Global Solid State Transformers Market, By Component (Converters, Switches, High Frequency Transformers, Others), Product Type (Distribution Solid State Transformer, Traction Solid State Transformer, Power Solid State Transformer), Voltage Level (HV/MV, MV/LV), Application (Traction Locomotives, Automotive, Power Grid, Electric Vehicle (EV) Charging Stations, Renewable Power Generation, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Solid State Transformers Market
Solid state transformers market size is valued at USD 1,312.64 million by 2028 is expected to grow at a compound annual growth rate of 23.22% in the forecast period of 2021 to 2028. Data Bridge Market Research report on solid state transformers provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
The solid state transformer generally performs the core task of a transformer and also offers various benefits. It is a compilation of high powered semiconductor components, offering conventional high-frequency transformers and control circuitry which is used to give a high level of bendable control to power distribution networks.
The rise in the alternative energy sector is expected to influence the growth of solid state transformers market over the forecast period of 2021 to 2028. Also the high investments in smart grids and energy systems and rise in the number of installations of renewable energy sources and smart grids are also anticipated to flourish the growth of the solid state transformers market. Furthermore, the rapid advancements in smart grid solutions and rise in the railway infrastructure in developing regions are also likely to positively impact the growth of the market. Moreover, the rapid shift from traditional transformers and rise in the inclination towards implementation of SST are also expected create a huge demand for solid state transformers as well as lifting the growth of the solid state transformers market.
However, the high initial costs of solid-state transformers and disinclination of power companies to replace aging energy infrastructures are expected to act as the major limitations for the growth of solid state transformers in the above mentioned forecasted period, whereas the trade-off between effectiveness, consistency and ultra-high voltage application of solid-state transformers can challenge the solid state transformers market growth in the forecast period of 2021 to 2028.
Likewise, the high adoption of electric vehicles and traction locomotives and impending smart city projects in developing regions are expected to create various new opportunities that will lead to the growth of the solid state transformers market in the above mentioned forecasted period.
This solid state transformers market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on solid state transformers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Solid State Transformers Market Scope and Market Size
Solid state transformers market is segmented on the basis of component, product type, voltage type and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Solid state transformers market is segmented on the basis of component into converters, switches, high frequency transformers and others.
- The product type segment of the solid state transformers market is segmented into distribution solid state transformer, traction solid state transformer and power solid state transformer.
- On the basis of voltage type, the solid state transformers market is segmented into HV/MV and MV/LV.
- Based on application, the solid state transformers market is segmented into traction locomotives, automotive, power grid, electric vehicle (EV) charging stations, renewable power generation and others. Renewable power generation has further been segmented into wind power, solar power and tidal power.
Solid State Transformers Market Country Level Analysis
Solid state transformers market is analyzed and market size, volume information is provided by country, component, product type, voltage type and application as referenced above.
The countries covered in the solid state transformers market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
Europe leads the solid state transformers market due to the rapid technological advancements and high adoption of solid-state transformer applications across various industry verticals. North America is expected to expand at a significant growth rate over the forecast period of 2021 to 2028 because of the high growth in renewable energy generation capabilities along with the rise in the investments on the advancements of power distribution systems.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Solid State Transformers Market Share Analysis
Solid state transformers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to solid state transformers market.
The major players covered in the solid state transformers market report are Hitachi, Ltd., Schneider Electric, Siemens Energy, Mitsubishi Electric Corporation, GENERAL ELECTRIC COMPANY, Eaton, Varentec, GridBridge, SPX Transformer Solutions Inc., and ABB, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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