Solid State Transformer Market
Solid State Transformer Market Forecasts to 2028 - Global Analysis By Type (Traction Solid State Transformer, Distribution Solid State Transformer and Power Solid State Transformer), Component (Switches, Converters, High-frequency Transformers and Other Components), Classification (Isolation Stage Controls and Power Stages), Voltage Level (Traction Locomotives, Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution and Other Applications), End User and Geography
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Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $117.58 MN |
|
Projected Year Value (2028) |
US $248.73 MN |
|
CAGR (2022 - 2028) |
13.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Solid State Transformer Market is accounted for $117.58 million in 2022 and is expected to reach $248.73 million by 2028 growing at a CAGR of 13.3% during the forecast period. Solid-state transformers (SST) are made up of high-power semiconductors, control circuits, and high-frequency transformers. It is also known as a smart transformer or an intelligent universal transformer. Smart transformers provide increased control flexibility in power distribution networks, enabling for seamless AC-DC and DC-AC conversions as needed. It is being used in a variety of applications, including alternative energy generation, traction trains, the power grid, and the electric industry. When linked to the electricity grid, solid-state transformers handle voltage changes independently.
According to the Electric Vehicle Charging Infrastructure Promotion Alliance, the country had 1.2 million stations in 2019 and is planning to increase this count by 600,000 by the end of 2020.
Market Dynamics:
Driver:
Modernization of aging power distribution infrastructure
The upgrade of ageing power distribution systems is projected to fuel SST market growth. The industry is projected to benefit from the growing demand for intelligent and upgraded power distribution infrastructure. Furthermore, government regulations to improve grid efficiency are driving the adoption of smart transformers across multiple utility and energy sectors. In addition, the market is likely to expand as a result of the benefits provided by SST. SST has a number of advantages, including efficient power transmission, AC to DC conversion, and bidirectional power flow.
Restraint:
Lack of knowledge and awareness
Solid-state transformer adoption is projected to decline dramatically in both developing and developed countries. Because end users, such as utilities and industrial players, have little expertise of Solid-state transformer technology. This can make it difficult for firms to understand the technology's benefits and possible applications. Solid-state transformers are viewed as a vital facilitator for the development of future electric power systems. The lack of awareness of the utilisation of semiconductor transformers in numerous applications is projected to impede market expansion even more.
Opportunity:
Growth in new power electronics
When compared to traditional transformer technology, solid-state transformer technology is in its infancy; periodic improvements in many design features will improve the functionality and lifespan cycle of solid-state transformers. Because they are composed of several high-powered power electronic components, any innovation in these areas will benefit the solid-state transformer market over the forecast period. Various research institutes throughout the world are actively engaged in solid-state technology research and development. Proactive research investigations are also required and are currently being conducted around the world to accelerate the product development process.
Threat:
High implementation cost
Solid-state transformers are now more expensive than other types of traditional transformers due to the use of high-powered power electronic components and streamlined technology. As a result, smart transformers are not widely accepted in impoverished and emerging countries around the world. Furthermore, SSTs have performance limitations due to their reliability and are not widely commercialised. The high implementation cost of solid-state transformers limits industry growth.
Covid-19 Impact
The COVID-19 pandemic has had a significant influence on the global smart transformer market, with the majority of companies/industries going out of business. The regional lockdown impacted the operations of various power distribution firms, resulting in a decrease in demand for transformers across industries. Renewable energy generation is the most important smart transformer application, and it has been seriously impacted by the pandemic. The pandemic's detrimental impact on renewable energy generation has caused a delay in the development of a solid-state transformer project. As a result, this has a significant impact on the commissioning of various renewable projects.
The power solid state transformer segment is expected to be the largest during the forecast period
The power solid state transformer segment is estimated to have a lucrative growth. The increasing rate of greenhouse gas emissions, combined with the rising usage of non-renewable energy sources such as uranium, coal, oil, and other fossil fuels, is expected to drive the use of solid-state transformers in power grids. Because these SSTs are inexpensive, they are projected to be more widely used in developing regions such as Asia Pacific and Latin America. Power transformer demand is also rising as a result of increased industrialization and modernization, supporting the global solid-state transformers market.
The renewable power generation segment is expected to have the highest CAGR during the forecast period
The renewable power generation segment is anticipated to witness the fastest CAGR growth during the forecast period, because of the acceptability of these transformers for alternative power generation using non-conventional energy sources such as solar, wind, and tidal energy. The renewable energy generation section is further subdivided into wind, tidal, and solar power. Smart transformers are required for better power management in renewable energy generating such as wind turbines and solar panels.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased investment in smart grid technologies and growing demand for electricity, there has been an increase in investment in power infrastructure throughout the region. The numerous infrastructural initiatives promoted by developing countries to create necessary demand for commercial trade provide great room for growth in this region's semiconductor transformer industry. China has the greatest market share and dominates the regional market. Due to the region's high need for smart grids and energy, especially traction locomotives, China has the fastest expanding solid state transformer market.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the presence of key players in the region. The need for power distribution systems is likely to rise as numerous foreign corporations boost their investments. New technical breakthroughs in the industrial sector, together with an increase in the number of electric vehicles in the region, are likely to enhance the market outlook even further. Furthermore, various current contracts by key businesses are expected to boost the industry in the region.
Key players in the market
Some of the key players profiled in the Solid State Transformer Market include Ermco, Siemens AG, Mitsubishi Electric Corporation, Maschinenfabrik Reinhausen (MR), ABB, Eaton Corporation plc, Cooper Power Systems, Hitachi, General Electric Co., Alstom SA, SPX Transformer Solutions, Schneider Electric SE, Varentec, Inc., Amantys Limited, Gridbridge, Inc, Delta Electronics Inc, Red Box Aviation and Power Systems & Controls Inc.
Key Developments:
In October 2021, The SPX Corporation's SPX Transformer Solutions division has been acquired by GE-Prolec Transformers, Inc. Subject to a net working capital adjustment and other customary adjustments, the contract purchase price was $645 million. By acquiring SPX Transformer Solutions, a company well-known for its Waukesha transformers, components, and services, Prolec GE will be able to provide a wider range of cutting-edge and environmentally friendly solutions for the transmission of electrical energy to the expanding American market.
In August 2021, Statnett, a state-owned grid operator in Noway, selected Cognite for the development of various power systems and asset management platforms. Statnett will conduct orderly maintenance of transformers, gas-insulated substations, and power lines that form the power grid. Cognite secured three years contracts from Statnett to deliver and develop digital solutions within the areas of smart asset management and power system analysis.
In July 2021, GE Renewable Energy Grid Solutions business secured multiple orders to supply765 kV transformers, including solid-state transformers and reactors in India. The contracts have been granted by Power Grid Corporation of India, one of India's largest state-owned transmission companies. As part of the agreement, GE will deliver 13 units of 765 kV transformers and around 32 units of 765 kV reactors.
Types Covered:
• Traction Solid State Transformer
• Distribution Solid State Transformer
• Power Solid State Transformer
Components Covered:
• Switches
• Converters
• High-frequency Transformers
• Other Components
Classifications Covered:
• Isolation Stage Controls
• Power Stages
Voltage Levels Covered:
• High Voltage/Medium Voltage
• Medium Voltage/Low Voltage
Applications Covered:
• Traction Locomotives
• Renewable Power Generation
• Electric Vehicle Charging Stations
• Power Distribution
• Other Applications
End Users Covered:
• Energy
• Transportation
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
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 2020, 2021, 2022, 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• 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
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solid State Transformer Market, By Type
5.1 Introduction
5.2 Traction Solid State Transformer
5.3 Distribution Solid State Transformer
5.4 Power Solid State Transformer
6 Global Solid State Transformer Market, By Component
6.1 Introduction
6.2 Switches
6.2.1 Power Diodes
6.2.2 Insulated-Gate Bipolar Transistors
6.2.3 SIC Power Mosfets
6.3 Converters
6.3.1 AC to DC Converters
6.3.2 DC to AC Converters
6.3.3 DC to DC Converters
6.4 High-frequency Transformers
6.5 Other Components
7 Global Solid State Transformer Market, By Classification
7.1 Introduction
7.2 Isolation Stage Controls
7.2.1 Decoupled Isolation Stage Controls
7.2.2 Coupled Isolation Stage Controls
7.3 Power Stages
7.3.1 One Stage
7.3.2 Two Stage
7.3.3 Three Stage
8 Global Solid State Transformer Market, By Voltage Level
8.1 Introduction
8.2 High Voltage/Medium Voltage
8.3 Medium Voltage/Low Voltage
9 Global Solid State Transformer Market, By Application
9.1 Introduction
9.2 Traction Locomotives
9.3 Renewable Power Generation
9.3.1 Tidal Power
9.3.2 Wind Power
9.3.3 Solar Power
9.4 Electric Vehicle Charging Stations
9.5 Power Distribution
9.6 Other Applications
10 Global Solid State Transformer Market, By End User
10.1 Introduction
10.2 Energy
10.3 Transportation
10.4 Other End Users
11 Global Solid State Transformer Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Ermco
13.2 Siemens AG
13.3 Mitsubishi Electric Corporation
13.4 Maschinenfabrik Reinhausen (MR)
13.5 ABB
13.6 Eaton Corporation plc
13.7 Cooper Power Systems
13.8 Hitachi
13.9 General Electric Co.
13.10 Alstom SA
13.11 SPX Transformer Solutions
13.12 Schneider Electric SE
13.13 Varentec, Inc.
13.14 Amantys Limited
13.15 Gridbridge, Inc
13.16 Delta Electronics Inc
13.17 Red Box Aviation
13.18 Power Systems & Controls Inc.
List of Tables
1 Global Solid State Transformer Market Outlook, By Region (2020-2028) ($MN)
2 Global Solid State Transformer Market Outlook, By Type (2020-2028) ($MN)
3 Global Solid State Transformer Market Outlook, By Traction Solid State Transformer (2020-2028) ($MN)
4 Global Solid State Transformer Market Outlook, By Distribution Solid State Transformer (2020-2028) ($MN)
5 Global Solid State Transformer Market Outlook, By Power Solid State Transformer (2020-2028) ($MN)
6 Global Solid State Transformer Market Outlook, By Component (2020-2028) ($MN)
7 Global Solid State Transformer Market Outlook, By Switches (2020-2028) ($MN)
8 Global Solid State Transformer Market Outlook, By Power Diodes (2020-2028) ($MN)
9 Global Solid State Transformer Market Outlook, By Insulated-Gate Bipolar Transistors (2020-2028) ($MN)
10 Global Solid State Transformer Market Outlook, By SIC Power Mosfets (2020-2028) ($MN)
11 Global Solid State Transformer Market Outlook, By Converters (2020-2028) ($MN)
12 Global Solid State Transformer Market Outlook, By AC to DC Converters (2020-2028) ($MN)
13 Global Solid State Transformer Market Outlook, By DC to AC Converters (2020-2028) ($MN)
14 Global Solid State Transformer Market Outlook, By DC to DC Converters (2020-2028) ($MN)
15 Global Solid State Transformer Market Outlook, By High-frequency Transformers (2020-2028) ($MN)
16 Global Solid State Transformer Market Outlook, By Other Components (2020-2028) ($MN)
17 Global Solid State Transformer Market Outlook, By Classification (2020-2028) ($MN)
18 Global Solid State Transformer Market Outlook, By Isolation Stage Controls (2020-2028) ($MN)
19 Global Solid State Transformer Market Outlook, By Decoupled Isolation Stage Controls (2020-2028) ($MN)
20 Global Solid State Transformer Market Outlook, By Coupled Isolation Stage Controls (2020-2028) ($MN)
21 Global Solid State Transformer Market Outlook, By Power Stages (2020-2028) ($MN)
22 Global Solid State Transformer Market Outlook, By One Stage (2020-2028) ($MN)
23 Global Solid State Transformer Market Outlook, By Two Stage (2020-2028) ($MN)
24 Global Solid State Transformer Market Outlook, By Three Stage (2020-2028) ($MN)
25 Global Solid State Transformer Market Outlook, By Voltage Level (2020-2028) ($MN)
26 Global Solid State Transformer Market Outlook, By High Voltage/Medium Voltage (2020-2028) ($MN)
27 Global Solid State Transformer Market Outlook, By Medium Voltage/Low Voltage (2020-2028) ($MN)
28 Global Solid State Transformer Market Outlook, By Application (2020-2028) ($MN)
29 Global Solid State Transformer Market Outlook, By Traction Locomotives (2020-2028) ($MN)
30 Global Solid State Transformer Market Outlook, By Renewable Power Generation (2020-2028) ($MN)
31 Global Solid State Transformer Market Outlook, By Tidal Power (2020-2028) ($MN)
32 Global Solid State Transformer Market Outlook, By Wind Power (2020-2028) ($MN)
33 Global Solid State Transformer Market Outlook, By Solar Power (2020-2028) ($MN)
34 Global Solid State Transformer Market Outlook, By Electric Vehicle Charging Stations (2020-2028) ($MN)
35 Global Solid State Transformer Market Outlook, By Power Distribution (2020-2028) ($MN)
36 Global Solid State Transformer Market Outlook, By Other Applications (2020-2028) ($MN)
37 Global Solid State Transformer Market Outlook, By End User (2020-2028) ($MN)
38 Global Solid State Transformer Market Outlook, By Energy (2020-2028) ($MN)
39 Global Solid State Transformer Market Outlook, By Transportation (2020-2028) ($MN)
40 Global Solid State Transformer Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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