Portland, OR, June 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global solid-state transformer market garnered $141.5 million in 2020, and is expected to generate $468.0 million by 2028, witnessing a CAGR of 16.9% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
Growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems fuel the global Solid-State Transformer market growth. However, high cost and low consumer awareness restrain the growth of the market. Contrarily, growth in investments and participation in the smart grids market and rise in research and development create new opportunities in the next few years.
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Covid-19 Scenario:
- The outbreak of Covid-19 affected the renewable energy generation and its demand to a great extent. Furthermore, the complete or partial lockdown has negatively impacted supply chain, leading to suspending construction projects. This had a direct impact on the commissioning of renewable electricity projects.
- More than 40% of the supply chain is dependent on supply from China and other Southeast Asian countries. However, China has been the most affected country in terms of material supply and transport, due to the COVID-19 outbreak. This has majorly affected the growth of the global solid-state transformer market.
The report offers detailed segmentation of the global solid state transformer (Smart) market based on product type, application, and region.
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Based on product type, the power solid state transformer (SST) segment accounted for the highest share in 2020, contributing to nearly three-fifths of the total market share, and is projected to maintain its lead position during the forecast period. However, the traction solid-state transformer segment is projected to witness the fastest CAGR of 17.7% from 2021 to 2028.
Based on application, the renewable power generation segment held the highest share in 2020, accounting for nearly half of the global Solid-State Transformer market, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the electric vehicle charging station segment is estimated to portray the highest CAGR of 21.5% from 2021 to 2028.
Based on region, Europe accounted for the largest share in terms of revenue, accounting for nearly two-fifths of the total market in 2020, and is expected to continue its highest contribution by 2028. However, Asia-Pacific is estimated to register the highest CAGR of 18.6% during the forecast period.
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Leading players of the global Solid-State Transformer market analyzed in the research include General Electric Company, Alstom SA, Eaton Corporation, Vollspark, Red Box Aviation, Schneider Electric, Siemens AG, Hitachi ABB, Power Systems & Controls Inc., and Varentec Inc.
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