The latest report by IMARC Group, titled “Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global solid state transformer market size reached US$ 187.9 Million in 2022. A solid state transformer, or SST, refers to a single-input dual-output power converter that facilitates voltage conversion from alternate current (AC) to direct current (DC), DC to DC, and DC to AC on different voltage levels. It offers high controllability and enables flexible connectivity between existing medium-voltage power distribution networks, low-voltage AC residential systems, and envisioned DC residential systems. It also compensates the voltage sags and harmonic distortion, interconnects asynchronous networks, and interfaces DC and AC ports. In addition, it can isolate disturbances from the source and load or vice versa while eliminating the use of tap changers or mechanical actuators. As a result, SST finds extensive applications in power grids, traction or locomotives, renewable power generation, and electric ships.
Global Solid State Transformer Market Trends:
The expanding energy sector, coupled with heavy investments in smart grid infrastructure, represents the primary factor driving the market growth. Moreover, SST is gaining immense traction as a superior alternative to conventional transformers in smart grids as it offers voltage regulation, power quality improvement, current limiting, reactive power compensation, and power factor correction. Besides this, the rapid modernization of smart grids and the widespread incorporation of electronic intelligence capabilities for power control and operations monitoring have augmented the demand for smart grid technologies, such as SSTs. Additionally, there has been a rise in the use of SSTs in electric vehicle (EV) charging stations. In line with this, the elevating EV sales across the globe due to the growing environmental concerns among individuals and the implementation of favorable government initiatives promoting the use of EVs have accelerated product adoption rates. Furthermore, the increasing preferences for renewable energy sources, such as wind and solar energy, for power generation due to escalating electricity demand and the surging need to reduce carbon footprints has fueled the market growth. Other factors, including the rising public and private investments in distribution and power transmission infrastructure, ongoing research and development (R&D) activities by key players, and technological advancements, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 430.2 Million by 2028, growing at a CAGR of 14.3% during 2023-2028.
- Based on the product, the market has been categorized into distribution, power, and traction solid state transformers.
- On the basis of the component, the market has been segmented into converters, high-frequency transformers, switches, and others.
- The market has been bifurcated based on the voltage level into HV/MV and MV/LV.
- Based on the application, the market has been classified into alternative power generation, electric vehicle charging stations, power distribution, traction locomotives, and others.
- On the basis of the end user, the market has been segregated into energy, transportation, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Alstom Holdings, 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 Pvt Ltd., and Vollspark.
|Base Year of the Analysis
||Product, Component, Voltage Level, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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