August 03, 2022 12:59 ET | Source: Straits Research Straits Research
New York, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Solid-state transformers (SST) consist of high-power semiconductors, control circuits, and high-frequency transformers. It's also known as an intelligent universal transformer or a smart transformer. Smart transformers allow greater flexibility in controlling power distribution networks, allowing seamless AC-DC and DC-AC conversions as needed. Solid-state transformers handle voltage fluctuations independently when connected to the power grid. Voltage data can be communicated to the smart grid, and remote administration can be used to conduct corrective actions.
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Increasing Energy Consumption, Electric Vehicle Usage, and Smart Grids Drives the Global Market
Increasing per capita income has resulted in an extraordinary rise in electricity usage in several countries. As energy consumption develops, more investments in the power industry are expected, which the global semiconductor transformer market may capitalize on. Solar and wind power could meet demand.
Renewable energy reduces greenhouse gas emissions and uses uranium, oil, and coal. Solid-state transformers will be needed for solar or wind power installations. Solid-state transformers connect power sources to grids. Government, research institutes, and other entities prioritize renewable energy. Increased energy demand and new renewable power plants will push the solid-state transformer market.
As the global electric car market grows, demand for charging infrastructure like transformers and substations will rise. World governments embrace e-mobility. Government rules, such as fuel emission standards, drive electric vehicle sales. The global market for electric vehicles is developing, and the present infrastructure must be updated with more advanced technologies. This is the reason why electric vehicles need solid-state transformers. Several research institutes are exploring solid-state transformers for fast-charging stations.
A smart grid is an updated electrical grid that uses automation and IT to monitor and control power in real-time. Solid-state transformers function independently, changes voltage, and maintain a smart grid interface, allowing remote management and feedback. Smart grid solid-state transformers provide real-time monitoring and feedback to reduce energy use and GHG emissions. Solid-state transformer’s smart grid power protection also adds to market growth. Smart grids increasingly use solid-state transformers for these reasons. As power networks upgrade, global demand for smart grids rises. This will boost the solid-state transformer business.
Emerging Trends Toward New Solid-state and Power Electronics Create Tremendous Market Opportunities
Solid-state transformer technology will require frequent design modifications to increase functionality and lifespan. Any advancement in these areas will boost the solid-state transformer business. Georgia Tech studied soft-switching solid-state transformers in 2018. (S4T). Researchers constructed a bidirectional soft-switching solid-state transformer (S4T) comprising 12 primary devices and a high-frequency transformer.
Redesigned construction permits the stacking of converter cells for high-voltage and high-power applications, increasing electrolytic capacitor life and power density. Another 2018 paper used an API-FLC. FLC increased SST power quality. Global research studies are done to speed product development. These factors will boost the solid-state transformer market.
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Asia-Pacific is the most significant contributor to the solid-state transformer market and is anticipated to grow at a CAGR of 19.1% during the forecast period. The many infrastructure initiatives promoted by developing countries to increase essential demand for commercial trade provide significant space for expanding the semiconductor transformer market in this region. China is the most significant contributor to the market compared to other countries. Japan and India are growing their market gradually.
Europe is expected to grow at a CAGR of 15.8%, generating USD 214 million during the forecast period. The demand for power distribution systems is expected to increase as various international companies' investments increase. Germany and France have more market revenue compared to the UK and Italy.
The solid-state transformers market in North America is expected to witness steady growth. The demand for solid-state transformers in North America is likely to be driven by a surge in the uptake of renewable energy generation and new metro projects and the development and deployment of smart grids in many countries. The US has the central market in this region.
LAMEA has the lowest market, with Brazil being its primary contributor. The need for solid-state transformers is now driven by economic expansion supported by the manufacturing and construction industries, population growth and a corresponding spike in electrification projects, and emerging industrial developments in these regions.
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The competitive key players in the global solid-state transformer market are
Global Solid-State Transformer Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/solid-state-transformer-market/toc
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The Solid State Transformer Market Shows Remarkable Growth in the Forecasted Period with an Estimated 16.8 % Healthy CAGR
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