The growth in the global solid-state transformer market is expected to be driven by an increase in investment toward the building and construction of power transmission and distribution networks, renewable power generation, and EV charging station infrastructure across the globe.
New York, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Solid-State Transformer Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2025-2031" - https://www.reportlinker.com/p06361115/?utm_source=GNW
Market Lifecycle Stage
The solid-state transformer market is in the research and development phase. Solid-state transformers are expected to be the replacement for conventional transformers in the coming years.
• Solid-state transformers are the primary building blocks of the smart grid infrastructure. Such a transformer can transfer power bidirectionally and scale down and scale up voltages as per the application. The companies that manufacture conventional transformers are taking an interest in the R&D of solid-state transformers to fulfill the future demand from smart grid infrastructure.
• Solid-state transformers, with the inclusion of communication capability among components used in the power system infrastructure, can be referred to as the smart transformer in the coming years. It will help power utilities in the measurement of demand and supply of electricity use. A solid-state transformer has various advantages over conventional transformers, including power factor correction, fault isolation, harmonic reduction, voltage sag and swell compensation, bidirectional power transfer, and others.
Impact of COVID-19
Due to the COVID-19 pandemic, research and development slowed down across many industries owing to the lack of funding, halted manufacturing activities, and components or raw material supply chain disruptions. In addition, a halt in the building and construction of renewable power infrastructure and smart grid projects has also been induced by COVID-19, which is resulted in a decrease in demand for transformer products and further affected R&D projects worldwide.
Segmentation 1: by Application
• Smart Grid
• Renewable Power Integration
• Traction Locomotive
• EV Charging Station
Based on applications, the global solid-state transformer market is expected to be dominated by renewable power integration applications. This is followed by the EV charging stations segment, which is expected to account for the second-largest share in the solid-state transformer market due to increasing demand for electric vehicles and the building and construction of EV charging stations across the globe.
Segmentation 2: by Product Type
• Power Transformer
• Distribution Transformer
• Traction Transformer
Based on product types, the distribution transformer segment is estimated to capture the highest market share during the period 2026 to 2031.This type of transformer is increasingly used in power distribution networks and in renewable power integration.
In addition, the replacement of aged power distribution systems in the countries such as Germany, India, the U.S., the U.K., and other countries is further expected to fuel the demand for distribution transformers during the forecast period.
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Italy, Spain, and Rest-of-Europe
• Asia-Pacific - India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific
• Middle East and Africa - Saudi Arabia, South Africa, and Rest-of-Middle East & Africa
• South America - Brazil, Rest-of-South America
Asia-Pacific is anticipated to generate the highest revenue of $61.0 million in 2025. The region is experiencing an increase in renewable power generation, distributed generation, and sales of electric vehicles. Therefore, conventional transformer technology will be challenged by solid-state transformer (SST) alternatives in renewable power transmission and distribution infrastructures. The Asia-Pacific region is anticipated to grow at a faster rate compared to any other region.
Recent Developments in the Global Solid-State Transformer Market
• In January 2022, Eaton Corporation acquired Royal Power Solutions (EV component producer) for $600 million. Under the agreement between the Department of Energy (DOE) and Eaton Corporation, Eaton would develop and demonstrate electric vehicle charging infrastructure (EVCI). To support this charging infrastructure, Eaton would develop a solid-state transformer. This acquisition strengthened the position of eMobility company in the EV sector.
• In March 2021, Hitachi Energy (formerly Hitachi ABB Power Grids) collaborated with Nanyang Technological University (NTU) Singapore. This collaboration aimed at advancing developments in solid-state transformer (SST) technology. This project is supported by the National Research Foundation, Singapore (NRF). This would enhance the product portfolio of the company and its presence in the solid-state transformer market.
• In December 2019, ERMCO, Inc partnered with SP Energy Networks (a U.K. electricity network operator). Through this partnership, ERMCO would provide smart transformer solutions to LV Engine project. This project would monitor or demonstrate how smart transformers can efficiently manage energy, and then they would deliver smarter grids with lower carbon emissions.
• In December 2021, Eaton Corporation signed an agreement with the Department of Energy (DOE). This agreement or award was aimed at developing low-cost fast-charging infrastructure, solid-state transformers, and modular chargers in a three-year timeframe (2022-2025). This would strengthen the position of the company in the solid-state transformer market globally.
Demand - Drivers and Limitations
The following are the demand drivers for the solid-state transformer market:
• Increase in Renewable Power Generation
• Rise in Number of Electric Vehicle Charging Stations
• Electrification of Rail Locomotives across the Globe
• High Voltage DC (HVDC) Integration
The market is expected to face the following challenges:
• High Initial Cost of Solid-State Transformer
• Technical Challenges
• Lack of Basic Power Infrastructure in Underdeveloped Countries
How can this report add value to end users?
Product/Innovation Strategy: The product type segment helps the reader understand the different types of transformers that are expected to be available for deployment in the power infrastructures.Moreover, the study provides the reader with a detailed understanding of the different product types by applications (smart grid, renewable power integration, electric vehicle charging stations, traction locomotives, and others).
A solid-state transformer is expected to be a highly efficient power transformer when compared to conventional transformers. Therefore, the solid-state transformer market is expected to be a moderate investment and high revenue generating product in the coming years owing to the rise in investment toward smart grid, renewable power expansion, and others.
Growth/Marketing Strategy: The global solid-state transformer market has seen major development by key players operating in the market, such as acquisitions, partnerships, agreements, and product launches. The favored strategy for the companies has been collaborations, agreements, and acquisitions to strengthen their positions in the solid-state transformer market.
For instance, in March 2021, Hitachi Energy (formerly Hitachi ABB Power Grids) collaborated with Nanyang Technological University (NTU) Singapore.This collaboration was aimed at advancing developments in solid-state transformer (SST) technology.
This project is supported by the National Research Foundation, Singapore (NRF). This would enhance the product portfolio of the company and improve developments in solid-state transformers.
Competitive Strategy: Key players in the global solid-state transformer (SST) market analyzed and profiled in the study involve transformer manufacturers that are engaged in the R&D of solid-state transformers and raw component suppliers in the manufacturing of SST.Moreover, a detailed competitive benchmarking of the players operating in the global solid-state transformer market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, its market penetration.
The top segment players leading the market include key power, distribution, and traction transformer manufacturers in the market and the ones engaged in the research and development of solid-state transformers across the globe.
Some of the prominent names in this market are:
• Siemens Energy
• Alstom SA
• Eaton Corporation
• Hitachi Energy Ltd.
• Schneider Electric
• Electric Research and Manufacturing Cooperative (ERMCO), Inc.
• Murata Manufacturing Co., Ltd.
• Standex International Corporation
• Wilson Transformers
• General Electric
• American Superconductor
• CG Power & Industrial Solutions Ltd.
• IONATE Limited
• Raychem RPG Private Limited
• Shree Abirami Engineering Works
• Southwest Electric Co.
• Unimag Power Transformer
• Bicron Electronics Company
• SVM Private Limited
• North America
• South America
• Rest-of-South America
• Middle East and Africa
• South Africa
• Saudi Arabia
• Rest-of-Middle East and Africa
• South Korea
Read the full report: https://www.reportlinker.com/p06361115/?utm_source=GNW
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