Solid State Transformer Market to Surpass Valuation of US$ 1.48 Bn by 2031

Transparency Market Research delivers key insights on the global solid state transformer market. In terms of revenue, the global solid state transformer market is estimated to expand at a CAGR of 18.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global solid state transformer market.

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The global solid state transformer market is broadly affected by several factors, including usage of solid state transformer in power distribution and alternate power generation; and increasing applications in electric vehicle charging. Thus, expanding applications of solid state transformers in different sectors are propelling the global market.

Solid State Transformer Market: Dynamics

The demand for electric vehicles has been increasing for the past few years and hence, service providers are required to expand their infrastructure for charging in urban areas. Solid state transformers are utilized in charging station, which are connected to 20 kV catenary without any low-frequency transformer. Therefore, the electric vehicle is given necessary power without affecting the grid power quality. Furthermore, governments across the world are investing heavily on infrastructure for electric vehicle charging. For instance, China has invested more than US$ 1.5 billion for the development of electric vehicle infrastructure by the end of 2020. Moreover, manufacturers of solid state transformers are focused on the development of products that can be used in extreme fast charging.

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Moreover, a rise in the usage of solid state transformers for renewable energy applications is fueling the market. Demand for energy and decline in carbon footprint are increasing. In this case, solid state transformers can be used in place of step-up transformers, along with improved reactive power compensation. This advantage over other transformers can increase the usage of solid state transformer for renewable energy.

However, the installation and production cost of solid state transformer is high, which is hampering the adoption of solid state transformers. Additionally, low awareness about the features of solid state transformers in developing countries may hamper the solid state transformer market.

Solid State Transformer Market: Prominent Regions

The solid state transformer market in North America is estimated to expand during the forecast period, owing to the presence of key market players, technological advancements, and growing usage of solid state transformer in various applications in the region. The solid state transformer market in Europe is projected to expand considerably during the forecast period, due to the rise in investments by governments in electric vehicle infrastructure in the region. The solid state transformer market in Asia Pacific is likely to expand during the forecast period, owing to the increase in usage of solid state transformers in electric distribution and the presence of a large number of players engaged in the design and manufacture of solid state transformers in the region.

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Solid State Transformer Market: Key Players

Key players operating in the global solid state transformer market are ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, and Alstom SA.

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