During the forecast period, the global solid state transformer market is expected to reach US$1.48 billion, growing at a CAGR of 18.4 percent (2022-2028). A solid-state transformer (SST), sometimes known as a smart transformer, is a modern type of transformer with many control circuits, semiconductor components, and another high-frequency transformer. Renewable energy generating, electric vehicle charging stations, and power networks are just a few of the applications.
The solid state transformer market is expected to grow as more renewable energy sources are integrated into the power generating mix and more money is invested in smart grid technology. The technological advantages of solid state transformers over traditional transformers are also projected to fuel the solid state transformer industry.
Electric Vehicle Industry Expands Rapidly Around the World
The rising demand for electric car charging infrastructure has a substantial impact on the market value of solid state transformers. Electric vehicles are gaining popularity all around the world. Many governments are investing heavily in their development because they are viewed as effective solutions to environmental issues. Automobile manufacturers are continually investing in electric vehicle research and development. Such factors are propelling the solid state transformer market forward. Furthermore, rising investments in the automotive sector are projected to have an impact on the solid state transformer market’s overall growth.
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Solid-state transformers are increasingly being used in renewable energy generation
Solid state transformers are widely utilised in wind, solar, and tidal energy power generation. The majority of developed economies are emphasising these efficient energy-generation options, which is driving the solid-state transformer market forward. Solid state transformers, which may operate as step-up transformers and STATCOMs, are commonly used in wind farms. Such factors have influenced the growth of the solid state transformers market in recent years.
Solid-state Transformers Market Segmentation :
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
Solid State Transformers Market to Bounce Back Amid COVID-19 Pandemic
In a short period of time, the COVID-19 epidemic has affected practically every industry, halting all industrial and commercial activity around the planet. Global lockdowns were imposed as a result of the epidemic, resulting in enormous production and sales losses in industries like automotive, aviation, consumer electronics, medicines, and oil and gas. The COVID-19 has had a considerable impact on the market for solid state transformers. Shipments from China and other countries were delayed for five weeks or longer for several businesses.
COVID-19 has a different impact based on the type of business, product range, firm size, and supply chain reliance. Several governments throughout the world, on the other hand, are aiding businesses in recouping their losses, which can help ease some of the stress that businesses may face during a pandemic. Companies are likely to boost up output with better planning as the pandemic nears an end in various regions, pushing rising energy consumption. In the near future, this is expected to open up new opportunities for the worldwide solid state transformer market.
The market for solid state transformers is seeing an increase in investment.
Electricity transmission and distribution systems are being heavily invested in by governments all over the world, particularly in emerging countries, in order to optimise power networks. To address the demands of a range of sectors, including renewable energy, key businesses in the solid state transformer market are focused on research and development.
Key players active in the global solid state transformer market are ABB, Eaton Corporation plc., General Electric, Synergy Transformers, SPX Transformers Solutions Inc., Kirloskar Electric Company, Schneider Electric SE, Siemens AG, ERMCO, Alstom SA.
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