2022 to 2030.
The 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.
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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.
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.
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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 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
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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
Alstom SA (France)
Eaton Corporation (Ireland)
General electric company (U.S.)
Hitachi abb (Europe)
Power systems and controls, Inc (U.S.)
Red box aviation (U.K.)
Schneider Electric (France)
Siemens AG (Europe)
Varentec Inc. (U.S.)
Vollspark (Israel)
Other prominent players
Aim of the Report
This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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