The Solid State Transformer Market Shows Remarkable Growth in the Forecasted Period with an Estimated 16.8 % Healthy CAGR

Introduction

Despite a significant drop in product sales during the initial phase of the pandemic's spread and lockdown restrictions across the region, the market is expected to grow at a CAGR of nearly 16.8 % between 2021– 2029.

A solid-state transformer (SST) is also called a smart transformer. It is a sophisticated type of transformer that includes various semiconductor components, control circuits, and another high-frequency transformer. It helps to increase demand for solar photovoltaic and electric vehicles, and due to increasing industrialization and centralization, the solid-state transformer market has proliferated. Some of the opportunities and challenges of the market are raising technological awareness among consumers and developing new strategies from government and business perspectives.

The development of SST designs with various configurations and components is expected to help operators launch new products. These new products will contribute to the growth of solid-state transformers in the mainstream transformer market. Solid-state technology will benefit from the R&D efforts of various research institutes and industry backers such as power companies to develop new designs of solid-state transformers. Both Hitachi and Nanyang Technological University hope to launch commercial transformers based on solid-state technology through this collaboration.

Global Solid State Transformer Market Research Report Offers

• A definition of the global Solid State Transformer market is provided, examining several influencing factors such as drivers, restraints, and opportunities.
• The Porter Five Forces Analysis and SWOT analysis define, characterize, and analyze the market competition landscape, focusing on major global manufacturers.
• In-depth examination of the global Solid State Transformer competitive landscape
• Identifying and analyzing micro and macro factors influencing the market growth.
• It provides a descriptive study of demand-supply chaining in the global solid-state transformer market.
• Figures, charts, graphs, and illustrations describe the market in detail.

Competitive Players

Market Key Players

• ABB Ltd.
• Schneider Electric SE
• General Electric Co.
• Siemens AG
• Alstom SA
• Mitsubishi Electric Corporation
• Eaton Corporation plc
• Gridbridge, Inc.
• Varentec, Inc.
• Maschinenfabrik Reinhausen (MR)
• Hitachi
• Amantys
• Ermco
• SPX Transformer Solutions
• Cooper Power Systems
• Amantys Limited
• Shenzhen Pearl Techno Limited
• Satronix (India) Pvt. Ltd
• Red Box Aviation
• Vollspark
• Kirloskar Electric Company
• Synergy Transformers
• Lilotronik E.K.
• Shanghai Aoyi Electric Co.,Ltd
• Hybrid Lidar Systems Ag

Recent Developments

Segmentation

Solid State Transformer Market Segmentation

By Applications

• Renewable Power Generation
• Electric Vehicle Charging Stations
• Power Distribution
• Traction Locomotives
• Others

By Products

• Distribution Solid State Transformer
• Power Solid State Transformer
• Traction Solid State Transformer

By Voltage Levels

• HV/MV
• MV/LV

By End Users

• Energy
• Transportation
• Others