Global Solid State Transformer Market Analysis & Outlook 2030
21 Oct 2022
Industrial Automation & Equipment
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
The global market value of solid-state transformers in 2021 is estimated to be USD 150 million and is expected to expand at a compound annual growth rate of 15% from 2022 to 2030. A solid state transformer (SST), also known as a smart transformer, is an advanced transformer that combines various semiconductor components, control circuits, and other high-frequency transformers. Compared with traditional transformers, it improves power quality by controlling voltage fluctuations. It reduces grid losses and power supply reliability, and protects the load from power interruptions. It allows voltage conversion from alternating current (AC) to direct current (DC), direct current to alternating current, and direct current to direct current at different voltage levels. Today, it serves a wide range of applications, including renewable energy power generation, electric vehicle charging facilities, and power grids. The global market for solid-state transformers is currently being driven by a variety of factors, namely increased production of renewable electricity, electric vehicles, and large investments in smart grids and energy systems.
In addition, reducing reliance on traditional electricity based on coal and crude oil is expected to promote the growth of the renewable energy industry in the future. In fact, countries such as Germany, China, the United States, and Canada have turned to wind and solar power generation. Solid-state transformers connect these different power sources to the electric beam and improve the efficiency of the power transmission system. In the field of electric vehicles, the production speed of electric vehicles is amazing, and more charging infrastructure will be needed in the future. Electric vehicle charging is based on direct current (DC) power sources, and the demand for active power control has increased; thus driving the demand for smart transformers. In addition, solid-state transformers are used to effectively manage smart grids. Therefore, in the long run, increasing investment and market share in smart grids will benefit the global solid-state transformer market.
However, since solid-state transformers are not widely available on the market, they are currently costly and consumer awareness is low. Therefore, in developing and underdeveloped economies, the adoption rate of occupational safety and health is low. These factors are expected to hinder the growth of the global solid-state transformer market during the forecast period. The development of occupational safety and health design including various configurations and components is expected to help operators launch new products. These new products will help increase the market share of solid-state transformers in the traditional transformer market. Solid-state technology will benefit from the research and development work of various research institutions and industry supporters (such as power companies) to develop new solid-state transformer designs.
One of the latest developments in solid-state technology is the establishment of a technology partnership between leading transformer manufacturer Hitachi ABB and Nanyang Technological University in Singapore in February 2021. Through this partnership, Hitachi and NTU both aim to launch commercial-based transformers. .
In addition, SST has a wide range of application potentials, from locomotives, light rails, fast chargers for electric vehicles, photovoltaic inverters and battery energy storage systems. Some of these are emerging areas, which are expected to provide profitable opportunities for market growth during the forecast period. The global solid state transformer market is divided by product type, application and region. According to product types, the market is divided into distribution solid-state transformers, power solid-state transformers and traction solid-state transformers. Applications include renewable energy power generation, electric vehicle charging stations, power distribution, traction locomotives, etc. Regarding the region, we analyzed the markets of North America, Europe, Asia Pacific and LAMEA. Major players in the solid-state transformer industry include Alstom, Eaton, General Electric, Hitachi ABB, Power Systems and Controls, Red Box Aviation, Schneider Electric, Siemens AG, Varentec Inc. and Vollspark.
Solid-state transformer market by region:
Europe will account for the largest market share of solid-state transformers in 2020. This is attributed to the large-scale adoption of renewable energy sources such as wind and solar power plants in major European countries. The Asia-Pacific region is expected to grow at the fastest compound annual growth rate of 19%. This rapid growth can be attributed to the investment in the energy industry by Asia-Pacific countries such as China, India, Japan and Australia.
Main benefits for stakeholders:
The report includes in-depth analysis of different market segments and provides market estimates between 2022 and 2030. The analysis of the solid-state transformer market is conducted by studying various driving factors, constraints and opportunities. The Porters Five Forces Model illustrates effective buyers and sellers, and is estimated to help market participants adopt effective strategies. Analyze the major market participants to understand the strategies they use. The report provides a detailed analysis of current solid-state transformer market trends and future forecasts from 2022 to 2030, helping to identify major opportunities in the solid-state transformer market.
Covid-19s impact on the global solid-state transformer market:
Most industries have stopped working during the pandemic. The blockade implemented in several countries has affected the operations of several energy distribution companies; therefore, it affects your financial health. This leads to a reduction in the demand for transformers. Renewable energy power generation is the largest application of solid-state transformers and has also been severely affected during the pandemic. The pandemic has had a negative impact on the demand for renewable energy generation. All or part of the blockade on a global scale has caused supply chain interruptions and delays in project construction, directly affecting the start-up of renewable power projects. In the global solar energy industry, more than 40 percent of the supply chain depends on supply from China. And other Southeast Asian countries. China is a known source of this epidemic, and due to COVID-19, the country has suffered the most in terms of material supply and transportation. The above factors have affected the growth of the global solid-state transformer market.
Main market segments:
Product types Power distribution solid-state transformers Power solid-state transformers Traction solid-state transformers Applications Renewable energy power generation Electric vehicle charging stations Power distribution traction locomotives Others
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook