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Global Solid-state Transformer Market Size, Share, Trends and Industry Growth Analysis Report to 2028

In: Business
Solid-state Transformer Market
Solid-state Transformer Market

The solid-state transformer market is expected to be worth USD 4.99 million in 2021. By 2027, it is predicted to have grown at a CAGR of 6.06 percent, reaching USD 6.96 million (2022-2027). The COVID-19 pandemic damaged the solid-state transformer industry in the United States and Canada in 2020 and Q1 2021.

Several transmission and renewable energy projects were postponed due to the epidemic, resulting in a drop in transformer demand. For example, due to contracting and building delays induced by the pandemic, the turnover of Greek industrial group Mytilineos’ renewables and storage development reduced by 40% in 2020. Rising investment in smart grid technology and increasing integration of renewable energy in the power generation mix are projected to drive the market during the forecast period. The market is projected to be driven by the technical benefits of solid-state transformers over conventional transformers. During the projection period, however, performance constraints such as high cost and dependability are projected to limit market growth.

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• Hardware expenditures, such as digital substations and smart metres, have dominated smart grid investments in recent years. During the projected period, the smart grid application sector is expected to dominate the solid-state transformer market.
• In the future years, the solid-state transformer market is likely to benefit greatly from lower prices due to mass production, manufacturer investments in R&D, and technological improvements.
• During the projected period, Asia-Pacific is expected to be the largest and fastest-growing market, with China, India, and Japan accounting for the majority of demand.

Market Trends to Watch

• A smart grid is an electricity network or grid that allows electricity and data to flow in both directions. In the last two decades, the smart grid concept has gained traction. It has now become an integral aspect of the electrical sector’s digital transition. Solid-state transformers are chosen over traditional transformers in smart grids due to their modular construction flexibility, ability to handle bi-directional power flow, and deployment in both AC and DC grids.
• Three-stage solid-state transformers are generally used in smart grid applications to transfer power from low voltage to high voltage and feature bi-directional power flow.
• The recent modernization of the grid to accommodate power flows, meet reliability needs, and meet future projected usage has resulted in the incorporation of electronic intelligence capabilities for power control and operations monitoring, which is driving demand for smart grid technologies like solid-state transformers.
• In the United States, for example, the GridWise Alliance released its complete Policy Framework for Grid Investments in Economic Recovery in December 2020, which specifies the need for USD 50 billion in federal grid modernization spending. Several smart grid modernization efforts are likely to boost demand for solid-state transformers over the forecast period.
• As a result of the aforementioned factors, the solid-state transformer market is likely to be dominated by the smart grid application segment during the forecast period.

Competitive Environment

● ALSTOM SA
● EATON CORPORATION
● GENERAL ELECTRIC COMPANY
● HITACHI ABB
● POWER SYSTEMS AND CONTROLS, INC.
● RED BOX AVIATION
● SCHNEIDER ELECTRIC
● SIEMENS AG
● VARENTEC INC.
● VOLLSPARK

This research report segments the solid-state transformer market based on Product Type, Application, and Region.

By Product Type : Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer

By Application : Renewable Power Generation,Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, Others

Recent Happenings

● Hitachi ABB Power Grids and Nanyang Technological University, Singapore (NTU Singapore), a prominent research-intensive university in Singapore, agreed to work on solid-state transformer (SST) technology advancement in March 2021. The Energy Research Institute is leading the initiative, which is funded by the National Research Foundation of Singapore (NRF). It’s part of Singapore’s flagship Energy Grid 2.0 effort, which aims to shape the next-generation grid system and improve energy management by combining diverse energy sources into a single intelligent network that’s more efficient, sustainable, and resilient.

Read More : https://www.zionmarketresearch.com/news/solid-state-transformer-market

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