The solid-state transformer market size was assessed to be USD 5.09 million in 2019 and is predicted to grow at a CAGR of 5.71 percent to USD 6.59 million by 2026. The COVID-19 pandemic harmed the solid-state transformer business in nations such as the United States and Canada in 2020 and Q1 of 2021.
Several transmission and renewable energy projects were postponed due to the epidemic, resulting in a drop in transformer demand. Increasing renewable energy integration in the power generating mix, as well as increased investment in smart grid technology, are projected to boost the market during the forecast period. The industry is also likely to be driven by the technical benefits of solid-state transformers over conventional transformers. During the projected period, however, performance constraints such as high cost, reliability, and so on are expected to limit solid-state transformer growth.
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The smart grid application segment is likely to dominate the solid-state transformer market throughout the forecast period, as expenditures in smart grid hardware such as digital substations and smart metres have remained focused in recent years.
In the future years, the solid-state transformer market is likely to benefit greatly from price reductions due to mass production, significant manufacturers investing in R&D, and technological advances.
During the projection period, Asia-Pacific is predicted to be the largest and fastest-growing market, with the bulk of demand coming from nations such as China, India, and Japan, among others.
Market Segments to Watch
By product Type :
• Distribution solid state transformer
• Power solid state transformer
• Traction solid state transformer
By Application :
• Renewable power generation
• Electric vehicle charging stations
• Power distribution
• Traction locomotives
Over the projected period, government investments to increase the installation of smart grid systems are likely to drive demand for SSTs. These transformers have advantages including bidirectional power supply and small weight, and are projected to improve power distribution efficiency.
SSTs are being used in transportation infrastructure and energy generation systems for offshore oil drilling because of their advantages. These transformers deliver on-demand electricity, which improves the efficiency of power distribution. They’re also expected to make it easier for users to switch to self-sustaining renewable energy sources like solar and wind.
Key players active in the global solid state transformer market are ABB, Eaton Corporation plc., General Electric, Synergy Transformers, SPX Transformers Solutions Inc., Kirloskar Electric Company, Schneider Electric SE, Siemens AG, ERMCO, Alstom SA.
What strategies are the major players employing to expand their market share in the Solid State Transformers market?
The solid state transformers manufacturer and solution provider’s strategy has remained consistent with its more cautious approach to product innovation, allowing customers to gradually integrate newer technology. This method also aids solid state transformer manufacturers in growing their customer base and expanding their product offerings.
Hitachi ABB Power Grids will develop an open and scalable environment for transformer digitization in September 2020. The ecosystem is intended to support data-driven intelligence and decision-making in transformer and power grid operations and maintenance.
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