The solid-state transformer market is evaluated at US$166.897 million for the year 2019 and is projected to grow rapidly during the forecast period.
A Solid State Transformer(SST) or power electronic transformers(PET) are modern network devices that combine multiple power electronic converter stages with high or low-frequency transformers. . A solid-state transformer provides several benefits such as they are highly reliable and robust, efficient in utilization, and are comparatively inexpensive as compared to traditional transformers. Solid-state transformers are widely used in applications that facilitate a smooth transition between AC and DC and aids in voltage conversion. A solid-state transformer is a key enabler for the internet of energy, enabling uni-or bi-directional power flow with local autonomous control and distributed intelligence through communications. The solid-state transformer market is projected to grow at a significant rate over the forecasted period. Solid-state transformers are widely used in applications that facilitate a smooth transition between AC and DC and aids in voltage conversion. Alternative power generation is the most dominant usage of solid-state transformers driving the market growth. Besides, increasing adoption of renewable power sources such as solar energy, wind energy, and widespread application of traction locomotives are major factors bolstering adoption in the solid-state transformer market globally. Moreover, complementary to the widespread adoption of renewable power sources, the aging transmission, and distribution infrastructure is estimated to further augment growth in the solid-state transformer market. However, high initial investment costs and inadequate SST testing infrastructure are likely to hinder the growth in the solid-state transformer market globally.
The outbreak of the novel coronavirus disease severely impacted the Solid State Transformer market. The growth in the solid-state transformer market can be largely attributed to the rising application of electric vehicles and increasing investments in renewable sources for energy generation. However, owing to lockdown and movement restrictions in countries to curb the spread of the virus, it severely impacted the SST market, leading to the unavailability of raw materials for the manufacturing of electric equipment. Additionally, transportation and distribution of this equipment were further affected, leading to supply chain disruptions in the solid-state transformers market. The Solid State Transformer market has been segmented based on product type, application, and geography. Geographically, the analyzers market is segmented into North American, European, Asian Pacific, South American, and the Middle East and African region.
Medium Voltage/Low Voltage based Solid State Transformer segment to show promising growth.
By voltage, the Solid State Transformer market has been classified into and High voltage/ Medium and Medium Voltage/Low Voltage. The Medium Voltage/Low Voltage is expected to grow at a significant rate over the forecasted period. The growth in the Medium Voltage/Low Voltage segment can be attributed to the growing demand for electric vehicles. The growing demand for electric vehicles is majorly supported by increasing government investments in the development of electric vehicle charging infrastructures. Thus, the growing demand for EVs is estimated to further complement growth for the development of electric charging stations. Therefore creating growth opportunities for MV/LV solid state transformer market. Moreover, MV/LV segment is instrumental in the application of power production in photovoltaic systems, cogeneration systems, and other industrial applications.
Renewable Power Generation Segment to hold a significant market share.
By application, the classification of the market has been done as power grids, Traction locomotives, Renewable power generation, electric vehicle charging stations, and others. The renewable power generation segment can be further segmented into the wind, solar and tidal power. The renewable power generation segment is projected to hold a significant share in the market over the forecasted period. The growth can be attributed to the adoption of the transformers for power generation using non-conventional energy sources such as wind, solar and tidal energy. Wind energy is a key benefactor to the power generated through alternative sources of energy, whereas, APAC region is a leader in the domain. The rising adoption of these alternative energy sources is estimated to further growth in the Solid-state transformers market. Moreover, increasing adoption of smart transformers based on SST technologies in electric vehicles and renewable energy stations for electric flow controllability and DC connectivity is expected to drive demand over the forecasted period.
Asia Pacific region to witness lucrative growth opportunities.
Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is expected to witness noteworthy growth in the market over the forecasted period owing to increasing growth in the renewable energy capabilities in advanced power grid systems. Moreover, rising investments and technological advancements in power distribution systems are projected to further augment the demand in the market. However, the APAC region is anticipated to dominate the market and witness rapid growth owing to the large population residing in countries like China and India, with these two countries accounting for more a significant share of global electric demand for various applications.
Participation by market players.
The market players are actively participating in form of increased investments in R&D and are taking collaborative efforts for launching new products to expand their market share and meet the growing end-use requirements. For instance, Hitachi ABB Power Grids recently partnered with NTU Singapore to develop advanced solid-state transformer solutions. The project is part of the Singapore government's flagship Energy grid 2.0 initiative and is aimed at shaping the next generation grid system and focuses on how transforming how efficiently energy can be consolidated into a single intelligent network.
|Market size value in 2019||US$166.897 million|
|Forecast Unit (Value)||USD Million|
|Segments covered||Voltage, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Hitachi ABB Power Grids, Schneider Electric SE, Siemens AG, Mitsubhi Electric Corporation, General Electric Company, Eaton Corporation, Electric Research and Manufacturing Cooperative, Inc.(ERMCO), Alstom SA, TBEA Co., Ltd, SPX Transformer Solutions, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global solid-state transformer market?
A1. Solid State Transformer Market was valued at US$166.897 million in 2019.
Q2. Who are the major players in the solid-state transformer market?
A2. Prominent key market players in the solid-state transformer market include Hitachi ABB Power Grids, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, General Electric Company, Eaton Corporation, among others.
Q3. How is the global solid-state transformer market segmented?
A3. The global solid-state transformer market has been segmented by voltage, application, and geography.
Q4. What factors are anticipated to drive the solid-state transformer market growth?
A4. Alternative power generation is the most dominant usage of solid-state transformers driving the market growth.
Q5. Which region holds the largest market share in the solid-state transformer market?
A5. The North American region is expected to witness noteworthy growth in the solid-state transformer market owing to increasing growth in the renewable energy capabilities in advanced power grid systems.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Solid State Transformer Market Analysis, by Product Type
5.2. High Voltage/Medium Voltage
5.3. Medium Voltage/Low Voltage
6. Solid State Transformer Market Analysis, by Application
6.2. Power Grids
6.3. Traction Locomotives
6.4. Renewable Power Generation
6.5. Electric Vehicle Charging Stations
7. Solid State Transformer Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.3. South Africa
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Hitachi ABB Power Grids
9.2. Schneider Electric SE
9.3. Siemens AG
9.4. Mitsubhi Electric Corportation
9.5. General Electric Company
9.6. Eaton Corporation
9.7. Electric Research and Manufacturing Cooperative, Inc.(ERMCO)
9.8. Alstom SA
9.9. TBEA Co., Ltd
9.10. SPX Transformer Solutions, Inc.
Hitachi ABB Power Grids
Schneider Electric SE
Mitsubhi Electric Corportation
General Electric Company
Electric Research and Manufacturing Cooperative, Inc.(ERMCO)
TBEA Co., Ltd
SPX Transformer Solutions, Inc.
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