$241 M solid-state transformer markets
The "Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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The “Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV) – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
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 solid-state transformer market are growing alternative energy sector and increasing investments in smart grids and energy systems.
The HV/MV segment is expected to continue to hold a larger market size during the forecast period. 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. It is expected to witness a forward push from 2024 onward.
The renewable power generation application is expected to hold the largest market size during the forecast period. 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.
Wind energy is a key contributor to the power generated from the alternative sources of energy, while APAC is a leader in this field.
The APAC region is expected to hold the largest share of the solid-state transformer market during the forecast period. China and India are expected to be the largest consumers of solid-state transformers in APAC. 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.
The key players are: Hitachi, Schneider Electric , Siemens, Mitsubishi Electric, General Electric, Eaton, Varentec, Amantys, Ermco, and SPX Transformer Solutions.
Source: Globe Newswire