The solid-state transformer market is estimated to increase at a CAGR of 15.8% from 2024 to 2030, from USD 100 million in 2024 to USD 241 million in 2030. Growing investments in smart grids and energy systems, as well as growing alternative energy, are some of the primary reasons propelling the solid-state transformer market forward.
During the forecast period, the market for MV/LV is expected to rise at a faster CAGR. This increase can be attributed to the increasing number of electric vehicles (EVs) that are being introduced into the market, as well as the fact that governments from all over the world are investing in the development of EV charging infrastructure to combat global warming caused by the combustion of fuels in vehicles. Automobile manufacturers throughout the world are investing in EV research, development, and production.
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During the projection period, the market for renewable power generation applications is predicted to grow at the fastest rate. The predicted early adoption of these transformers for power generation from wind, solar, and tidal energy accounts for the high growth rate. Wind, sun, and tides are alternate sources of energy for power generation; they have the ability to meet the world's growing energy demand while also lowering carbon emissions. Wind energy is a significant contributor to the power generated from renewable energy sources, and APAC is a leader in this industry. An induction generator is used in conjunction with a wind turbine to convert mechanical energy to electrical energy in a conventional wind energy farm. The energy generated is further transferred by a step-up transformer to STATCOMs. It is then fed to a grid.
The STATCOM improves the power factor of the electricity generated, while the step-up transformer raises the voltage level. Although traditional systems (step-up transformers and STATCOMs) are cost-effective, solid-state transformers can be used to replace both step-up transformers and STATCOMs while providing better reactive power adjustment. As a result, solid-state transformers are projected to be used more frequently in wind energy production.
This study divides the solid-state transformer market into three categories: product type, application, and region.
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, Others
Key Market Players :
● ALSTOM SA
● EATON CORPORATION
● GENERAL ELECTRIC COMPANY
● HITACHI ABB
● POWER SYSTEMS AND CONTROLS, INC.
● RED BOX AVIATION
● SCHNEIDER ELECTRIC
● SIEMENS AG
● VARENTEC INC.
Covid-19's Impact On The Solid-State Transformer Market
● During the epidemic, the majority of industries went out of business. The various countries' lockdowns impacted the operations of several electricity distribution firms, affecting their financial health. As a result, demand for transformers decreased.
● The main application for solid-state transformers is renewable energy generation, which is also severely impacted by the pandemic. The pandemic has a negative impact on the demand for renewable energy. The worldwide supply chain has been disrupted as a result of the complete or partial shutdown, causing delays in project construction and a direct impact on the commissioning of renewable energy installations.
● More than 40% of the supply chain in the global solar sector is dependent on China and other Southeast Asian countries. China is the known source of the pandemic, and as a result of COVID-19, the country is the most affected in terms of material supply and transportation. The growth of the worldwide solid state transformer market has been influenced by the factors mentioned above.
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