Solid State Transformer Market Share 2023, Growth, Latest Trends, Industry Demand, Business Opportunities and Forecast Analysis till 2033: SPER Market Research
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An AC-to-AC converter, or solid-state transformer (SST) is a kind of electric power converter that takes the role of a traditional transformer in the distribution of AC electricity. Since it runs at a higher frequency than a regular transformer, it can be smaller and more efficient than a conventional transformer even if it is more complex while running at utility frequency. The two primary varieties are AC-to-DC-to-DC-to-AC (in which an active rectifier provides power to a DC-to-DC converter, which provides power to a power inverter) and “true” AC-to-AC (with no DC steps). A solid-state transformer often has a transformer that carries the entire power and offers electrical isolation inside the AC-to-AC or DC-to-DC converter.
According to SPER Market Research, ‘Solid State Transformer Market Size- By Type, By Voltage Level, By Application, By End User, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’states that the Global Solid State Transformer Market is estimated to reach USD 335.48 billion by 2033 with a CAGR of 10.61%.
Wind turbines and solar power plants in particular are renewable energy sources that could be able to supply the anticipated demand for electricity. Globally, the usage of renewable energy sources is growing in popularity as a means of lowering greenhouse gas emissions while utilizing non-renewable energy sources. There is a great deal of opportunity for Asia and Africa to generate more electricity from renewable sources. As the global market for electric cars grows, there will likely be a large increase in demand for charging infrastructure, which includes different types of transformers and substations. Global governments are assisting in this pursuit of e-mobility. The US and Chinese governments have offered financial incentives for the purchase of brand-new electric cars. Sales of electric vehicles are fueled by the government’s considerable influence over the implementation of important rules in the automobile sector, such as fuel pollution standards.
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These days, solid-state transformers cost more than other varieties of conventional transformers due to the use of powerful power electronic components and simplified technology. The high cost of installation for solid-state transformers restricts their ability to expand the market. Furthermore, the adoption of solid-state transformers in developing and impoverished countries is probably going to decline sharply. Future electric power systems are thought to benefit greatly from the development of solid-state transformers. As a result of proactive government initiatives and improved product understanding, the price will probably decrease in the future. The lack of knowledge about the numerous uses of semiconductor transformers is predicted to further hinder market expansion.
Impact of COVID-19 on Global Solid State Transformer Market
Before COVID-19 increase can be attributed to rising investments in renewable energy sources and the growing demand for electric automobiles. But due to the total lockdown, there were no raw materials available for making electrical equipment, and the transit of equipment and completed goods has been severely disrupted. This is anticipated to have a detrimental effect on the solid state transformer market during the pandemic.
Global Solid State Transformer Market Key Players:
Due its increased investments and technological advancements, the North American market has the greatest share of the solid state transformer industry. After North America Europe holds the second largest market share. Major players in this market are ABB, Eaton, General Electric, GRIDBRIDGE, MASCHINENFABRIK REINHAUSEN GMBH, Mitsubishi Electric Corporation, Schneider Electric, Siemens, and Varentec, Inc., Others.
Global Solid State Transformer Market Segmentation:
By Type: Based on the Type, Global Solid State Transformer Market is segmented as; Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer.
By Voltage Level: Based on the Product, Global Solid State Transformer Market is segmented as; HV/MV, MV/LV.
By Application: Based on the Application, Global Solid State Transformer Market is segmented as; Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives.
By End-Users: Based on the End-Users, Global Solid State Transformer Market is segmented as; Energy Transportation, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Solid State Transformer Market Share
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