At CAGR of 16.9%, Solid State Transformer Market to Hit $468.0 million by 2028

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, rise in demand of electric vehicles is anticipated to provide opportunities for the 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.

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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 require smart transformers for better power management. However, the electric vehicles charging segment will grow at the fastest CAGR of 21.5% during the solid state transformer market forecast period. Furthermore, rise in EV sales coupled by public and private investments in charging infrastructure is conducive for the adoption of smart transformers.

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 company strive to develop new designs of solid-state transformers that can cater to various end uses.

For instance, in February 2021, major transformer maker 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.

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 contributor 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 done by Asia-Pacific countries such as China, India, Japan, and Australia in the power industry.

Major players operating in the solid state transformer market:

Alstom SA
Eaton Corporation
General Electric Company
Hitachi ABB, Power Systems & Controls Inc.
Red Box Aviation
Schneider Electric
Siemens AG
Varentec Inc.
Vollspark

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The following are the regions covered in this report.

North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

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.

Reasons for Buying this Report:

Complete analysis on market dynamics, market status and competitive solid state transformer view is offered.

Forecast Global solid state transformer Industry trends will present the market drivers, constraints and growth opportunities.

The five-year forecast view shows how the market is expected to grow in coming years.

All vital Global solid state transformer Industry verticals are presented in this study like Product Type, Applications and Geographical Regions.

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