The Global Solid State Transformer market was estimated to be worth roughly USD 91.6 million. During the assessment period 2022-2028, the market is expected to grow at an annual rate of 11.3 percent, from USD 100.7 million in 2021 to USD 213.5 million in 2028.
According to the study, the requirement to reduce grid losses across end-use applications will drive demand for solid state transformers (SST). Electric vehicle charging stations and renewable energy generation will become more widely available, boosting industrial growth. Some of the benefits, such as efficiency, robustness, and reliability, will be attractive to major corporations looking to expand their portfolio.
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Impact of COVID-19
Renewable Energy Projects Will Be Disrupted, Limiting Industry Growth
The COVID-19 pandemic’s aftermath harmed renewable energy efforts in both industrialised and emerging economies. As a result, electricity distribution companies have had to cancel or postpone projects. SST projects are projected to face major disruptions due to the high demand for renewable energy generation on the worldwide market.
Coverage of the Report
The paper is based on both qualitative and quantitative research. The report’s legitimacy has been bolstered by the utilisation of primary sources, such as interviews with stakeholders and suppliers. Secondary sources, such as annual reports, SEC filings, and research published by significant organisations, are also included in the report. To improve estimations and product mapping, the study incorporates top-down and bottom-up methodologies.
The Market for Solid State Transformers’ Top Players
• Alstom Sa
• Eaton Corporation
• General Electric Company
• Hitachi Abb
• Power Systems And Controls Inc
• Red Box Aviation
• Schneider Electric
• Siemens Ag
• Varentec Inc
• Vollspark
The Global Solid State Transformer Market Is Being Influenced By The Following Trends:
In the electric mobility category, electric vehicles are being produced at an astonishing rate, necessitating additional charging infrastructure in the future. The usage of direct current (DC) sources in electric vehicle (EV) charging has raised the need for active power control, boosting demand for smart transformers.
Solid-state transformers are also used to efficiently operate smart grids. Increased investment and engagement in the smart grids market will benefit the global solid state transformer market in the long run. Solid-state transformers have become an integral component of the energy grid as a result of the rising use of renewable energy sources and efforts to improve the distribution network’s performance.It aids in the long-term reduction of greenhouse gas emissions and enhances power grid security, in addition to increased performance.
Furthermore, global investments are revolutionising all of the key application areas for solid-state transformers, including the locomotive, electric mobility, and power distribution sectors, giving the solid-state transformer market new opportunities.
This study divides the solid-state transformer market into three categories: product type, application, and region.
By Product TYpe : Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer
By Application : Renewable Power Generation,Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, Others
What strategies are the major players employing to expand their market share in the Solid State Transformers market?
The solid state transformers manufacturer and solution provider’s strategy has remained consistent with its more cautious approach to product innovation, allowing customers to gradually integrate newer technology. This method also aids solid state transformer manufacturers in growing their customer base and expanding their product offerings.
Hitachi ABB Power Grids will develop an open and scalable environment for transformer digitization in September 2020. The ecosystem is intended to support data-driven intelligence and decision-making in transformer and power grid operations and maintenance.
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