According to Stratistics MRC, the Global Solid State Transformer Market is accounted for $142.96 million in 2020 and is expected to reach $519.40 million by 2028 growing at a CAGR of 17.5% during the forecast period. Growing investments in smart grids & energy systems and rising inclination for alternative energy sector are the major factors propelling the market growth. However, reluctance of power companies to replace aging energy infrastructures and high initial costs of solid-state transformers are hampering the market growth.
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By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the growing investment in smart grid technology and the increasing demand for electricity leading to increasing investment in power infrastructure all over the region. With the growing investment on distribution networks, the companies are now focusing on smart grids, which is likely to drive the demand for SST in the country during the forecast period.
Some of the key players profiled in the Solid State Transformer Market include Alstom SA, Amantys, Eaton, Ermco, General Electric, Hitachi, Mitsubishi Electric, Power Systems and Controls, Ins, Red Box Aviation, Schneider Electric, Siemens, SPX Transformer Solutions, Varentec, and VOLLSPARK.
Product Types Covered:
• Distribution Solid-State Transformer
• Power Solid-State Transformer
• Traction Solid-State Transformer
Voltage Levels Covered:
• High Voltage (HV)
• Medium Voltage (MV)
• Low Voltage (LV)
Components Covered:
• Converters
• Switches
• High-frequency Transformers
• High Voltage Inductors
• High Voltage Capacitors
• High Voltage Resistors
Configurations Covered:
• Single Stage SST
• Two Stage with Low Voltage Direct Current (LVDC) Link
• Two Stage with High Voltage Direct Current (HVDC) Link
• Three Stage SST
Applications Covered:
• Automotive
• Electric Vehicle Charging Stations
• Photovoltaic System
• Power Distribution
• Power Grids
• Smart Grid
• Renewable Power Generation
• Traction Locomotives
• Unified Power Quality Controller (UPQC)
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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