IMARC Group, a leading market research company, has recently releases report titled “Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solid state transformer market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Solid State Transformer Market
A solid-state transformer (SST) is an advanced power electronic device that aims to replace the traditional, bulky, and heavy electromagnetic transformers used in electrical power systems. It relies on semiconductor devices, such as insulated-gate bipolar transistors (IGBTs), high-power diodes, and other power electronics components, to perform the transformation and regulation of electrical power. It offers higher efficiency compared to traditional transformers due to reduced losses associated with power conversion. It can also regulate voltage levels more dynamically and accurately than traditional transformers. It is a key component of the future smart grid and is considered a significant advancement in power distribution and management technology.
How Big Is the Solid State Transformer Market?
The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.
Global Industry Trends and Drivers:
At present, the increasing demand for SSTs, as they can facilitate bidirectional power flow, enabling seamless integration of renewable energy sources, including solar panels and wind turbines, into the grid, represents one of the crucial factors impelling the growth of the market. Besides this, the rising utilization of SSTs, as they enable better communication, control, and management of power distribution, is contributing to the growth of the market. In addition, the growing production of SSTs with fault-tolerant features, allowing them to continue functioning even if some parts of the device fail, offering a favorable market outlook. Apart from this, the rising popularity of SSTs, as they are capable of mitigating issues such as voltage sacks, harmonics, and flickers, is bolstering the growth of the market.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product:
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
Breakup by Component:
- Converters
- High-frequency Transformers
- Switches
- Others
Breakup by Voltage Level:
- HV/MV
- MV/LV
Breakup by Application:
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- Others
Breakup by End User:
- Energy
- Transportation
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers and Vollspark.
