New York, US, April 27, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Solid-State Transformer Market Research Report: By Component, by Product, by Application – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 241 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 15.80% during the assessment timeframe.
Solid-State Transformer Market Insights
Solid state transformers offer benefits, such as efficient power management, Bi-directional electricity flow, and higher load resonant capacity. Using solid-state transformers ensures high flexibility in controlling power distribution networks, smooth AC-to-DC and DC-to-AC conversions, and the capability to cater to a wide range of applications. Rapid developments in solar photovoltaic and electric vehicles create a vast demand for solid state transformers.
Increasing cross-domain use of segregated workload-based data and smart grid performance requirements drive the solid state transformer market growth. Initiatives to boost the performance of existing power infrastructures contribute to the market size, increasing the interest in solid state transformers. Rising internet uses, and uptake of smart connected devices define the growing market landscape.
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/5857
Solid-State Transformer Market Key Players
Players active in the global SST market are-
- Alstom SA (France)
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Mitsubishi Electric Corporation (Japan)
- General Electric Co. (US)
- Varentec, Inc. (US)
- Amantys Limited (UK)
- Cooper Power Systems (US)
- GridBridge (US),
Solid-State Transformer Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 241 million |
| Growth Rate | CAGR of 15.80% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The increasing pressure to boost power generation and reduce carbon footprint offers lucrative opportunities. |
| Key Market Drivers | The growing population worldwide is driving the need for power generation technologies. |
Browse In-depth Market Research Report (100 Pages) Solid-State Transformer Market:
https://www.marketresearchfuture.com/reports/solid-state-transformer-market-5857
Industry Trends
Manufacturers strive to reduce costs by adopting mass-production techniques. Increasing R&D investments in technological advancements boost the solid-state transformer market growth. Renewable energy generation companies are increasingly adopting new technologies. The growing population worldwide is driving the need for power generation technologies.
The increasing pressure to boost power generation and reduce carbon footprint offers lucrative opportunities. The growing demand for electric vehicle charging infrastructures influences the solid-state transformer market value. The solid-state transformer market growth is largely impacted by varied applications such as voltage transformation & regulation and distribution systems monitoring.
Electric Vehicles are increasing in numbers across the globe. The governments of different countries are highly focused on developing electric vehicles to minimize carbon footprints. Automotive companies are increasingly investing in the research and development of electric vehicles.
These increasing investments in the automotive sectors are impacting the overall growth of the solid-state transformer market. Despite several potential advantages and substantial investments, disturbances in the primary distribution and other technical issues obstruct the market's overall growth.
At the same time, higher implementation costs of solid-state transformers hinder market growth. Also, the lack of infrastructure, especially in developing countries, impedes the solid state transformer market growth. Additionally, poor consumer awareness of the benefits of SST technology and the average commercialization of solid state transformers are major challenges hampering the market growth.
Solid-State Transformer Market Segments
The solid state transformer market report is segmented into product types, components, end-users, and regions. The product type segment is sub-segmented into distribution solid-state transformer, power solid-state transformer, traction solid-state transformer, and others. The application segment is sub-segmented into alternative power generation, electric vehicle charging stations, power distribution, traction locomotives, and others.
The end-user segment is sub-segmented into energy transportation and others. The component segment is sub-segmented into converters (AC to DC converters, DC to AC converters, DC to DC converters, and AC to AC converters), switches, power diodes, high-frequency transformers, and others (high voltage inductors, high voltage resistors, others).
Buy Full Research Report:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5857
Solid-State Transformer Market Regional Analysis
The Asia Pacific region holds the largest solid state transformer market share. Rapid developments in smart grid technologies and growing deployments of smart grids across the region drive the solid state transformer market growth. Besides, the increasing adoption of solid state transformers in energy generation operations significantly impacts the SST market growth.
Considering the higher demand for power and growing pressure to accelerate energy generation, governmental organizations are increasingly investing in renewable resources such as wind, solar, and tidal energy. Countries like India, China, and Japan are increasing their investments in renewable energy generation and grid upgrades.
In 2022, India announced its goal of reaching over 114GW in solar power generation. Also, the Indian government supports the solid state transformer market growth with the ‘Rent a Roof’ policy, targeting 40GW power generation through solar rooftop projects. With such initiatives and investments in the major end-user industries, the APAC solid state transformer market is expected to grow steadily.
North America is another leading solid state transformer market, accounting for a significant market share. The presence of many notable players and well-established end-user verticals in this region drives the market growth. Moreover, the broad uptake and advances in transformer capacities foster the regional market's growth. Increasing investments in technology developments propel regional market growth. The North American solid state transformer market is expected to grow rapidly during the assessment period.
Solid-State Transformer Market Competitive Analysis
Highly competitive, the solid state transformer market appears fragmented with several well-established players. Industry players make vast investments in research and development activities and foster their expansion plans. These market players adopt approaches such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
This market witnesses the implementation of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion. The SST market perceives increasing product developments and launches. Industry players strive to develop new rugged designs offering protection against harsh environmental conditions.
Utilities and power companies increasingly demand SSTs that offer high speed and convenience with rugged dependability. Additional SST features consumers look for include a next-generation solution supporting client and data center applications needing advanced performance.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/5857
For instance, on Oct.14, 2022, Delta Electronics (Americas), Ltd., a subsidiary of Delta Electronics, Inc., demonstrated an advanced SiC MOSFET solid-state transformer (SST)-based 400kW fast EV charger to the US DOE grant program partners, including General Motors, DTE Energy, Virginia Tech's Center for Power Electronics Systems (CPES), NextEnergy, and the American Center for Mobility. This solution is expected to accelerate the adoption of e-mobility across North America.
Related Reports:
Substation Automation Market Research Report: by Component, Module, Communication Channel, Industry- Forecast till 2030
Fingerprint Sensor Market Research Report: By Type, Technology, Application, By Region - Forecast till 2027
MEMS and Sensors Market Research Report, Material, Type, Application - Forecast till 2030
Human Centric Lighting Market Research Report, By Component Type, By Applications - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
Follow Us: LinkedIn | Twitter
