Solid-state transformer market worth $241 M by 2030
The solid-state transformer market size is expected to grow from $100 M in 2024 to $241 M by 2030.
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MarketsandMarkets™ has published a new market research report on the “Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV), Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others), and Region (North America, APAC, Europe, and RoW) – Global Forecast to 2030”.
According to the report, the solid-state transformer market size is expected to grow from $100 M in 2024 to $241 M by 2030. It is expected to grow at a CAGR of 15.8 % from 2024 to 2030. The key factors driving the growth of the market include growing alternative energy sector, increasing investments in smart grids and energy systems.
The HV/MV segment is expected to account for the larger share of the global solid-state transformer market in 2024. The growth of the HV/MV segment of the solid-state transformer market can be attributed to the increased adoption of these transformers in renewable power generation applications.
The growth of the renewable power generation segment of the solid-state transformer market can be attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy. A typical wind energy farm has an induction generator coupled with a wind turbine to convert mechanical energy to electrical energy. The energy generated is further transferred by a step-up transformer to STATCOMs. It is then fed to a grid. The step-up transformer increases the voltage level, while the STATCOM improves the power factor of the electricity generated. Though conventional systems (step-up transformers and STATCOMs) are cost-effective solutions, solid-state transformers can be instrumental in playing the role of both step-up transformers and STATCOMs with improved reactive power compensation. This, in turn, is expected to lead to increased use of solid-state transformers for wind energy production.
APAC is expected to hold the largest share of the solid-state transformer market and is estimated to witness the highest rate during the forecast period. The planned investments in energy infrastructure and technology by various APAC countries and the growth of the wind power market are likely to offer significant growth opportunities to the solid-state transformer market. China and India are the frontier markets for solid-state transformers in the APAC region.
The key players are: Hitachi, Schneider Electric, Siemens, Mitsubishi Electric, General Electric, Eaton, Varentec, Amantys, Ermco and SPX Transformer Solutions.
Source: PR Newswire