Solid State Transformer Market To Reach USD 235.6 Billion By 2032 | DataHorizzon Research

The solid state transformer market size was valued at USD 75.6 Billion in 2023 and is expected to have a market size of USD 235.6 Billion by 2032 with a CAGR of 13.5%.

Fort Collins, Colorado, May 05, 2024 (GLOBE NEWSWIRE) --

Demand for renewable energy sources drives industry developments.

The market growth in renewable energy sources is primarily driven by the escalating shift towards cleaner energy alternatives. The decreasing costs associated with wind and solar technologies incentivize greater adoption of renewable energy sources, particularly in developed regions like North America. Here, initiatives promoting the residential installation of micro solar or wind energy systems for self-consumption are gaining traction. Forecasts indicate that renewables are poised to surpass fossil fuel alternatives in cost-effectiveness. This transition is fueled by a heightened emphasis on clean energy technologies and significant economic restructuring, leading to a gradual reduction in fossil fuel consumption. Projections from the International Energy Agency (IEA) suggest that the share of fossil fuels in global energy demand will decrease from 80% to 73% by 2030.

Moreover, the surge in investments in smart grid technologies is bolstering market growth. Innovations such as smart meters facilitate the widespread adoption of smart grids, particularly in smart buildings. Smart grid technology is rapidly becoming mainstream, offering solutions that enhance the reliability and cost-effectiveness of electricity distribution networks. As the electricity demand continues to rise across various regions, smart grid technology is poised to play a pivotal role in meeting this growing demand efficiently and sustainably. 

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Segmentation Overview:

The solid state transformer market has been segmented into product, voltage, component, application, and region.

Power grids is the leading application segment in 2023.

• Based on application, the solid-state transformer market is categorized into renewable power generation, automotive, power grids, traction locomotives, and others. The power grids segment held the major market share in 2023. The development of smart grids is propelling the demand for solid state transformers in power distribution.

The power solid state transformer registered a significant market share in 2023.

• Based on product, the solid state transformer market is sub-segmented into distribution solid state, power solid state, and traction solid state. The power solid state transformer segment held the largest market share in 2023. These transformers are installed at the ends of high-voltage transmission lines.  

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Solid State Transformer Market Report Highlights:

• The solid state transformer market growth is anticipated at a CAGR of 13.5% by 2032.

• A solid state transformer is also known as smart transformer is a network device that combines low or high-frequency transformers with various power electronic converters. Compared to typical transformers, SSTs are low-cost and several advantages, including efficiency, robustness, and reliability.

• Asia Pacific market was dominant in the solid state transformer market in 2023. This can be attributed to the widespread railway network and the high investment in smart grid infrastructure. China is at the forefront with a high investment in smart grids. 

• Some prominent players in the solid state market report include General Electric , Alstom , Eaton , Hitachi ABB , Power Systems & Control Inc., Siemens , Schneider Electric , Varentec Inc., Vollspark, Amantys Limited, Mitsubishi Electric, SPX Transformer Solutions, Ermco, and Synergy Transformers. 

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