Solid State Transformer Market Worth $563.5 Million by 2031 - Transparency Market Research

The global Solid State Transformer market is estimated to attain a valuation of US$ 563.5 Mn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 13.1% during the forecast period, 2023-2031.

At its core, the TMR report strives to deliver a comprehensive appraisal of the global market landscape, spotlighting major frontrunners in the Automotive Solar Sunroof domain. Through this assessment, an easily understandable depiction of both historical and current market conditions is offered, alongside projections regarding market dimensions and evolving patterns. Additionally, the report provides an extensive dataset covering market volume, share, revenue, production, and sales.

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Solid State Transformer Market: Dynamics

The demand for electric vehicles has been increasing for the past few years and hence, service providers are required to expand their infrastructure for charging in urban areas. Solid state transformers are utilized in charging station, which are connected to 20 kV catenary without any low-frequency transformer. Therefore, the electric vehicle is given necessary power without affecting the grid power quality. Furthermore, governments across the world are investing heavily on infrastructure for electric vehicle charging. For instance, China has invested more than US$ 1.5 billion for the development of electric vehicle infrastructure by the end of 2020. Moreover, manufacturers of solid state transformers are focused on the development of products that can be used in extreme fast charging.

Moreover, a rise in the usage of solid state transformers for renewable energy applications is fueling the market. Demand for energy and decline in carbon footprint are increasing. In this case, solid state transformers can be used in place of step-up transformers, along with improved reactive power compensation. This advantage over other transformers can increase the usage of solid state transformer for renewable energy.

However, the installation and production cost of solid state transformer is high, which is hampering the adoption of solid state transformers. Additionally, low awareness about the features of solid state transformers in developing countries may hamper the solid state transformer market.

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Solid State Transformer Market: Prominent Regions

The solid state transformer market in North America is estimated to expand during the forecast period, owing to the presence of key market players, technological advancements, and growing usage of solid state transformer in various applications in the region. The solid state transformer market in Europe is projected to expand considerably during the forecast period, due to the rise in investments by governments in electric vehicle infrastructure in the region. The solid state transformer market in Asia Pacific is likely to expand during the forecast period, owing to the increase in usage of solid state transformers in electric distribution and the presence of a large number of players engaged in the design and manufacture of solid state transformers in the region.

The list of key players operating in the Solid State Transformer market includes following names:

Alstom
Delta Electronics, Inc.
Eaton
General Electric
Hitachi Energy Ltd.
ABB
Mitsubishi Electric
Power Systems & Controls Inc.
Schneider Electric
Siemens AG
SPX Transformer Solutions

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Global Solid State Transformer Market: Segmentation

Solid State Transformer Market, by Type

Distribution SST
Traction SST
Power SST

Solid State Transformer Market, by Component

Converters
Switches
High-frequency Transformers
Other

Solid State Transformer Market, by Application

Alternate Power Generation
Traction Locomotives
Power Distribution
Electric Vehicle Charging
Unified Power Quality Controller (UPQC)
Photovoltaic System
Others

Solid State Transformer Market, by Region

North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
GCC Countries
South Africa
North Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

Some of the key aspects that the study analyzes and sheds light are:

Which regions are witnessing rise in investments in the supply chain networks?
Which countries seems to have benefitted from recent import and export policies?
Which regions have witnessed decline in consumer demand due to economic and political upheavals?
Which are some the key geographies that are likely to emerge as lucrative markets?
Which regions are expected to lose shares due to pricing pressures?
Which regions leading players are expected to expand their footprints in the near future?
What are some the sustainability trends impacting the logistics and supply chain dynamics in the Solid State Transformer market?
What are some of the demographic and economic environments that create new demand in developing economies?
How are changing government regulations shaping business strategies and practices?

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