The global Solid-State Transformer Market is expected to foresee significant growth. The Asia Pacific to lead the growth
Global Solid-State Transformer Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. 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.
The Global Solid-State Transformer Market is experiencing significant growth due to 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.
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Solid state transformer provides a wide range of benefits such as voltage sag compensation, outage compensation, and instantaneous voltage regulation, metering, fault isolation, or advanced distribution automation environmental benefits. The reliability of such benefits drives growth for the solid-state transformer market. The gradual shift from traditional transformers and rising inclination towards implementation of SST are presumed to propel the industry growth. Furthermore, the growing advancements in smart grid solutions along with growing use of traction locomotives & electric vehicles for public transport are expected to foster the adoption of SSTs over the forecast period.
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.
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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.
The COVID-19 outbreak has impacted almost every industry in a short span of time limiting all the industrial and economical activities across the world. The pandemic resulted in lockdowns in major nations around the world causing huge loss in production and sale in industries such as automotive, aviation, consumer electronics, pharmaceuticals, and oil & gas.
Due to pandemic measures of lockdown and movement restrictions in countries to curb the spread of the virus, it severely impacted the SST market, leading to the unavailability of raw materials for the manufacturing of electric equipment. Especially, as China is the manufacturing hub of components the emergence of outbreak in the country severely impacted the availability for the required components.
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Similarly, transportation of finished products and equipment has been affected drastically due to the supply chain disruptions all over the world.
Moreover, automotive industry also felt very hard impacts in the early months of the global COVID-19 pandemic. The effects began in China, where sales plunged 71 percent in February 2020; by April, sales had dropped 47 percent in the United States and dived 80 percent in Europe.
Additionally, the report provides detailed initiatives that are being taken in the field of Solid-State Transformer market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Solid-State Transformer Market, accounting for nearly xx% share in 2020 due to planned investments in energy infrastructure and technology by various APAC countries.
Global Solid-State Transformer Market Segmentation
Market Insight, by Product
- Power Solid State Transformer
- Distribution Solid State Transformer
- Traction Solid State Transformer
Market Insight, by Application
- Renewable Power Generation
- Wind Power
- Solar Power
- Tidal Power
- Electric Vehicle Charging Stations
- Power Grids
- Traction Locomotives
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Alstom SA
- Eaton Corporation
- Schneider Electric
- Siemens AG
- Hitachi ABB
- Mitsubishi Electric
- General Electric Company
- Power Systems & Controls Inc
- SPX Transformer Solutions