Solid-State Transformer Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product (Power Solid State Transformer, Distribution Solid State Transformer, Traction Solid State Transformer); Application (Renewable Power Generation, Electric Vehicle Charging Stations, Power Grids, Traction Locomotives, Others); and Region/Country
Solid-State Transformer Market was valued at US$ 110 million in 2020 and is expected to grow at a CAGR of 17% over the forecast period (2021-2027). A solid-state transformer (SST), power electronic transformer (PET), or electronic power transformer is actually an AC-to-AC converter, a type of electric power converter that replaces a conventional transformer used in AC electric power distribution. It is more complex than a conventional transformer operating at utility frequency, but it can be smaller and more efficient than a conventional transformer because it operates at high frequency. Extending the typical functionalities of a regular transformer, advantages of SSTs include enhanced power flow control, decoupling between the high-voltage and low voltage networks, enhanced voltage regulation, harmonic isolation, and power quality regulation. Solid state transformers are increasingly being integrated into smart grid systems and are most commonly used in both converter and inverter circuits. For instance, as per IEA, despite a 7% year-on-year reduction in overall expenditures, grids became further decentralized and digitalized in 2019. Utilities around the world deployed more sophisticated technologies, including artificial intelligence and digital twinning.
SSTs have found numerous areas of acceptance such as: providing grid ancillary services such as islanding detection, grid isolation, on-grid operation, and hybrid and autonomous mode of operation with energy management in local micro/nano-grids. Furthermore, the market is driven by the rising activity in the Electric Vehicle (EV) industry globally which is further increasing need for EV charging infrastructure.
The global Solid-State Transformer market is driven by the increasing investments in renewable sources for energy generation, rising global demand for electrical vehicles, and huge investments in the smart grid and energy systems are the key factors complementing the Solid-State Transformers market. Further, the gradual shift from traditional transformers and rising inclination towards implementation of SST are presumed to propel the industry growth
Alstom SA, Eaton Corporation, Schneider Electric, Siemens AG, Hitachi ABB etc. are some of the prominent players operating in the Global Solid-State Transformer Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Solid-State Transformer applications.
Insights Presented in the Report
“Amongst product, Power Solid State Transformer segment holds the major share.”
Based on product, the market is segmented into Power Solid State Transformer, Distribution Solid State Transformer, and Traction Solid State Transformer. The Power Solid State Transformer segment grabbed XX% market share of the Global Solid-State Transformer Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to factors such as rapid adoption rate, economical costs, and rise in product awareness in the power industry. However, traction solid-state transformers are projected to grow at the fastest CAGR, owing to its potential use in locomotives and electric vehicles.
“Amongst Application type, Renewable Power Generation dominated the market in 2020.”
Based on application, the market is classified into Renewable Power Generation, Electric Vehicle Charging Stations, Power Grids, Traction Locomotives, and Others. The Renewable Power Generation segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy.
“Asia Pacific represents as the largest market in the Global Solid-State Transformer Market.”
For a better understanding of the market adoption of Solid-State Transformer, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of planned investments in energy infrastructure and technology by various APAC countries.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
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|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Global Solid-State Transformer Market Study|
|2.1.||Research Methodology for the Global Solid-State Transformer Market|
|2.1.1.||Main Objective of the Global Solid-State Transformer Market|
|3||MARKET SYNOPSIS (INDUSTRY AT A GLANCE)|
|5||GLOBAL SOLID-STATE TRANSFORMER MARKET COVID-19|
|6||GLOBAL SOLID-STATE TRANSFORMER MARKET REVENUE (USD BN), 2019-2027F|
|7.1.||Power Solid State Transformer|
|7.2.||Distribution Solid State Transformer|
|7.3.||Traction Solid State Transformer|
|8.1.||Renewable Power Generation|
|8.2.||Electric Vehicle Charging Stations|
|9.1.||North America Solid-State Transformer Market|
|9.1.3.||Rest of North America|
|9.2.||Europe Solid-State Transformer Market|
|9.2.6.||Rest of Europe|
|9.3.||Asia Pacific Solid-State Transformer Market|
|9.3.5.||Rest of Asia Pacific|
|9.4.||Rest of World Solid-State Transformer Market|
|11||SOLID-STATE TRANSFORMER MARKET OPPORTUNITIES|
|12||SOLID-STATE TRANSFORMER MARKET TRENDS|
|13||LEGAL & REGULATORY FRAMEWORK|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|14.2.1.||Top Product Launches|
|14.2.2.||Top Business Partnerships|
|14.2.3.||Top Business Expansions, Investments and Divestitures|
|14.2.4.||Top Merger and Acquisitions|
|15||VALUE CHAIN ANALYSIS|
|16.1.||Porter’s Five Forces Analysis|
|16.1.1.||Bargaining power of Supplier|
|16.1.2.||Bargaining power of Buyer|
|16.1.4.||Availability of Substitute|
|16.1.5.||Threat of new Entrants|
|16.2.1.||Company Shares, By Revenue|
|17.7.||General Electric Company|
|17.8.||Power Systems & Controls Inc|
|17.10.||SPX Transformer Solutions|
Research Methodology for Global Solid-State Transformer Market Analysis (2020-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Solid-State Transformer were the three major steps undertaken to create and analyze the adoption of Solid-State Transformer across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Solid-State Transformer sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Solid-State Transformer through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solid-State Transformer Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as product, and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Solid-State Transformer in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Solid-State Transformer. Further, we conducted factor analysis using dependent and independent variables like rise in alternative power generation and the need for advanced technologies like Solid-State Transformer. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Solid-State Transformer Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Solid-State Transformer across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Solid-State Transformer Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Solid-State Transformer Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, and application verticals.
The main objective of the Solid-State Transformer Market Study
The current & future market trends of Solid-State Transformer were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Solid-State Transformer in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, and application verticals
- Defined analysis of the regulatory framework for the Global Solid-State Transformer industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Solid-State Transformer for the major regions & countries
- Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
- Company profiles of the Solid-State Transformer Market players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country level analysis of the industry