Solid State (Smart) Transformer Market to Cross $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.
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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.
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.
Based on the product type, the market is segmented into distribution solid-state transformer, power solid-state transformer, and traction solid-state transformer. 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 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.
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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.
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 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.
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