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The global Solid State Transformers Market is expected to account for a revenue of 178.23 USD Million in 2022 and is expected to grow with a CAGR of 16.6% by 2028.
Smart transformer or solid-state transformer is an advanced transformer that adds different semiconductor parts, high-transformer, and control circuits. Compared to conventional transformers, it promotes the power quality by managing voltage fluctuations.
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There was a moderate impact on the Solid-state transformers business due to the pandemic in early 2020 due to lockdowns. In the solid-state transformers market, renewable energy generation is the largest application. This application of the solid-state transformers market is also affected to a great extent during the pandemic. It negatively impacted the demand for renewable energy generation. Complete or partial lockdown situations worldwide had led to supply chain disruptions leading to delays having a direct impact on the commissioning of renewable electricity projects.
In 2020 and Q1 2021, the solid-state transformer market in the United States and Canada was impacted by the COVID-19 pandemic. During the pandemic, several transmission and renewable projects were delayed, causing a decrease in the demand for transformers. For instance, in 2020, Greek industrial group Mytilineos’ turnover from its renewables and storage development decreased by 40% due to contracting and construction delays caused by the pandemic.
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SST Market Drivers:
Growing demand and increasing usage of solid-state transformers in renewable energy generation.
Growing demand and adoption of renewable energy resources such as solar and wind energy and traction locomotives is a key factor estimated to drive the growth of the global solid-state transformers market. Moreover, there is aninclining preference over adopting renewable energy resources. You can also find an increasing trend of using electric automobiles, and traction locomotives.
Increasing investments in smart grids and energy systems
Three-stage solid-state transformers are commonly used in smart grid applications, which is fuelling the growth of the solid-state transformer market. They allow for bidirectional power flow, allowing electricity to be transferred from low voltage to high voltage.
SST Market Restraining Factors:
High cost of solid-state transformers (SSTs)
The SST cost is mainly driven by semiconductor costs. Not only will the net cost of power semiconductors decrease and the cost of control circuitry decrease through integration, but continued industrialization will force the manufacturing costs down.
SST Market Opportunity Factors:
Increasing implementation of traction locomotives and electric vehicles
Electric cars and traction locomotives have gained popularity in recent years, because the technology has undergone maturity. Furthermore, you will notice a reduced cost. Modern clean transportation has spread awareness. Nowadays, there are charging opportunities and EV adoption facilities.
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By Product Type
The global Solid State Transformers (SST) Market is segmented into By Product Type, By Industries, And by Regions. Based on the Product type, the Solid State Transformers (SST) is primarily split into Single-stage, Two-stage, Three-stage, and others. Among these Three-stage holds the highest market share of 55% in 2022.
By Industry Type
Based on the Solid State Transformers (SST) Industry Types, the Solid State Transformers (SST) market is segmented into several major parts, like Alternative Power Generation, Power Distribution, Traction Locomotive, Electric Vehicle Charging, and Others. Among these Alternative Power Generation holds the highest market share of 32% in 2022.
Based on the region., The market is analyzed across four geographical regions, namely, North America, Europe, Asia-Pacific, South & Central America and the Rest Of The World. Among these Europe is expected to hold the highest market share of 33% in 2022 and is forecasted to grow with a CAGR of 15.8%. Major transformer manufacturers, such as Siemens, Scheider Electric, Eaton, and Amantys Limited are estimated to increase the demand for smart transformers in the region during the forecast period. Besides, the new technological advancements in the industrial sector coupled with the rise in the number of electric vehicles in the region are further expected to boost the SST Market outlook.
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On the other hand, Asia Pacific is expected to grow with the highest CAGR of 19.1% in the forecasted years. China holds the maximum share in the market and dominates the regional market. China accounts for the fastest growing solid state transformer market due to the region's huge demand for smart grids and energy, including traction locomotives. For instance, in September 2021, the Chinese Government declared the power generation project (the Laos Railway). This project covers 20 circuits of transmission lines (around 115 kV) with a length of 257 km . It also includes 10 substations and 11 bays to send power from the state-run Electricite du Laos grid to around 10 railway traction substations.
The key players in the industry include General Electric, Hitachi Energy Ltd., Siemens AG, Eaton, Schneider Electric SE, Alstom SA, Synergy Transformer, Vollspark, ERMCO, and Kirloskar Electric Company. The industry players are investing in research and development activities to improve its reliability and efficiency.
· In March 2021, 2022, Hitachi ABB Power Grids and Nanyang Technological University, Singapore (NTU Singapore), collaborated on advancing the solid-state transformer (SST) technology.
· In December 2021, Alstom invested 10.5 million euros in Morocco to build a new production line and develop capability in country to manufacture on board transformers.
· In April 2022, Siemens Energy has launched CAREPOLE, an innovative dry-type single-phase transformer for pole applications.
This report forecasts revenue growth at regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2017-2028. For the purpose of this study, Research Layer has segmented the global Solid-state transformers market based on product, Industry, and region:
As per Research Layer predicted growth rate of Global Solid State Transformers market is 16.6% by forecasted period.
As per Research Layer global Solid State Transformers (SST) market is expected to account for a revenue of 178.23 USD million in 2022
Segments Coverd in the global Solid State Transformers Market are product, Industry, and region.
Key Companies of the global Cultured Meat Market are General Electric Company, Hitachi Energy Ltd., Siemens, Eaton Corporation Plc, Schneider Electric, Alstom SA,Synergy Transformers Pvt Ltd, Vollspark, ERMCO, Kirloskar Electric Company
Report Code :
RL6523
Published on :
Nov 2022
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