Global $468 M solid state transformer markets to 2028
The "Solid state transformer market: Global opportunity analysis and industry forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
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The “Solid state transformer market: Global opportunity analysis and industry forecast, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global solid-state transformer market was valued at $141.5 M in 2020, and is projected to reach $468.0 M by 2028, growing at a CAGR of 16.9 % from 2021 to 2028.
Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as smart transformer and intelligent universal transformer.
The global solid-state transformer market is presently driven by various factors such as growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems. The global shift from fossil-fuel based electricity toward cleaner renewable energy sources has put focus on the development of energy grids for providing load integration and power compensation.
The application potential of SSTs is wide, ranging from locomotives, light rail, EV fast chargers, PV inverters, and battery energy storage systems. Some of these are emerging domains and are expected to offer lucrative opportunities for market growth during the forecast period. However, developments in the design of SSTs that include various configurations and components will help in product launches.
New products will help in increasing the market share of solid-state transformers in the mainstream transformer market. Thus, developments in the design of present SSTs will offer fresh opportunities for the global solid-state transformer market during the forecast period. In addition, expansion and replacement of power grids with smart grids will increase the demand for solid-state transformers during the forecast period.
The global solid-state transformer market is segmented on the basis of product type, application, and region. Based on product type, the market is divided into distribution solid-state transformer, power solid-state transformer, and traction solid-state transformer. Applications include renewable power generation, electric vehicle charging stations, power distribution, traction locomotives, and others.
Solid state transformer market opportunity is expected to be high through product development and product launches in the coming years.
Key players are: Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems & Controls Inc., and others
Source: GlobeNewswire