Global solid state transformer market is predicted to experience a robust growth over the period of forecast, majorly owing to the rising adoption of smart transformers in renewable energy generation stations. By product, the power solid state segment is predicted to witness a lucrative growth in the global industry by 2027. Furthermore, the North America region is anticipated to subjugate the overall market in the estimated timeframe.
As per a Research Dive published report, the global solid state transformer (SST) market valued for $176.0 million in 2019 and is expected to surpass $1,246.4 million, exhibiting a CAGR of 26.0% in the forecast period from 2020 to 2027. The global market is segmented based on product, application, and region. The report offers comprehensive insights on drivers, challenges, restraints, opportunities, and key players of the market. Our analysts have stated that the rising adoption smart transformers in electric vehicles as well as in the renewable energy generation stations is the major factor predicted to propel the global SST market growth by 2027. Moreover, the rapidly growing electric industry is likely to create lucrative opportunities for the growth of global market. However, the high initial costs associated with solid state transformers is expected to hamper the global market growth in the near future.ADVERTISEMENT
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Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe is predicted to impact the global SST market in a negative way. This is mainly due to complete lockdown in China and the non-availability of raw materials for the manufacturing of electrical equipment, as China is the major manufacturing hub around the world.
Power Segment to Witness Significant Growth
By product, the global SST market is segmented into distribution, traction, and power solid state transformers. Of these, the power segment accounted for $100.6 million and is expected to witness an exponential growth in the forecast period. This growth is majorly attributed to extensive utilization of power SSTs for multiple transformer applications such as voltage regulation, voltage transformation, distribution systems monitoring, and others.ADVERTISEMENT
Alternative Power Generation Segment to Hold Largest Market Share
By application, the global market is categorized into power grid, electric vehicle charging stations, alternative power generation, and traction locomotives. Of these, the alternative power generation segment is estimated to account for the majority of market share by the end of 2027, owing to the wide-ranging utilization of SST systems for alternative power generation to prevent air pollution.
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North America Region to Create Huge Growth Opportunities
On the basis of region, the global industry is divided into Asia Pacific, North America, LAMEA, and Europe. The North America market for solid state transformer is estimated to hold a subjugating position over the forecast period. This is mainly owing to the rapidly growing renewable energy generation capabilities to advance power grid systems.
Major Market Players
The key players operating in the global SST market include Schneider Electric, Siemens, GRIDBRIDGE, Mitsubishi Electric Corporation, General Electric, ABB, Varentec, Inc., Eaton, and MASCHINENFABRIK REINHAUSEN GMBH. Further, the report outlines and presents several aspects of these key players such as recent strategic moves developments, product portfolio, SWOT analysis, and financial performance.
Collaborations, partnerships, RD activities, and novel product launches are some of the growth strategies adopted by key industry players. For instance, in April 2018, a leading global technology company, ABB introduced ABB Ability Power Transformer in Germany, which is the first-ever integrated solution for digitally-enables power solid state transformers.
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