Solid State Transformer Market Overview
The Solid State Transformer Market size was valued at USD 0.1 billion in 2022. The solid state transformer industry is projected to grow from USD 0.11 billion in 2023 to USD 0.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.80% during the forecast period (2023 - 2032). Solid state transformer (SST) or smart transformer, simply put, is a merge of high-powered semiconductor components, conventional high frequency transformers, and control circuitry. Alternative power generation, power grid, traction locomotives, and others are some of the applications of the solid state transformer.
Various factors are propelling the global solid state transformer market share. According to the recent MRFR report, such factors include the burgeoning demand for these solutions, overstated use of renewable energy, growing railway infrastructure, especially in developing regions, implementation of solar and wind energy, awareness about the different benefits of solid state transformers such as conversion of AC to DC, efficient power transmission, solid state transformer for energy efficiency enhancement, and bi-directional power flow, increasing investments on renewable energy generation sources, and demand for electric charge vehicles.
On the contrary, high cost, inadequate testing infrastructure, and the impact of the on-going COVID-19 pandemic may impede the global solid state transformer market growth over the forecast period.
Regional Analysis
Based on the region, the global solid state transformer market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe will dominate the solid state transformer market over the forecast period. Constant advancements in technology, growing demand for solid state transformer solutions across various industry verticals, and growing awareness among end users about the benefits of using these transformers are adding to the global solid state transformer market growth in the region. Germany, France, and the UK hold the utmost share in the market.
The global solid state transformer market in North America is predicted to have sound growth over the forecast period. The presence of multiple key players in the US, rising investments in power distribution systems, and rapid growth in renewable energy generation capabilities are adding to the global solid state transformer market growth in this region. The United States possess a maximum share in the market.
The global solid state transformer market in the APAC region is predicted to have healthy growth over the forecast period. The presence of local manufacturers making SST components like fuses, switches, and converters is adding to the global solid state transformer market growth in the region.
The global solid state transformer market in the Rest of the World is predicted to have steady growth over the forecast period.
Key Players
Leading contenders profiled in the global solid state transformer market report include GridBridge (U.S.), Amantys Limited (U.K), Varentec, Inc. (U.S.), Cooper Power Systems (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), General Electric Co. (U.S.), Siemens AG (Germany), Alstom SA (France), and ABB Ltd. (Switzerland).
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global solid state transformer market based on application, product, and component.
- By component, the global solid state transformer market is segmented into high-frequency transformers, switches, converters, and others. The converters segment is again segmented into AC to AC converters, DC to AC converters, DC to DC converters, and AC to DC converters. Of these, the converters segment will lead the market over the forecast period.
- By product, the global solid state transformer market is segmented into power solid state transformers, traction solid state transformers, and distribution solid state transformers. Of these, the solid state transformers product segment will dominate the market over the forecast period.
- By application, the global solid state transformer market is segmented into alternative power generation, electric vehicle charging stations, power grid, traction locomotives, electric vehicle charging stations and others. Of these, the power grid application segment will command the largest share in the market over the forecast period.
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