New York, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Solid-state transformers (SST) consist of high-power semiconductors, control circuits, and high-frequency transformers. It's also known as an intelligent universal transformer or a smart transformer. Smart transformers allow greater flexibility in controlling power distribution networks, allowing seamless AC-DC and DC-AC conversions as needed. Solid-state transformers handle voltage fluctuations independently when connected to the power grid. Voltage data can be communicated to the smart grid, and remote administration can be used to conduct corrective actions.
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Increasing Energy Consumption, Electric Vehicle Usage, and Smart Grids Drives the Global Market
Increasing per capita income has resulted in an extraordinary rise in electricity usage in several countries. As energy consumption develops, more investments in the power industry are expected, which the global semiconductor transformer market may capitalize on. Solar and wind power could meet demand.
Renewable energy reduces greenhouse gas emissions and uses uranium, oil, and coal. Solid-state transformers will be needed for solar or wind power installations. Solid-state transformers connect power sources to grids. Government, research institutes, and other entities prioritize renewable energy. Increased energy demand and new renewable power plants will push the solid-state transformer market.
As the global electric car market grows, demand for charging infrastructure like transformers and substations will rise. World governments embrace e-mobility. Government rules, such as fuel emission standards, drive electric vehicle sales. The global market for electric vehicles is developing, and the present infrastructure must be updated with more advanced technologies. This is the reason why electric vehicles need solid-state transformers. Several research institutes are exploring solid-state transformers for fast-charging stations.
A smart grid is an updated electrical grid that uses automation and IT to monitor and control power in real-time. Solid-state transformers function independently, changes voltage, and maintain a smart grid interface, allowing remote management and feedback. Smart grid solid-state transformers provide real-time monitoring and feedback to reduce energy use and GHG emissions. Solid-state transformer’s smart grid power protection also adds to market growth. Smart grids increasingly use solid-state transformers for these reasons. As power networks upgrade, global demand for smart grids rises. This will boost the solid-state transformer business.
Emerging Trends Toward New Solid-state and Power Electronics Create Tremendous Market Opportunities
Solid-state transformer technology will require frequent design modifications to increase functionality and lifespan. Any advancement in these areas will boost the solid-state transformer business. Georgia Tech studied soft-switching solid-state transformers in 2018. (S4T). Researchers constructed a bidirectional soft-switching solid-state transformer (S4T) comprising 12 primary devices and a high-frequency transformer.
Redesigned construction permits the stacking of converter cells for high-voltage and high-power applications, increasing electrolytic capacitor life and power density. Another 2018 paper used an API-FLC. FLC increased SST power quality. Global research studies are done to speed product development. These factors will boost the solid-state transformer market.
Report Scope
| Report Metric | Details |
| Market Size | USD 663 Million by 2030 |
| CAGR | 17.4% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | ABB Ltd., Schneider Electric SE, General Electric Co., Siemens AG, Alstom SA, Mitsubishi Electric Corporation, Eaton Corporation plc, Gridbridge, Inc., Varentec, Inc., Maschinenfabrik Reinhausen (MR), Hitachi, |
| Key Market Opportunities | Growing Prevalence Of Semiconductor & Electronics Industry Helps To Grow Solid State Transformer Market Share |
| Key Market Drivers | Increase in Global Electricity Usage Renewable Energy Integration |
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Regional Analysis
Asia-Pacific is the most significant contributor to the solid-state transformer market and is anticipated to grow at a CAGR of 19.1% during the forecast period. The many infrastructure initiatives promoted by developing countries to increase essential demand for commercial trade provide significant space for expanding the semiconductor transformer market in this region. China is the most significant contributor to the market compared to other countries. Japan and India are growing their market gradually.
Europe is expected to grow at a CAGR of 15.8%, generating USD 214 million during the forecast period. The demand for power distribution systems is expected to increase as various international companies' investments increase. Germany and France have more market revenue compared to the UK and Italy.
The solid-state transformers market in North America is expected to witness steady growth. The demand for solid-state transformers in North America is likely to be driven by a surge in the uptake of renewable energy generation and new metro projects and the development and deployment of smart grids in many countries. The US has the central market in this region.
LAMEA has the lowest market, with Brazil being its primary contributor. The need for solid-state transformers is now driven by economic expansion supported by the manufacturing and construction industries, population growth and a corresponding spike in electrification projects, and emerging industrial developments in these regions.
Key Highlights
- The global solid-state transformer market size was valued at USD 156 million in 2021. It is expected to reach USD 663 million by 2030, growing at a CAGR of 17.4% during the forecast period 2022 to 2030.
- Based on type, the global solid-state transformer market is classified into Power, Distribution, and Traction Solid-State Transformers. Power solid-state transformer is the major shareholder in the global solid-state transformer market and is projected to grow at a CAGR of 17.1% during the forecast period.
- Based on application, the solid-state transformer market is segmented into Renewable Power Generation, Power Distribution, Traction Locomotives, and Electric Vehicle Charging Stations. Renewable power generation is the highest shareholder for solid-state transformers and is expected to grow at a CAGR of 17.2% during the forecast period.
- The global solid-state transformer market is classified into four regions, namely Asia-Pacific, Europe, North America, and LAMEA. Asia-Pacific is the most significant contributor to the solid-state transformer market and is anticipated to grow at a CAGR of 19.1% during the forecast period.
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Competitive Players
The competitive key players in the global solid-state transformer market are
- Alstom SA, Eaton Corporation
- General Electric Company
- Hitachi ABB
- Power Systems & Controls Inc.
- Red Box Aviation
- Schneider Electric
- Siemens AG,
- Varentec Inc., and Vollspark.
Global Solid-State Transformer Market: Segmentation
By Type
- Power Solid-State Transformer
- Distribution Solid-State Transformer
- Traction Solid-State Transformer
By Application
- Renewable Power Generation
- Electric Vehicle Charging Station
- Power Distribution
- Traction Locomotive
By Regions
- Asia-Pacific
- Europe
- North America
- LAMEA
TABLE OF CONTENT
- Introduction
- Solid-State Transformer Market Definition
- Solid-State Transformer Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Solid-State Transformer Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Type Overview
- Introduction
- Market Size & Forecast
- Power Solid-State Transformer
- Market Size & Forecast
- LDistribution Solid-State Transformer
- Market Size & Forecast
- Traction Solid-State Transformer
- Market Size & Forecast
- Introduction
- Application Overview
- Introduction
- Market Size & Forecast
- Renewable Power Generation
- Market Size & Forecast
- Electric Vehicle Charging Station
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Type
- By Application
- Canada
- By Type
- By Application
- Mexico
- By Type
- By Application
- Latin America
- By Type
- By Application
- Europe
- Market Size & Forecast
- Germany
- By Type
- By Application
- France
- By Type
- By Application
- U.K.
- By Type
- By Application
- Italy
- By Type
- By Application
- Spain
- By Type
- By Application
- Rest of Europe
- By Type
- By Application
- Asia Pacific
- Market Size & Forecast
- Japan
- By Type
- By Application
- China
- By Type
- By Application
- Australia
- By Type
- By Application
- India
- By Type
- By Application
- South Korea
- By Type
- By Application
- Rest of Asia-Pacific
- By Type
- By Application
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Type
- By Application
- South Africa
- By Type
- By Application
- Kuwait
- By Type
- By Application
- Rest of Middle East & Africa
- By Type
- By Application
- Introduction
- Company Profile
- Alstom SA
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Eaton Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- General Electric Company
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Hitachi ABB
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Alstom SA
Table of Content and Figure @ https://straitsresearch.com/report/solid-state-transformer-market/toc
Market News
- In June 2022, Alstom, the global leader in smart and sustainable mobility, signed an agreement with GTS Rail, a Bari-based company that operates in intermodal rail freight transport, for the supply of 20 Traxx DC3 electric locomotives, named E.494 in Italy.
- In June 2022, GE (NYSE: GE) and Continuum Green Energy (India) Pvt Ltd or “Continuum,” a company majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, announced the financial close of GE Energy Financial Services (“GE EFS”) acquisition of a 49% stake in Continuum’s 148.5 megawatts (MW) Morjar onshore wind project (“Morjar”) in Gujarat, India.
- In May 2022, Power management company Eaton recently announced the launch of the first Supply Chain digital incubation lab in Pune, India.
- In November 2021, Schneider Electric, the leader in the digital transformation of energy management and automation, launched its sustainability engagement initiative in India, Green Yodha, to encourage and support businesses, industries, and individuals to come together to take concrete climate action. This urgent call to a movement intends to back the increased commitment the Indian government made at COP26.
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