Solid State Transformer Market Size to Reach USD 468.0 Million by 2028 at CAGR 16.9% - Valuates Reports

India - English

News provided by

Jan 06, 2022, 08:00 ET

BANGALORE, India, Jan. 6, 2022 /PRNewswire/ -- The Solid State Transformer Market is Segmented by Product Type (Distribution Solid-State Transformer, Power Solid-State Transformer, and Traction Solid-State Transformer) and Application (Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2028.

The global solid state transformer market was valued at USD 141.5 Million in 2020 and is projected to reach USD 468.0 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.9% from 2021 to 2028.

Major Factors Driving The Growth Of The Solid State Transformer Market Are:

Solid state transformers improve the quality of the power by limiting voltage fluctuations, as opposed to traditional transformers. It also lowers grid losses, improves supply dependability, and protects the load from power outages. On various voltage levels, it permits voltage conversion from Alternate Current (AC) to Direct Current (DC), DC to AC, and DC to DC. These advantages are expected to drive the solid state transformers market growth.

Furthermore, factors such as increasing renewable electricity output, electric mobility, and heavy investments in smart grids and energy systems are expected to fuel the solid state transformer market growth.

The growing dependency on the renewable energy industry is expected to propel the growth of the solid state transformer market.

Get your sample today: https://reports.valuates.com/request/sample/ALLI-Manu-3F71/Solid_State_Transformer_Market

Trends Influencing The Growth Of The Global Solid State Transformer Market:

Electric vehicles are being created at an incredible rate in the electric mobility category, which will necessitate more charging infrastructure in the future. Electric vehicle (EV) charging uses direct current (DC) sources, which has increased the requirement for active power control, thus driving the demand for smart transformers.

Solid-state transformers are also utilized to control smart grids efficiently. In the long run, increasing investment and engagement in the smart grids market will benefit the worldwide solid state transformer market. Because of the increased adoption of renewable energy sources and efforts to improve the distribution network's performance, solid-state transformers have become an essential component of the energy grid. In addition to improved performance, it aids in the long-term reduction of greenhouse gas emissions and improves power grid security.

Furthermore, worldwide investments are transforming all of the key application areas for solid-state transformers, particularly the locomotive, electric mobility, and power distribution sectors, creating new prospects for the solid-state transformer market.

Furthermore, the solid-state transformer market is likely to benefit greatly from price reductions due to mass production, significant manufacturers investing in R&D, and technological advances.

The shift from traditional energy to renewable energy is expected to further propel the solid state market growth. The future expansion of the renewable energy industry is predicted to be driven by a reduction in reliance on traditional electricity based on coal and crude oil. Wind and solar power have already been adopted by countries such as Germany, China, the United States, and Canada.

Solid-state transformers, on the other hand, are not widely used and have a high cost and poor customer awareness. As a result, SST adoption in developing and undeveloped economies is low. During the forecast period, these factors are projected to restrain the worldwide solid state transformer market's growth.

Browse the Table of Contents and List of figures at: https://reports.valuates.com/reports/ALLI-Manu-3F71/solid-state-transformer

Solid State Transformer Market Share Analysis:

Based on region, Europe held the largest solid state transformer market share in 2020. This is due to the widespread use of renewable energy sources such as wind and solar electricity in key European countries. Asia-Pacific is expected to develop at the quickest rate, with a CAGR of 18.6%. This rapid development rate can be linked to investments in the power industry by Asia-Pacific countries such as China, India, Japan, and Australia.

Based on product type, the power solid state transformers category accounted for the biggest market share in 2020, due to factors such as rapid acceptance, low costs, and increased product awareness in the power industry. Because of their potential application in locomotives and electric vehicles, traction solid-state transformers are expected to increase at the fastest CAGR of 17.7%.

In 2020, the renewable energy generation segment held the biggest proportion. Wind and solar panels generate renewable energy, which necessitates the use of smart transformers for improved power management. However, the electric vehicle charging category will develop at the fastest CAGR of 21.5 percent. The expansion of the solid state transformer market will be aided by an increase in EV sales, as well as governmental and private expenditures in charging infrastructure.

Report Customization Request: https://reports.valuates.com/request/customisation/ALLI-Manu-3F71/Solid_State_Transformer_Market

Leading Players in the Solid State (Smart) Transformer Market

Alstom Sa
Eaton Corporation
General Electric Company
Hitachi Abb
Power Systems And Controls, Inc.
Red Box Aviation
Schneider Electric
Siemens Ag
Varentec Inc.
Vollspark

Chapter Cost Request: https://reports.valuates.com/request/chaptercost/ALLI-Manu-3F71/Solid_State_Transformer_Market

Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-3F71&lic=single-user

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS

The global Instrument Transformer market was valued at USD 4218.9 Million in 2020 and it is expected to reach USD 6452.2 Million by the end of 2027, growing at a CAGR of 6.3% during 2021-2027.
In 2020, the global Ester Transformer Oils market size was USD 132 Million and it is expected to reach USD 258.3 Million by the end of 2027, with a CAGR of 10.1% during 2021-2027.
In 2020, the global Transformer Cores market size was USD 6649 Million and it is expected to reach USD 9143.4 Million by the end of 2027, with a CAGR of 4.7% during 2021-2027.
In 2020, the global Ferrite Core Transformer market size was USD 1812.8 Million and it is expected to reach USD 2750 Million by the end of 2027, with a CAGR of 6.1% during 2021-2027.
The global Transformer Oil Testing market size is projected to reach USD 445.8 Million by 2027, from USD 302.5 Million in 2020, at a CAGR of 5.7% during 2021-2027.
Global Transformer Oil Market Outlook 2022
Global Renewable Energy Transformer Market Research Report 2021
Global Green Transformer Market Outlook 2022
Global High Voltage Power Transformer (35KV-750KV) Market Research Report 2021
Global Step-up and Step-down Transformer Market Research Report 2021
Global Wind Turbine Transformer Market Research Report 2021
Global Oil Type Distribution Transformer Market Research Report 2021Energy as a Service Market - Global Opportunity Analysis and Industry Forecast, 2021–2030

To see the full list of related reports on the Transformer

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources

CONTACT US:

Valuates Reports
[email protected]
For U.S. Toll-Free Call +1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com
Follow on Twitter - https://twitter.com/valuatesreports
Follow on Linkedin - https://in.linkedin.com/company/valuatesreports
Follow on Facebook - https://www.facebook.com/valuatesreports