New York, USA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global solid state transformer (SST) market is likely to register a revenue of $1,246.4 million by 2027, at a CAGR of 26.0% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing adoption of most advanced systems in the renewable energy generation and the benefits associated with the solid state transformer systems such as bi-directional electricity flow, higher load resonant capacity, effectiveness in power management, and others are the major factors anticipated to accelerate the growth of the global market over the forecast period. Moreover, the rising trend of incorporating solid state transformers (SST) in the electricity distribution & transmission systems and the rapid growth in electric vehicle industry across the globe are the factors expected to generate lucrative growth opportunities for the global industry over the forecast period. However, the high costs associated with the production of solid state transformers may restrict the market growth in the coming years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has adversely affected the solid state transformer market growth. This is mainly due to the unavailability of raw materials for electrical equipment manufacturing owing to complete lockdown in many countries such as China and others across the globe. Besides, the transportation of finished products has been harshly affected during the pandemic period. However, the significant players are adopting several business growth tactics to strengthen their presence in the global industry.
Segments of the Market
The report has divided the market into different segments based on product type, application, and region.
Power Sub-segment to Hold the Highest Market Size
By product type, the power sub-segment is predicted to account for $100.6 million by 2027 and account for the majority of market size during the analysis period. This is mainly due to the increasing utilization of power SSTs for numerous transformer applications, such as voltage regulation, voltage transformation, distribution systems monitoring, and other applications.
Alternative Power Generation Sub-segment to Witness Significant Growth
By application, the alternative power generation sub-segment accounted for the majority of market share in 2019 and is expected to grow at CAGR of 25.7% in the projected timeframe. This is majorly due to the broad utilization of SST systems in the sub-segment to avoid air pollution because of various adverse effects on the environment by fossil fuels.
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North America Region to Witness Lucrative Growth
By region, the North America market for solid state transformer is expected to generate a revenue of $284.7 million by 2027 and witness lucrative growth during the forecast period. This growth can be attributed to the increasing investments on advancements of power distribution systems and the rapidly rising growth in the renewable energy generation capabilities in the region.
Prominent Solid State Transformer Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global solid state transformer industry are:
- Siemens
- GRIDBRIDGE
- Schneider Electric
- ABB
- General Electric
- Mitsubishi Electric Corporation
- MASCHINENFABRIK REINHAUSEN GMBH
- Eaton
- Varentec, Inc.
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in March 2021, Hitachi ABB Power Grids, a leading technology company, entered into a partnership with the Nanyang Technological University (NTU), Singapore for a government-led project of smart grid development. The aim behind this partnership is to boost the developments in solid state transformer (SST) technology.
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