Pune, India, March 08, 2022 (GLOBE NEWSWIRE) -- The global Solid State Transformer Market size was valued at around USD 91.6 million in 2020. The market is projected to rise from USD 100.7 million in 2021 to USD 213.5 million by 2028 at an 11.3% CAGR during the assessment period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report titled, “Solid State Transformer Market, 2021-2028.”
According to the analysis, the demand for solid state transformer (SST) will grow with the need for reducing grid losses across end-use applications. Expanding penetration of electric vehicle charging stations and renewable power generation will provide impetus to industry growth. Some of the upsides, such as efficiency, robustness, and reliability, will bode well for leading companies gearing to bolster their portfolio.
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Major Players Profiled in the Market Report
• General Electric (U.S.)
• Alstom (France)
• Eaton (Ireland)
• Hitachi ABB (Japan)
• Power Systems & Control Inc. (Virginia)
• Schneider Electric (France)
• Siemens (Germany)
• Varentec Inc. (U.S.)
• Vollspark (Israel)
• Amantys Limited (U.K.)
• SPX Transformer Solutions (U.S.)
• Ermco (U.S.)
• Mitsubishi Electric (Japan)
• Synergy Transformers (India)
• GridBridge (U.S.)
• Kirloskar Electric (India)
COVID-19 Impact
Disruption in Renewable Energy Projects to Mar Industry Growth
The aftermath of the COVID-19 pandemic dented renewable energy projects across advanced and emerging economies. So much, so that power distribution companies had to either cancel or postpone their projects. Considering the demand renewable energy generation holds in the global market, SST projects are expected to witness significant disruptions.
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Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 11.3% |
| 2028 Value Projection | USD 213.5 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 19.6 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | By Voltage level, Application, Region |
| Growth Drivers | Modernization of Aging Power Distribution Infrastructure to Boost Market Size |
| Growing Adoption of Non-Conventional and Renewable Energy to Propel Industry Growth | |
| Pitfalls & Challenges | High Cost of Product to Restrain Market Growth |
Segments
Voltage Level, Application, and Region are studied
Based on voltage level, the market is divided into HV/MV and MV/LV.
In terms of application, the market is segmented into electric vehicle charging stations, renewable power generation, traction locomotives, power grids, and others.
On the basis of geography, North America, Asia Pacific, Europe, and the rest of the world are mentioned in the report.
Report Coverage
The report is prepared with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings, and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping.
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Drivers and Restraints
Upgrading of Aging Power Distribution Infrastructure to Bolster Growth Potential
Strong demand for smart transformers will provide promising growth opportunities globally. Stakeholders have exhibited a profound interest in advanced power distribution infrastructure. Moreover, governments have upped efforts to boost efficiency across energy and utility sectors. Besides, industry participants have upped efforts to reduce dependence on coal-based electricity generation and promote renewable energy sources. To illustrate, the U.S. has set the target to minimize greenhouse gas emissions to 50-52% by 2030. Robust government policies could underpin the global solid state transformer market growth over the next few years.
Meanwhile, the high cost of the equipment is likely to dent the growth prospects. Furthermore, low penetration of SSTs across developing regions may challenge manufacturers.
Regional Insights
Asia Pacific to Provide Revenue-boosting Opportunities with Rising Demand for Smart Grids
Emerging economies, such as China and India, are expected to spearhead the growth projection on the back of the demand for smart grids. Specifically, in September 2021, the power supply project for the China-Laos Railway was put into operation. It includes the construction of 20 circuits of 115kV transmission lines having a length of 257 km. The construction is reported to extend 11 bays across 10 substations to supply power from grid of Electricite du Laos (EDL) to 10 railway traction substations. The market in Asia Pacific reached USD 33.3 million in 2020 and will grow due to bullish governments’ approach.
Europe is likely to witness investments galore in the light of the presence of leading companies and demand for the equipment. Industry participants expect technological advancements to drive the penetration of solid state transformer across untapped areas. For instance, in January 2021, Rosh Engineering struck a three-year transformer refurbishment contract.
The North America solid state transformer market share will be robust in the wake of investments in smart grids and technological advancements. To illustrate, in October 2021, Ameresco announced a USD 43 million Energy Savings Performance Contract (ESPC) with the U.S. Coast Guard (USCG). The project includes the installation of electric vehicle (EV) charging infrastructure, smart controls in 10 buildings and HVAC equipment upgrades, and others. Developments in the renewable energy portfolio in the power grid system are expected to drive the regional expansion.
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Competitive Landscape
Leading Companies to Invest in Mergers & Acquisitions to Boost their Portfolios
Industry participants are expected to focus on organic and inorganic strategies, such as mergers & acquisitions, product rollouts, technological advancements, and R&D activities. The competitiveness of the market will be propelled by geographical expansion and investments in product offerings.
Key Industry Developments
- October 2021: GE Prolec Transformers, a branch of General Electric Company with Xignux, S.A., announced the acquisition of SPX Transformer Solutions from SPX Corporation at USD 645 million.
- March 2021: Hitachi ABB Power Grids collaborated with Nanyang Technological University, Singapore (NTU) to advance solid state transformer technology developments.
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solid State Transformer Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solid State Transformer Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage Level
- MV/LV
- HV/MV
- Market Analysis, Insights and Forecast – By Application
- Renewable Power Generation
- Electric Vehicle Charging Stations
- Power Grids
- Traction Locomotives
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Solid State Transformer Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage Level
- MV/LV
- HV/MV
- Market Analysis, Insights and Forecast – By Application
- Renewable Power Generation
- Electric Vehicle Charging Stations
- Power Grids
- Traction Locomotives
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
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- Renewable Power Generation
- Electric Vehicle Charging Stations
- Power Grids
- Traction Locomotives
- Others
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- Canada Market Analysis, Insights and Forecast – By Application
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- Renewable Power Generation
- Electric Vehicle Charging Stations
- Power Grids
- Traction Locomotives
- Others
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