The global solid-state transformer will be less impacted due to the COVID-19 pandemic and will continue to grow its revenue size at a CAGR of 16.9%. Solid-state transformers are an integral part of the energy grid, mainly due to the rapid penetration of renewable energy sources and efforts to strengthen the performance of the distribution network. In addition to performance enhancements, it helps in reducing greenhouse emissions over the long run and increases the security of the power grid. Moreover, all the key application areas of solid-state transformers, mainly the locomotive, electric mobility, and power distribution sectors are undergoing massive transformations due to global investments; thus, offering fresh opportunities for the solid-state transformer market. The global solid state transformer (SST) market size was valued at $141.5 million in 2020 and is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/a17563b8eda1e5d2d574fea781b16c87
Solid-state transformers work independently to regulate voltage fluctuations
while maintaining contact with the power grid. Information related to voltage
can be sent to the smart grid and corrective measures can be taken through
remote administration. Optimized power supply is important for applications
such as alternative energy generation such as via wind turbines and solar
panels.
Major factors such as growing renewable energy generation, new smart grid
installations, and electric mobility are projected to drive the global
solid-state transformer market during the forecast period. Solid-state
transformer technology is poised to grow at a remarkable pace, owing to its
associated benefits over traditional transformers such as compact size,
efficiency, AC to DC conversion, bidirectional power flow, and others.
In addition, the rise in demand for electric vehicles is anticipated to provide
opportunities for companies operating in the solid-state transformer market.
However, factors such as high cost associated with smart transformers and lack
of awareness among potential end users are projected to hinder the solid state
transformer market growth.
On the contrary, solid-state technology is likely to emerge as a mainstream
transformer technology in the long run as research institutes and industry
proponents like power companies strive to develop new designs of solid-state
transformers that can cater to various end uses. For instance, in February
2021, major transformer makers Hitachi ABB and Nanyang Technological University
in Singapore teamed up to improve solid-state transformer technology. The
project is led by the Energy Research Institute and is supported by the
National Research Foundation, Singapore (NRF). With this partnership, both
Hitachi and NTU aim to launch commercial transformers based on solid-state
technology.
Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/507
The global solid-state transformer market is segmented into product type,
application, and region. Based on the product type, the market is segmented
into distribution solid-state transformers, power solid-state transformers, and
traction solid-state transformers. The power solid-state transformers segment
accounted for the largest market share in 2020, owing to factors such as rapid
adoption rate, economical costs, and a rise in product awareness in the power
industry. The traction solid-state transformers are projected to grow at the
fastest CAGR of 17.7%, owing to its potential use in locomotives and electric
vehicles.
Applications of solid-state transformers include renewable power generation,
electric vehicle charging stations, power distribution, traction locomotives,
and others. The renewable power generation segment accounted for the largest
market share in 2020. Renewable power generation from wind and solar panels
requires smart transformers for better power management. However, the electric
vehicle charging segment will grow at the fastest CAGR of 21.5% during the
solid state transformer market forecast period. Furthermore, the rise in EV
sales coupled with public and private investments in charging infrastructure is
conducive to the adoption of smart transformers.
Region-wise, the solid state transformer market is analyzed across North
America, Europe, Asia-Pacific, and LAMEA. Europe is accounted for the largest
solid state transformer market share in 2020. This is attributed to the massive
adoption of renewable energy such as wind and solar power plants in major
European countries. These countries are also leading contributors to the global
electric vehicle market. Asia-Pacific is anticipated to grow at the fastest
CAGR of 18.6%. This fast growth rate can be attributed to the investments made
by Asia-Pacific countries such as China, India, Japan, and Australia in the
power industry.
Major players operating in the solid-state transformer industry include Alstom
SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems
& Controls Inc., Red Box Aviation, Schneider Electric, Siemens AG, Varentec
Inc., and Vollspark.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/507
Key Findings Of The Study
• The solid state transformer market is projected to grow at a CAGR of nearly
16.9%, in terms of revenue, during the forecast period.
• Solid state transformer market opportunity is expected to be high through
product development and product launches in the coming years.
• Electrification projects for meeting the present electricity demands, rise of
electric mobility, adoption of renewable energy generation, and subsequent
integration with the power grid are the major drivers.
• By region, Europe dominated the solid-state transformer market with a revenue
share of over 37% in 2020.
• The qualitative data in the report aims on the solid-state transformer
trends, dynamics, and developments in the solid-state transformer industry
while the quantitative data provides information about the market share and
size in terms of revenue. Solid state transformer market analysis is done by
studying the various drivers, restraints, and opportunities
Impact Of Covid-19 On The Global Solid State Transformer Market
• Most of the industries have become non-operational during this pandemic
event. The lockdown imposed in various countries hit the operations of various
power distribution companies; thus, impacting their financial health. This led
to a decline in the demand for transformers.
• Renewable energy generation is the largest application for solid-state
transformer, which is also affected to a great extent during the pandemic. The
pandemic negatively affected the demand for renewable energy generation.
Complete or partial lockdown situation globally has led to supply chain
disruption, leading to delays in project construction, having a direct impact
on the commissioning of renewable electricity projects.
• In the global solar industry, more than 40% of the supply chain is reliant on
supply from China and other Southeast Asian countries. China is the known
source of this pandemic and the country is the most affected one in terms of
material supply and material transport due to COVID-19. The above factors have
impacted the growth of the global solid state transformer market.
Access the Full Report @ https://www.alliedmarketresearch.com/solid-state-transformer-market
About Us
Allied Market Research (AMR) is a full-service market research and
business-consulting wing of Allied Analytics LLP based in Portland, Oregon.
Allied Market Research provides global enterprises as well as medium and small
businesses with unmatched quality "Market Research Reports" and
"Business Intelligence Solutions." AMR has a targeted view to provide
business insights and consulting to assist its clients to make strategic
business decisions and achieve sustainable growth in their respective market
domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization
toward providing high-quality data and insights. We are in professional
corporate relations with various companies and this helps us in digging out
market data that helps us generate accurate research data tables and confirms
the utmost accuracy in our market forecasting. Each and every data presented in
the reports published by us is extracted through primary interviews with top
officials from leading companies of the domain concerned. Our secondary data
procurement methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
No comments:
Post a Comment