Dublin, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The "Solid State Transformer Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global solid-state transformer market was valued at $141.5 million in 2020, and is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.
Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as smart transformer and intelligent universal transformer.
The smart transformers are used to provide additional flexibility to control power distribution networks; thereby, facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Presently, it caters to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others.
The global solid-state transformer market is presently driven by various factors such as growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems. The global shift from fossil-fuel based electricity toward cleaner renewable energy sources has put focus on the development of energy grids for providing load integration and power compensation.
Solar photovoltaics and electric vehicles are based on direct current (DC) sources and have increased the demand for active power control; thus, driving the demand for smart transformers. Passive transformers are susceptible to DC offset and possess no controllability when employed in smart grids. In addition, SSTs, due to their versatility, are seen as a modern solution for power distribution applications in the traction, electric vehicles, and aerospace industries. SSTs can be utilized with the existing power distribution networks and plays a huge role in electric vehicle charging infrastructure.
Moreover, solid-state transformers are used to effectively manage smart grids. Hence, growing investment and participation in the smart grids market will benefit the global solid-state transformer market in the long run. However, the high costs associated with solid-state transformers and inadequate SST testing infrastructure are expected to affect the market growth.
The application potential of SSTs are wide, ranging from locomotives, light rail, EV fast chargers, PV inverters, and battery energy storage systems. Some of these are emerging domains and are expected to offer lucrative opportunities for market growth during the forecast period. However, developments in the design of SSTs that include various configurations and components will help in product launches.
New products will help in increasing the market share of solid-state transformers in the mainstream transformer market. Thus, developments in the design of present SSTs will offer fresh opportunities for the global solid-state transformer market during the forecast period. In addition, expansion and replacement of power grids with smart grids will increase the demand for solid-state transformers during the forecast period.
The global solid-state transformer market is segmented on the basis of product type, application, and region. Based on product type, the market is divided into distribution solid-state transformer, power solid-state transformer, and traction solid-state transformer. Applications include renewable power generation, electric vehicle charging stations, power distribution, traction locomotives, and others.
The global solid-state transformer market report provides in-depth competitive analysis as well as profiles of these major players. Solid state transformer market opportunity is expected to be high through product development and product launches in the coming years.
Key Players in the global solid-state transformer market:
General Electric Company
Power Systems & Controls Inc.
Red Box Aviation
For more information about this report visit https://www.researchandmarkets.com/r/srobeh
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