Global Solid State Transformer Market Recent Trends, Growth Driving Factors, Challenges, Opportunities, Strategies, Recent Developments, Product Segments, and Growth Forecast 2019 – 2028
Solid State Transformers (SSTs): Product Overview
Solid state transformers have a wide scope of applications, including traction locomotives, alternative power generation, electric industries, and power grids, among other applications. These transformers are ideally used in applications that can help smoothen the transition from DC to AC or AC to DC and in voltage conversion.
A solid-state transformer is a group of high-powered components of semiconductor, control circuitry, and high-frequency transformers, offering high flexibility to power distribution networks. The total package is commonly referred to as a smart transformer if a certain communication capability is included.
SST technology has the ability to either step-up or step-down AC voltage levels similar to traditional transformers; however, SST offers various significant advantages. These benefits include an allowance of two-way power flow, input/ output of DC or AC power, capability to actively change characteristics of power such as frequency and voltage levels, enhanced power quality, harmonic filtering and reactive power compensation, enable efficient electricity routing based on a decision made by authorities of utility providers, end-user sites and other transformers collectively working in a network, and aid in reducing physical weight and size of each of the single transformer packages significantly, along with equal power ratings.
Global Solid State Transformer Market Dynamics:
Growing demand and adoption of renewable energy resources such as solar and wind energy and traction locomotives is a key factor estimated to drive growth of the global solid state transformers market. In addition, inclining preference towards adoption of renewable energy resources, rising adoption of electric vehicles and traction locomotives, and huge investments by government and major players of developed and developing countries in development of energy systems and smart grids are some other factors that are expected to support growth of the global market to certain extent.
Moreover, newer renewable sources used for generation of power including tidal energy is boosting research & development undertakings in the field of power distribution network, which in turn is supporting growth of the global market. Furthermore, increasing requirement for efficient energy supply and electricity at lower costs is compelling power distributor companies to develop and utilize solid state transformer (SST) technology which is another factor expected to support growth of the global market to certain extent.
However, high costs of solid state transformers and inadequate infrastructure and professionals for SST testing are among major factors that could hamper the growth of the global solid state transformer market to certain extent.
Rising number of initiatives by government of various countries towards adoption of renewable energy resources, combined with heavy investments by major players of the target market for technological advancements and R&D activities are factors that are projected to create new revenue opportunities for existing companies related to solid state transformers in the target market over the 10-year forecast period.
Segment Analysis: Solid State Transformer Market
Product Type Insights:
Amid the types of SST products, the power solid state transformer segment is anticipated to record largest value share in the market. This is due to the product’s cost-effectiveness feature which is resulting in high adoption from emerging countries and regions such as Asia Pacific, Latin America, and MEA. The traction SST segment is projected to be the fastest emerging segment in the market. Increasing development of public transport infrastructure such as railways, especially in developing countries, is anticipated to augment demand for traction solid state transformers. In addition, features offered by traction SSTs including compact design, lightweight, etc. are anticipated to propel segment growth to substantial extent.
Insights for Components Segment:
Among the component segments, the converters segment generated the highest revenue of US$ XX Mn in the market, as converters are core components that are used for producing SSTs. In addition, scope of transformer applications can be widened by adopting various different configurations of converters. Use of different configurations can aid to enhance efficiency of power supply and extend operating life of solid state transformers.
The power distribution segment recorded highest revenue contribution in 2018 in the market. Utilization of solid state transformers for power distribution networks due to benefits offered by SSTs including higher efficiency in power distribution as compared to that of conventional transformers. Increasing technological development in field of smart electrical grid technology is additional factor anticipated to surge demand for SSTs in power distribution applications.
Region Analysis: Solid State Transformer Market
The market in Asia Pacific (APAC) is anticipated to witness fastest CAGR, due to increasing number of government initiatives related to renewable energy resources and rising number of manufacturers in the economies in APAC market. North America (NA) market is estimated to hold dominant position in terms of revenue share in the target market and is projected to continue dominating over the 10-year forecast period. This can be due to well-established power infrastructure, increasing adoption of electronic vehicles, and existence of major players in the countries in NA market. In addition, increasing government investments for implementation of smart grid systems is further anticipated to support market growth in the region to considerable extent. The SST market in Europe is estimated to contribute significant market share. The market in MEA and Latin America are expected to witness moderate growth rate over the 10-year forecast period.
Global Solid State Transformer Market Segmentation:
Segmentation by Product:
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
Segmentation by Component:
- High-frequency Transformers
Segmentation by Application:
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
Segmentation by End Use Industry:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- ABB Ltd.
- General Electric Co.
- Alstom SA
- Mitsubishi Electric Corporation
- Siemens AG
- Schneider Electric SE
- Cooper Power Systems, LLC
- Varentec, Inc.
- Amantys Limited
- GridBridge Inc.
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