Austin, TX, USA, June 01, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Solid-State Transformer Market Size, Trends and Insights By Type (Power SSTs, Distribution SSTs, Traction SSTs), By Application (Power Distribution, Renewable Power Generation, Electric Vehicle Charging Stations, Traction Locomotives), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand for global (SST) Solid State Transformer Market Size & share was valued at approximately USD 88 Million in 2022 and is expected to reach USD 107 Million and is expected to reach a value of around USD 240 Million by 2030, at a compound annual growth rate (CAGR) of about 16% during the forecast period 2022 to 2030.”
The estimated CAGR is approximately 16% between 2022 and 2030. The report further provides an overview of drivers, restraints, and opportunities present in the Solid State Transformer market. Moreover, the report examines the global competitive analysis for the Solid State Transformer market.
Click Here to Access a Free Sample Report of the Global (SST) Solid State Transformer Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=17268
The key purpose of the Global Solid State Transformer Market report is to deliver industry investors, company leaders, private equity companies, and stakeholders with comprehensive information facilitating them to make informed strategic decisions concerning the chances in the Solid State Transformer market throughout the world.
Solid State Transformer Market: Overview
A Solid State Transformer device converts alternating current (AC) to direct current (DC) or vice versa using semiconductor devices. Electronic transformers, power converters, and switch-mode transformers are other names for these devices. These transformers are used in a plethora of applications, including computer and electronic equipment power supplies, AC/DC converters, DC/DC converters, and motor controllers.
Growth Factors
The growing use of advanced systems in renewable energy generation systems is a key driving force in the global SSTs market
The growing demand for renewable energy, the requirement for energy efficiency, along with the need for enhanced grid stability and reliability are the driving forces of the Solid State Transformer market. The growing use of electric vehicles, the demand for grid modernization, and continued spending on smart grid technologies drive the Solid State Transformer market.
The main constraints and hurdles in the Solid State Transformer market are unawareness of the advantages of Solid State Transformers and a lack of uniformity. Other constraints and issues include the high price of Solid State Transformers and a shortage of experienced personnel to operate and maintain them.
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Segmental Overview
The market for Global Solid State Transformer Market is segmented into type and application. By application, renewable power generation held the largest share throughout the forecast period. During the forecast period, the market for renewable energy generation applications is expected to grow at the fastest rate.
The anticipated early implementation of these transformers for energy production from renewable energy accounts for the high growth rate. Wind, tides, and the sun are alternative sources of energy for electricity generation; they have the potential to cater to the world’s ever-increasing energy demand while also lowering the carbon footprint. Wind energy is a key contributor to the power produced by alternative energy sources, and the Asia Pacific is a leader in this field.
Regional Overview
China to lead the Asia Pacific Solid State Transformer market
Due to increased investment in smart grid technology and increased demand for electricity, Asia-Pacific is projected to be the major and fastest-growing market due to an increased investment in electrical infrastructure throughout the region. China is the world’s largest power T&D market. It is expected to become a major consumer of smart grid technology, owing to its carbon-reduction policy and commitment to sustainable development. Companies are focused on smart grids as they increase their investment in distribution networks, which is expected to stimulate demand for SST in China during the projected period.
(A free sample of the (SST) Solid State Transformer report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the (SST) Solid State Transformer report has been modified to include the COVID-19 impact study prior to delivery.)
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LAMEA has the smallest market, with Brazil as its key contributor. Economic expansion backed by the construction and manufacturing industries, population growth and a corresponding increase in electrification projects, and growing industrial developments in these regions are now driving the demand for Solid State Transformers.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 70 Million |
| Projected Market Size in 2030 | USD 240 Million |
| CAGR Growth Rate | 16% CAGR (2022-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Prominent Players | Eaton Corporation, Power Systems & Controls Inc, Alstom SA, General Electric Company, Red Box Aviation, Varentec Inc, Schneider Electric, Siemens AG, Vollspark, Hitachi ABB, and Others |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players Insights
To boost their presence in local markets, market participants are pursuing a variety of growth strategies, such as collaborations and partnerships, R&D activities, and the introduction of new services. The following are the most common strategies used by notable participants to strengthen their competitive edge.
The report offers a company analysis to give a 360-degree overview of the major players operating in the market. Moreover, the report also comprises key strategic developments related to the market including new service launches, acquisitions & mergers, agreements, collaborations & joint ventures, partnerships, research & development, as well as regional expansion of key players and participants involved in the global Solid State Transformer market.
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Key questions answered in this report:
- What is the size of the (SST) Solid State Transformer market and what is its expected growth rate?
- What are the primary driving factors that push the (SST) Solid State Transformer market forward?
- What are the (SST) Solid State Transformer Industry's top companies?
- What are the different categories that the (SST) Solid State Transformer Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the (SST) Solid State Transformer market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2032
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Some of the prominent players
- Eaton Corporation
- Power Systems & Controls Inc
- Alstom SA
- General Electric Company
- Red Box Aviation
- Varentec Inc
- Schneider Electric
- Siemens AG
- Vollspark
- Hitachi ABB
- Others
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The global solid state transformer market is segmented as follows:
- Product Scope
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
- Component Scope
- Converters
- High-frequency Transformers
- Switches
- Others
- Application Scope
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- End-use Scope
- Energy
- Transportation
- Others
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On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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- Comprehensive coverage
- Maximum number of market tables and figures
- The subscription-based option is offered.
- Best price guarantee
- Free 35% or 60 hours of customization.
- Free post-sale service assistance.
- 25% discount on your next purchase.
- Service guarantees are available.
- Personalized market brief by author.
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This (SST) Solid State Transformer Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This (SST) Solid State Transformer Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the (SST) Solid State Transformer Market? What Was the Capacity, Production Value, Cost and PROFIT of the (SST) Solid State Transformer Market?
- What Is the Current Market Status of the (SST) Solid State Transformer Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of (SST) Solid State Transformer Market by Considering Applications and Types?
- What Are Projections of the Global (SST) Solid State Transformer Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is (SST) Solid State Transformer Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On (SST) Solid State Transformer Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of (SST) Solid State Transformer Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for (SST) Solid State Transformer Industry?
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Reasons to Purchase (SST) Solid State Transformer Market Report
- (SST) Solid State Transformer Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- (SST) Solid State Transformer Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- (SST) Solid State Transformer Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- (SST) Solid State Transformer Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global (SST) Solid State Transformer market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide (SST) Solid State Transformer market analysis.
- The competitive environment of current and potential participants in the (SST) Solid State Transformer market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide (SST) Solid State Transformer market should find this report useful. The research will be useful to all market participants in the (SST) Solid State Transformer industry.
- Managers in the (SST) Solid State Transformer sector are interested in publishing up-to-date and projected data about the worldwide (SST) Solid State Transformer market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in (SST) Solid State Transformer products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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