Solid State Transformer Market Analysis, Forecast, Business Trends, Growth Opportunities, Key Players, Revenue and Impact of COVID

Market Highlights

The global solid state transformer was set at a market value of USD 141.5 million in 2019. The Solid State Transformer market will see further growth in the forecast period. A solid-state transformer is a multi-benefit transformer used in the power supply sector. The assembly of some high-power semiconductors that convert electricity and supply power creates the solid-state transformer. Solid-state transformers also provide support to power circuits and maintain an undisturbed flow of power through grids. The use of solid-state transformers supports the flexibility of power supply and streamlines power distribution across many grids. Because of the different benefits of solid-state transformers in power supply and distribution, the sector has grown into a multimillion industry over the years.

The development of smart power grids and circuits is a driver of growth in Solid State Transformer market Size. The adoption of smart power grids needs the support of a multi-benefit transformer system. The use of solid-state transformers has gone up in the inverter and converter circuits recently. The movement to adopt alternative sources of energy and power is a major driver of the Solid State Transformer market. The shift to sustainable energy sources requires the deployment of solid-state transformers, creating opportunities for Solid State Transformer market size expansion. Moreover, major power generation companies are now making investments in establishing smart power grids and supply systems. The deployment of solid-state transformers will thus increase in the coming years.

Another opportunity for growth for the Solid State Transformer market is the creation of electrically powered vehicles. Major automobile producers are experimenting with creating advanced electric vehicles for public use. As electric cars and scooters become ready to hit the roads, the solid-state transformer sector will surely gain an impetus of growth. Given all these factors, the Solid State Transformer market is set for healthy growth trends in the forecast period. The CAGR for the Solid State Transformer market will cross the 15 percent mark in the next few years. Given the many drivers and growth opportunities, the solid-state transformer market will expand and increase revenue in the future.

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Segmentation:

The Solid State Transformer market is segmented into different categories based on different criteria. The primary criteria of segmentation are component, product, and applications. Based on components of transformers, the industry segments into converters, switches, and high-frequency transformers. On the product criterion, the Solid State Transformer market share divides into distribution solid-state transformer, solid-state traction transformer, and a solid-state power transformer. Based on applications, the solid-state transformer sector divides into traction locomotives, power grid, electric vehicle (EV) charging stations, alternative power generation, etc.

Regional Analysis

The Solid State Transformer market disperses over multiple regions of the globe as applications diversify. The different regional markets of the Solid State Transformer market contribute to collective development and revenue. The major regional markets are North America, Asia Pacific, Europe, and the Rest of the World. The largest Solid State Transformer market share of revenue among the regional markets is the European region. The European region will also record the highest rate of growth among all regional markets.

Industry news

The recent developments of the industry are the ones that make industrial news. Much government-private collaboration brings about major growth in the Solid State Transformer market. For example, the ABB Corporation collaborated with Nanyang Technological University in March 2021 for a smart grid development project.

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Solid State Transformer Market Research Report: By Component (Converters, Switches), by Product (Distribution Transformer, Traction Transformer, Power Transformer), by Application (Traction Locomotives, EV Charging Stations) – Forecast till 2027

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