Press release
Solid State Transformer Market Size 2023: Application, Industry Outlook and Report Forecast by 2028
Solid State Transformer Market Report 2023-2028
Industry Overview of Solid State Transformer Market
A solid-state transformer (SST) represents an innovative power electronic apparatus aimed at displacing conventional, unwieldy electromagnetic transformers prevalent in electrical power systems. This transformative device relies on semiconductor components, including insulated-gate bipolar transistors (IGBTs), high-power diodes, and other power electronics elements, to execute the conversion and regulation of electrical power. In contrast to its traditional counterparts, an SST offers heightened efficiency by minimizing losses related to power conversion. Moreover, it possesses the capability to dynamically and precisely regulate voltage levels, surpassing the capabilities of conventional transformers. This pivotal advancement holds a prominent role in shaping the future smart grid landscape and is hailed as a noteworthy stride in the realm of power distribution and management technology.
How Big Is the Solid State Transformer Market?
The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.
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Global Industry Trends and Drivers:
Currently, the surging demand for SSTs is being driven by their capacity to facilitate bidirectional power flow, seamlessly integrating renewable energy sources like solar panels and wind turbines into the grid. This factor stands as a pivotal driver propelling market expansion. Concurrently, the heightened adoption of SSTs is attributed to their ability to enhance communication, control, and overall power distribution management, thereby contributing significantly to market growth. Furthermore, the escalating production of SSTs equipped with fault-tolerant features, ensuring continued functionality even in the event of component failures, augments the positive market trajectory. Moreover, the rising favorability of SSTs can be attributed to their adeptness in addressing issues like voltage irregularities, harmonics, and flickers. This capability is a notable boon driving market growth. Collectively, these dynamics underscore the multifaceted drivers influencing the expansion of the SST market.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product:
Distribution Solid State Transformer
Power Solid State Transformer
Traction Solid State Transformer
Breakup by Component:
Converters
High-frequency Transformers
Switches
Others
Breakup by Voltage Level:
HV/MV
MV/LV
Breakup by Application:
Alternative Power Generation
Electric Vehicle Charging Stations
Power Distribution
Traction Locomotives
Others
Breakup by End User:
Energy
Transportation
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers and Vollspark.
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Contact us:
IMARC Group
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Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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