Distribution Solid State Transformer Market Statistics, Segment, Trends and Forecast to 2032

Global solid state transformer market 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.

A solid-state transformer (SST), commonly referred to as a smart transformer, is a modern style of transformer that includes additional high-frequency transformers, control circuits, and a number of semiconductor components. By reducing voltage fluctuations, it improves the quality of the power compared to conventional transformers. It lowers grid losses, improves supply consistency, and shields the load from interruptions in the power supply. It enables voltage conversion from Direct Current (DC) to AC, DC to DC, and DC to DC at various voltage levels. It currently serves a wide range of applications, including power grids, electric vehicle charging stations, and renewable energy generating.

Furthermore, the dependence on coal and crude oil-based conventional electricity is predicted to decline, which will promote the development of the renewable energy sector. In actuality, nations like Germany, China, the United States, and Canada have already shifted to wind and solar power. In order to increase the effectiveness of power transmission networks, solid-state transformers are used to connect these varied energy sources to power grids. Electric vehicles are being created at an astounding rate in the electric mobility sector, and more charging infrastructure will be needed in the future. Direct current (DC) sources are used to charge EVs, which has increased the requirement for active power regulation and, consequently, for smart transformers. Furthermore, smart grid management is accomplished with the help of solid-state transformers. thus expanding .

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Hence, increasing investment and participation in the market for smart grids will ultimately help the solid state transformer industry globally. Unfortunately, because to their limited commercialization, solid-state transformers are now expensive and have little customer awareness. As a result, SST adoption is limited in undeveloped and developing economies. Throughout the anticipated period, these factors are anticipated to restrain the expansion of the worldwide solid state transformer market.

It is projected that improvements in SST design, which incorporate numerous configurations and components, will aid operational players in the development of new goods. The market share of solid-state transformers in the main transformer industry will grow as a result of such innovative products. The development of innovative solid-state transformer designs by various research institutions and industry supporters like power companies would help the solid-state technology. The technological alliance between leading transformer manufacturer Hitachi ABB and Nanyang Technological University in Singapore in February 2021 was one of the most recent advancements in solid-state technology. In this relationship, Hitachi and NTU hope to introduce solid-state-based commercial transformers. Moreover, a variety of applications, including light rail, EVs, and locomotives, are possible for SSTs.

battery energy storage systems, PV inverters, and quick charges. Several of them are newer fields, and it is predicted that they will present profitable chances for market expansion during the projection period.

Market Segmentation

Global Distribution Solid State Transformer Market: Segmentations

Global Distribution Solid State Transformer Market: By Types
Converters
Switches
High-frequency Transformers
Others

Global Distribution Solid State Transformer Market: By Applications
Alternative Power Generation
Electric Vehicle Charging Stations
Traction Locomotives
Power Distribution
Others

Global Distribution Solid State Transformer Market: Major Players
ABB Ltd.
Schneider Electric Se
Seimens AG
Mitsubishi Electric Corporation
General Electric Co.
Alstom SA
Cooper Power Systems
Varentec, Inc.
Amantys Limited
Gridbridge, Inc.

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Global Distribution Solid State Transformer Market: By Regions
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

Key Benefits:

• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.

• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.

• Porter's Five Force Model and SWOT analysis are used to study the global Distribution Solid State Transformer market and would help stakeholders make strategic decisions.

• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.

• In-depth analysis of the types of Distribution Solid State Transformer would help in identifying future applications in this market.

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