Solid State Transformer Market Overview
The Solid
State Transformer Market size was valued at USD 0.1 billion in 2022. The
solid state transformer industry is projected to grow from USD 0.11 billion in
2023 to USD 0.37 billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 15.80% during the forecast period (2023 - 2032). Solid state
transformer (SST) or smart transformer, simply put, is a merge of high-powered semiconductor
components, conventional high frequency transformers, and control circuitry.
Alternative power generation, power grid, traction locomotives, and others are
some of the applications of the solid state transformer.
Various factors are propelling the global
solid state transformer market share. According to the recent MRFR report, such
factors include the burgeoning demand for these solutions, overstated use of
renewable energy, growing railway infrastructure, especially in developing
regions, implementation of solar and wind energy, awareness about the different
benefits of solid state transformers such as conversion of AC to DC, efficient
power transmission, solid state transformer for energy efficiency enhancement,
and bi-directional power flow, increasing investments on renewable energy
generation sources, and demand for electric charge vehicles.
On the contrary, high cost, inadequate
testing infrastructure, and the impact of the on-going COVID-19 pandemic may
impede the global solid state transformer market growth over the forecast
period.
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Regional Analysis
Based on the region, the global solid state
transformer market report covers the recent trends and growth opportunities
across the Asia Pacific (APAC), North America, Europe, & the Rest of the
World (RoW). Of these, Europe will dominate the solid state transformer market
over the forecast period. Constant advancements in technology, growing demand
for solid state transformer solutions across various industry verticals, and
growing awareness among end users about the benefits of using these
transformers are adding to the global solid state transformer market growth in
the region. Germany, France, and the UK hold the utmost share in the
market.
The global solid state transformer market
in North America is predicted to have sound growth over the forecast period.
The presence of multiple key players in the US, rising investments in power
distribution systems, and rapid growth in renewable energy generation
capabilities are adding to the global solid state transformer market growth in
this region. The United States possess a maximum share in the market.
The global solid state transformer market
in the APAC region is predicted to have healthy growth over the forecast
period. The presence of local manufacturers making SST components like fuses,
switches, and converters is adding to the global solid state transformer market
growth in the region.
The global solid state transformer market in the Rest of the World is predicted to have steady growth over the forecast period.
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Key Players
Leading contenders profiled in the global
solid state transformer market report include GridBridge (U.S.), Amantys
Limited (U.K), Varentec, Inc. (U.S.), Cooper Power Systems (U.S.), Mitsubishi
Electric Corporation (Japan), Schneider Electric SE (France), General Electric
Co. (U.S.), Siemens AG (Germany), Alstom SA (France), and ABB Ltd.
(Switzerland).
Market Segmentation
The MRFR report highlights an inclusive
segmental analysis of the global solid state transformer market based on
application, product, and component.
·
By component, the global solid
state transformer market is segmented into high-frequency transformers,
switches, converters, and others. The converters segment is again segmented
into AC to AC converters, DC to AC converters, DC to DC converters, and AC to
DC converters. Of these, the converters segment will lead the market over the
forecast period.
·
By product, the global solid
state transformer market is segmented into power solid state transformers,
traction solid state transformers, and distribution solid state transformers.
Of these, the solid state transformers product segment will dominate the market
over the forecast period.
·
By application, the global solid state transformer market is
segmented into alternative power generation, electric vehicle charging
stations, power grid, traction locomotives, electric vehicle charging stations
and others. Of these, the power grid application segment will command the
largest share in the market over the forecast period.
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