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.
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" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods