Global Solid-State Transformer Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). A solid-state transformer (SST), power electronic transformer (PET), or electronic power transformer is actually an AC-to-AC converter, a type of electric power converter that replaces a conventional transformer used in AC electric power distribution. It is more complex than a conventional transformer operating at utility frequency, but it can be smaller and more efficient than a conventional transformer because it operates at high frequency. Extending the typical functionalities of a regular transformer, advantages of SSTs include enhanced power flow control, decoupling between the high-voltage and low voltage networks, enhanced voltage regulation, harmonic isolation, and power quality regulation. Solid state transformers are increasingly being integrated into smart grid systems and are most commonly used in both converter and inverter circuits. For instance, as per IEA, despite a 7% year-on-year reduction in overall expenditures, grids became further decentralized and digitalized in 2019. Utilities around the world deployed more sophisticated technologies, including artificial intelligence and digital twinning.
SSTs have found numerous areas of acceptance such as: providing grid ancillary services such as islanding detection, grid isolation, on-grid operation, and hybrid and autonomous mode of operation with energy management in local micro/nano-grids. Furthermore, the market is driven by the rising activity in the Electric Vehicle (EV) industry globally which is further increasing need for EV charging infrastructure.
The global Solid-State Transformer market is driven by the increasing investments in renewable sources for energy generation, rising global demand for electrical vehicles, and huge investments in the smart grid and energy systems are the key factors complementing the Solid-State Transformers market. Further, the gradual shift from traditional transformers and rising inclination towards implementation of SST are presumed to propel the industry growth
Alstom SA, Eaton Corporation, Schneider Electric, Siemens AG, Hitachi ABB etc. are some of the prominent players operating in the Global Solid-State Transformer Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Solid-State Transformer applications.
Insights Presented in the Report
"Amongst product, Power Solid State Transformer segment holds the major share."
Based on product, the market is segmented into Power Solid State Transformer, Distribution Solid State Transformer, and Traction Solid State Transformer. The Power Solid State Transformer segment grabbed XX% market share of the Global Solid-State Transformer Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to factors such as rapid adoption rate, economical costs, and rise in product awareness in the power industry. However, traction solid-state transformers are projected to grow at the fastest CAGR, owing to its potential use in locomotives and electric vehicles.
"Amongst Application type, Renewable Power Generation dominated the market in 2020."
Based on application, the market is classified into Renewable Power Generation, Electric Vehicle Charging Stations, Power Grids, Traction Locomotives, and Others. The Renewable Power Generation segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy.
"Asia Pacific represents as the largest market in the Global Solid-State Transformer Market."
For a better understanding of the market adoption of Solid-State Transformer, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of planned investments in energy infrastructure and technology by various APAC countries.
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- Deep dive regional & country-level analysis of the industry
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A modular solid state transformer consists of several high-frequency transformers and is similar to a Multi-level converter. Solid state transformer provides a wide range of benefits such as voltage sag compensation, outage compensation, and instantaneous voltage regulation, metering, fault isolation, or advanced distribution automation environmental benefits. The reliability of such benefits drives growth for the solid state transformer market. The application potential of SSTs is 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. Moreover, factors such as increasing integration of renewable energy in power generation mix combined with increasing investment in smart grid technologies is expected to drive the market during the forecast period. However, some of the restraints in the market include higher initial costs of implementations, inadequate SST testing infrastructure which are some factors impeding the growth of this market all over the world.
Based on product, the market is segmented into Power Solid State Transformer, Distribution Solid State Transformer, and Traction Solid State Transformer. The Power Solid State Transformer segment grabbed XX% market share of the Global Solid-State Transformer Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to factors such as rapid adoption rate, economical costs, and rise in product awareness in the power industry. However, traction solid-state transformers are projected to grow at the fastest CAGR, owing to its potential use in locomotives and electric vehicles.
Based on application, the market is classified into Renewable Power Generation, Electric Vehicle Charging Stations, Power Grids, Traction Locomotives, and Others. The Renewable Power Generation segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy.
For a better understanding of the market adoption of Solid-State Transformer, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of planned investments in energy infrastructure and technology by various APAC countries.
Some of the major players operating in the market include Alstom SA, Eaton Corporation, Schneider Electric, Siemens AG, Hitachi ABB etc. Several M&A?s along with partnerships have been undertaken by these players to boost their presence in different regions.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Solid-State Transformer Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Solid-State Transformer Market
2.1.1. Main Objective of the Global Solid-State Transformer Market
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL SOLID-STATE TRANSFORMER MARKET COVID-19
6 GLOBAL SOLID-STATE TRANSFORMER MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY PRODUCT
7.1. Power Solid State Transformer
7.2. Distribution Solid State Transformer
7.3. Traction Solid State Transformer
8 MARKET INSIGHTS BY APPLICATION
8.1. Renewable Power Generation
8.1.1. Wind Power
8.1.2. Solar Power
8.1.3. Tidal Power
8.2. Electric Vehicle Charging Stations
8.3. Power Grids
8.4. Traction Locomotives
8.5. Others
9 MARKET INSIGHTS BY REGION
9.1. North America Solid-State Transformer Market
9.1.1. United States
9.1.2. Canada
9.1.3. Rest of North America
9.2. Europe Solid-State Transformer Market
9.2.1. Germany
9.2.2. France
9.2.3. United Kingdom
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3. Asia Pacific Solid-State Transformer Market
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Australia
9.3.5. Rest of Asia Pacific
9.4. Rest of World Solid-State Transformer Market
10 SOLID-STATE TRANSFORMER MARKET DYNAMICS
10.1. Market Drivers
10.2. Market Challenges
10.3. Impact Analysis
11 SOLID-STATE TRANSFORMER MARKET OPPORTUNITIES
12 SOLID-STATE TRANSFORMER MARKET TRENDS
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
14.1. Demand Side Analysis
14.2. Supply Side Analysis
14.2.1. Top Product Launches
14.2.2. Top Business Partnerships
14.2.3. Top Business Expansions, Investments and Divestitures
14.2.4. Top Merger and Acquisitions
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
16.1. Porter's Five Forces Analysis
16.1.1. Bargaining power of Supplier
16.1.2. Bargaining power of Buyer
16.1.3. Industry Rivalry
16.1.4. Availability of Substitute
16.1.5. Threat of new Entrants
16.2. Competitive Landscape
16.2.1. Company Shares, By Revenue
17 COMPANY PROFILED
17.1. Alstom SA
17.2. Eaton Corporation
17.3. Schneider Electric
17.4. Siemens AG
17.5. Hitachi ABB
17.6. Mitsubishi Electric
17.7. General Electric Company
17.8. Power Systems & Controls Inc
17.9. Amantys
17.10. SPX Transformer Solutions
18 DISCLAIMER
Alstom SA
Eaton Corporation
Schneider Electric
Siemens AG
Hitachi ABB etc.