Solid State Transformer Market is Projected to Reach $468.0 Million by 2028 | Growing at a CAGR of 16.9%

Allied Market Research published a report on the Solid State (Smart) Transformer Market 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): Global Opportunity Analysis and Industry Forecast, 2021-2028.

The global solid state transformer (SST) market size was valued at $141.5 million in 2020 and is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/507

Solid-state transformers work independently to regulate voltage fluctuations while maintaining contact with the power grid. Information related to voltage can be sent to the smart grid and corrective measures can be taken through remote administration. Optimized power supply is important for applications such as alternative energy generation such as via wind turbines and solar panels.

Major factors such as growing renewable energy generation, new smart grid installations, and electric mobility are projected to drive the global solid-state transformer market during the forecast period. Solid-state transformer technology is poised to grow at a remarkable pace, owing to its associated benefits over traditional transformers such as compact size, efficiency, AC to DC conversion, bidirectional power flow, and others.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/solid-state-transformer-market

In addition, the rise in demand for electric vehicles is anticipated to provide opportunities for companies operating in the solid-state transformer market. However, factors such as high cost associated with smart transformers and lack of awareness among potential end users are projected to hinder the solid state transformer market growth.

On the contrary, solid-state technology is likely to emerge as a mainstream transformer technology in the long run as research institutes and industry proponents like power companies strive to develop new designs of solid-state transformers that can cater to various end uses. For instance, in February 2021, major transformer makers Hitachi ABB and Nanyang Technological University in Singapore teamed up to improve solid-state transformer technology. The project is led by the Energy Research Institute and is supported by the National Research Foundation, Singapore (NRF). With this partnership, both Hitachi and NTU aim to launch commercial transformers based on solid-state technology.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Solid State (Smart) Transformer industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐒𝐨𝐥𝐢𝐝 𝐒𝐭𝐚𝐭𝐞 (𝐒𝐦𝐚𝐫𝐭) 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

HITACHI ABB
POWER SYSTEMS AND CONTROLS, INC.
GENERAL ELECTRIC COMPANY
VOLLSPARK
EATON CORPORATION
VARENTEC INC.
RED BOX AVIATION
SIEMENS AG
SCHNEIDER ELECTRIC
ALSTOM SA

The global solid-state transformer market is segmented into product type, application, and region. Based on the product type, the market is segmented into distribution solid-state transformers, power solid-state transformers, and traction solid-state transformers. The power solid-state transformers segment accounted for the largest market share in 2020, owing to factors such as rapid adoption rate, economic costs, and a rise in product awareness in the power industry. The traction solid-state transformers are projected to grow at the fastest CAGR of 17.7%, owing to their potential use in locomotives and electric vehicles.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/solid-state-transformers-market.html

Applications of solid-state transformers include renewable power generation, electric vehicle charging stations, power distribution, traction locomotives, and others. The renewable power generation segment accounted for the largest market share in 2020. Renewable power generation from wind and solar panels requires smart transformers for better power management. However, the electric vehicle charging segment will grow at the fastest CAGR of 21.5% during the solid state transformer market forecast period. Furthermore, a rise in EV sales coupled with public and private investments in charging infrastructure is conducive to the adoption of smart transformers.

Region-wise, the solid state transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the largest solid state transformer market share in 2020. This is attributed to the massive adoption of renewable energy such as wind and solar power plants in major European countries. These countries are also leading contributors to the global electric vehicle market. Asia-Pacific is anticipated to grow at the fastest CAGR of 18.6%. This fast growth rate can be attributed to the investments made by Asia-Pacific countries such as China, India, Japan, and Australia in the power industry.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

1. The solid state transformer market is projected to grow at a CAGR of nearly 16.9%, in terms of revenue, during the forecast period.

2. Solid state transformer market opportunity is expected to be high through product development and product launches in the coming years.

3. Electrification projects for meeting the present electricity demands, the rise of electric mobility, the adoption of renewable energy generation, and subsequent integration with the power grid are the major drivers.

4. By region, Europe dominated the solid-state transformer market with a revenue share of over 37% in 2020.

5. The qualitative data in the report aims at the solid-state transformer trends, dynamics, and developments in the solid-state transformer industry while the quantitative data provides information about the market share and size in terms of revenue. Solid state transformer market analysis is done by studying the various drivers, restraints, and opportunities

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/507

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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