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BANGALORE, India , Jan. 6, 2022 /PRNewswire/ -- The Solid State Transformer Market is Segmented by Product Type (Distribution Solid-State Transformer, Power Solid-State Transformer, and Traction Solid-State Transformer) and Application (Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2028.
The global solid state transformer market was valued at USD 141.5 Million in 2020 and is projected to reach USD 468.0 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.9% from 2021 to 2028.
Major Factors Driving The Growth Of The Solid State Transformer Market Are:
Solid state transformers improve the quality of the power by limiting voltage fluctuations, as opposed to traditional transformers. It also lowers grid losses, improves supply dependability, and protects the load from power outages. On various voltage levels, it permits voltage conversion from Alternate Current (AC) to Direct Current (DC), DC to AC, and DC to DC. These advantages are expected to drive the solid state transformers market growth.
Furthermore, factors such as increasing renewable electricity output, electric mobility, and heavy investments in smart grids and energy systems are expected to fuel the solid state transformer market growth.
The growing dependency on the renewable energy industry is expected to propel the growth of the solid state transformer market.
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Trends Influencing The Growth Of The Global Solid State Transformer Market:
Electric vehicles are being created at an incredible rate in the electric mobility category, which will necessitate more charging infrastructure in the future. Electric vehicle (EV) charging uses direct current (DC) sources, which has increased the requirement for active power control, thus driving the demand for smart transformers.
Solid-state transformers are also utilized to control smart grids efficiently. In the long run, increasing investment and engagement in the smart grids market will benefit the worldwide solid state transformer market. Because of the increased adoption of renewable energy sources and efforts to improve the distribution network's performance, solid-state transformers have become an essential component of the energy grid. In addition to improved performance, it aids in the long-term reduction of greenhouse gas emissions and improves power grid security.
Furthermore, worldwide investments are transforming all of the key application areas for solid-state transformers, particularly the locomotive, electric mobility, and power distribution sectors, creating new prospects for the solid-state transformer market.
Furthermore, the solid-state transformer market is likely to benefit greatly from price reductions due to mass production, significant manufacturers investing in R&D, and technological advances.
The shift from traditional energy to renewable energy is expected to further propel the solid state market growth. The future expansion of the renewable energy industry is predicted to be driven by a reduction in reliance on traditional electricity based on coal and crude oil. Wind and solar power have already been adopted by countries such as Germany , China , the United States , and Canada .
Solid-state transformers, on the other hand, are not widely used and have a high cost and poor customer awareness. As a result, SST adoption in developing and undeveloped economies is low. During the forecast period, these factors are projected to restrain the worldwide solid state transformer market's growth.
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Solid State Transformer Market Share Analysis:
Based on region, Europe held the largest solid state transformer market share in 2020. This is due to the widespread use of renewable energy sources such as wind and solar electricity in key European countries. Asia-Pacific is expected to develop at the quickest rate, with a CAGR of 18.6%. This rapid development rate can be linked to investments in the power industry by Asia-Pacific countries such as China , India , Japan , and Australia .
Based on product type, the power solid state transformers category accounted for the biggest market share in 2020, due to factors such as rapid acceptance, low costs, and increased product awareness in the power industry. Because of their potential application in locomotives and electric vehicles, traction solid-state transformers are expected to increase at the fastest CAGR of 17.7%.
In 2020, the renewable energy generation segment held the biggest proportion. Wind and solar panels generate renewable energy, which necessitates the use of smart transformers for improved power management. However, the electric vehicle charging category will develop at the fastest CAGR of 21.5 percent. The expansion of the solid state transformer market will be aided by an increase in EV sales, as well as governmental and private expenditures in charging infrastructure.
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Leading Players in the Solid State (Smart) Transformer Market
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