Market Analysis

The global solid state transformer market will touch USD 0.37 billion at a 15.80% CAGR by 2032, as per the recent Market Research Future report.

Key Players

Eminent market players profiled in the global solid-state transformer market report include

• ABB Ltd.
• Alstom SA
• Siemens AG
• General Electric Co.
• Schneider Electric SE
• Mitsubishi Electric Corporation
• Cooper Power Systems
• Varentec, Inc.
• Amantys Limited
• GridBridge (U.S.).

Key players have incorporated multiple strategies to stay at the vanguard such as partnerships, new product development, and more.

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Drivers

Burgeoning Demand for Distribution Transformer to Boost Market Growth

The burgeoning demand for distribution transformer will boost market growth over the forecast period. This form of transformer is used increasingly in the power distribution networks along with renewable power integration. Also, the replacement of the aged power distribution systems in the UK, the US, India, Germany, and others are also boding well for the growth of distribution transformers.

Opportunities

Preference Over Conventional Transformers to offer Robust Opportunities

The preference for solid state transformers over conventional transformers will offer lucrative opportunities for the solid-state transformer market in the forecast period for the former’s multiple benefits such as bidirectional power transfer, swell compensation, voltage sag, harmonic reduction, fault isolation, and power factor correction. The solid-state transformer helps in connecting different sources of energy namely solar power & wind power to the power grid and improve the power transmission systems efficiency.

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Restraints and Challenges

Performance Constraints to act as Market Restraint

The performance constraints like reliability issues and high cost, less product awareness, technical challenges, and the lack of basic power infrastructure within underdeveloped countries may act as market restraints over the forecast period.

Market Segmentation

The global solid state transformer market is bifurcated based on end user, type, and application.

By application, power distribution will lead the market over the forecast period.

By type, power solid-state transformer will spearhead the market over the forecast period.

By end user, energy will spur the market over the forecast period.

COVID-19 Analysis

The making of solid-state transformer components like IEDs had been disrupted for movement restrictions and government-imposed lockdowns. The pandemic had delayed the deployment & field testing of novel technologies and products. The lockdown also resulted in huge depression in the demand for electricity with several industrial enterprises and transportation closed or had scaled back for complying with the restrictions of the government. The reduced demand for electricity impacted revenues of the utility companies.

Regional Analysis

North America to Spearhead Solid State Transformer Market

North America will spearhead the market over the forecast period for the technological advances and rising investments in energy systems & smart grids that is fuelling the market demand. Besides, several contracts led via players for fuelling low carbon energy generation is also enhancing the region’s market outlook positively. The US grabbed the utmost market share followed by Canada.

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