IMARC Group, a leading market research company, has recently releases report titled “Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solid state transformer market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Solid State Transformer?
The solid-state transformer (SST) is a cutting-edge power electronic device designed to replace conventional, large, and weighty electromagnetic transformers utilized in electrical power systems. Leveraging semiconductor devices like insulated-gate bipolar transistors (IGBTs), high-power diodes, and other power electronics components, the SST excels in the transformation and regulation of electrical power. Its superiority lies in higher efficiency, attributed to reduced losses associated with power conversion. Moreover, it exhibits the capability to dynamically and precisely regulate voltage levels, surpassing the capabilities of traditional transformers. As a pivotal component of the evolving smart grid, the SST stands as a significant advancement in power distribution and management technology.
How Big Is the Solid State Transformer Market?
The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.
Global Industry Trends and Drivers:
Currently, the market is experiencing significant growth driven by the increasing demand for Solid-State Transformers (SSTs). Their ability to facilitate bidirectional power flow, seamlessly integrating renewable energy sources like solar panels and wind turbines into the grid, is a crucial factor propelling market expansion. Additionally, the heightened use of SSTs for improved communication, control, and management of power distribution contributes to market growth. Moreover, the market is benefiting from the increased production of SSTs with fault-tolerant features, ensuring continued functionality even in the event of partial device failure. This development provides a positive outlook for the market. Furthermore, the growing popularity of SSTs is attributed to their capacity to address issues such as voltage sags, harmonics, and flickers, further boosting market growth.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product:
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
Breakup by Component:
- Converters
- High-frequency Transformers
- Switches
- Others
Breakup by Voltage Level:
- HV/MV
- MV/LV
Breakup by Application:
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- Others
Breakup by End User:
- Energy
- Transportation
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers and Vollspark.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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