Press release
Global Solid State Transformer Market to Garner $468.0 Million by 2028: Allied Market Research
Solid State Transformer Market
As per the report published by Allied Market Research, the global solid state transformer market is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028. The report highlights market characteristics, market potential, growth by segmentation, and competitive landscape.
Eswara Prasad, Manager, Chemical and Materials at Allied Market Research, stated, “Increase in demand for electric vehicles drives the growth of the global solid state transformer market. However, high cost associated with smart transformers and lack of awareness among end users hinder the market growth. On the contrary, increase in R&D is expected to open new opportunities for the market players in the future.”
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The report offers an in-depth study of the impact of the Covid-19 pandemic on the market. The Covid-19 impact analysis is important for market players to formulate strategies about the current scenario and improve the business model for the future. The pandemic has presented numerous challenges including disruption of the supply chain and rise in prices of raw materials.
The global solid state transformer market is analyzed across several regions such as Europe, North America, Asia-Pacific, and LAMEA. The market across Europe is expected to dominate the market in terms of revenue throughout the forecast period. However, the market across Asia-Pacific would manifest the highest CAGR of 18.6% during the forecast period.
The global solid state transformer market is divided based on product type and application.
Based on product type, the power solid-state transformers segment would hold the lion’s share from 2020 to 2027, due to rapid adoption rate, increase in product awareness in the power industry, and economical costs. However, the traction solid-state transformers segment is estimated to register the highest CAGR of 17.7% during the forecast period.
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On the basis of application, the electric vehicle charging segment would portray the highest CAGR of 21.5% during the forecast period. However, the renewable power generation segment is expected to continue its dominance in terms of share from 2021 to 2028.
The global solid state transformer market report includes an in-depth analysis of the major market players such as Alstom SA, General Electric Company, Eaton Corporation, Power Systems & Controls Inc., Hitachi ABB, Schneider Electric, Red Box Aviation, Siemens AG, Varentec Inc., and Vollspark.
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About Allied Market Research:
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 of "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.
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