Solid State Transformer Market Forecasts to 2028 – Global Analysis By Voltage Level (High Voltage (HV), Medium Voltage (MV), Low Voltage (LV)), Component (Converters, Switches, High Voltage Inductors), and By Geography
According to Stratistics MRC, the Global Solid State Transformer Market is accounted for $142.96 million in 2020 and is expected to reach $519.40 million by 2028 growing at a CAGR of 17.5% during the forecast period. Growing investments in smart grids & energy systems and rising inclination for alternative energy sector are the major factors propelling the market growth. However, reluctance of power companies to replace aging energy infrastructures and high initial costs of solid-state transformers are hampering the market growth.
Solid-state transformer (SST) is an advanced type of transformer that incorporates various semiconductor control circuits, components, and another high-frequency transformer. Compared to traditional transformers, it enhances the quality of the power by controlling voltage fluctuations. It allows voltage conversion from Alternate Current (AC) to Direct Current (DC), DC to AC, and also DC to DC on different voltage levels.
Based on application, the renewable power generation segment is estimated to have a lucrative growth due to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy. Wind, sun, and tides are alternative sources of energy for power generation as they have the potential to cater to the ever-increasing global requirement of energy, along with reducing the carbon footprint.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the growing investment in smart grid technology and the increasing demand for electricity leading to increasing investment in power infrastructure all over the region. With the growing investment on distribution networks, the companies are now focusing on smart grids, which is likely to drive the demand for SST in the country during the forecast period.
Some of the key players profiled in the Solid State Transformer Market include Alstom SA, Amantys, Eaton, Ermco, General Electric, Hitachi, Mitsubishi Electric, Power Systems and Controls, Ins, Red Box Aviation, Schneider Electric, Siemens, SPX Transformer Solutions, Varentec, and VOLLSPARK.
Product Types Covered:
• Distribution Solid-State Transformer
• Power Solid-State Transformer
• Traction Solid-State Transformer
Voltage Levels Covered:
• High Voltage (HV)
• Medium Voltage (MV)
• Low Voltage (LV)
• High-frequency Transformers
• High Voltage Inductors
• High Voltage Capacitors
• High Voltage Resistors
• Single Stage SST
• Two Stage with Low Voltage Direct Current (LVDC) Link
• Two Stage with High Voltage Direct Current (HVDC) Link
• Three Stage SST
• Electric Vehicle Charging Stations
• Photovoltaic System
• Power Distribution
• Power Grids
• Smart Grid
• Renewable Power Generation
• Traction Locomotives
• Unified Power Quality Controller (UPQC)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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