Global Solid State Transformers Market Overview
The key drivers impacting the solid state transformers market are the increasing investments in smart grids and energy systems. Also, the requirement for handling high load capacity and efficient bi-directional power flow in power grid sectors, in turn, is expected to raise the adoption of solid state transformers. This is surging the demand for advanced products, thus positively impact market growth. Moreover, the rising demand for alternative power generation and expanding transportation infrastructure in developing regions contributes to solid state transformers market demand in the later years.
According to Value Market Research, the global Solid state transformers market size was valued at about USD 181 million in 2020 and is estimated to grow at a CAGR of around 16% during the forecast period 2021 to 2027.
The increase in smart city projects in developing regions will likely augment solid state transformers demand in the forecast period. The solid state transformers can be utilized for electric transport infrastructure to advance energy distribution; thus, rising adoption and demand for electric vehicles is expected to drive the market growth. However, the high initial costs of solid-state transformers hamper the market in the long run. In addition, the reluctance of power companies to reinstate aging energy infrastructures is negatively impacted the market growth. Nevertheless, the market trends, such as the rising adoption of electric vehicles and traction locomotives, might provide considerable opportunities to the market's leading players.
The solid state transformers market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are ABB Ltd., Alstom, General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Cooper Power Systems, Amantys Limited, Varentec, Inc., and GridBridge.
In this research report, the solid state transformers market is segmented by product, application, and region.
Analysis by Product:
By Product, the report is segmented into distribution solid state transformer, power solid state transformer, and traction solid state transformer. The power solid state transformer segment dominates with the highest market share in the forecast period. It is because such type of SSTs is cost-effective thus extremely adopted in developing regions such as the Asia Pacific and even in Latin America. Moreover, the presence of features like bidirectional supply is likely to improve the power distribution efficiency of these transformers, thus adding growth to the power solid state transformer segment in the forecast period.
Analysis by Application:
By Application, the report is segmented into renewable power generation, wind power, solar power, tidal power, automotive, power grids, traction locomotives, and others. The renewable power generation segment dominates the application segment with the highest share in 2020. It is due to the huge adoption of these types of transformers for power generation from solar, wind, and tidal energy. Moreover, transformers are involved in dropping the costs involved in electricity generation contributing to the growth of the renewable power generation segment growth.
Analysis by Region:
In the regional outlook of the global solid state transformers market, the Europe region dominates with the largest market share in 2020. It is due to the presence of key companies such as Siemens AG and Alstom. Moreover, the growing government investments in smart grid and massive adoption of renewable energy such as solar and wind power plants in major European countries thus contribute to the huge market growth across Europe.
Market Segmentation covered in the Report:
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
- Renewable Power Generation
- Wind Power
- Solar Power
- Tidal Power
- Power Grids
- Traction Locomotives
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.