Dublin, August 17, 2021 (Global News Agency)-ResearchAndMarkets.com has added the “Solid State Transformer Market by Product Type and Application: Global Opportunity Analysis and Industry Forecasts 2021-2028″ report to ResearchAndMarkets.com’s products.
The global solid-state transformer market is valued at US$141.5 million in 2020 and is expected to reach US$468 million by 2028, growing at a compound annual growth rate of 16.9% from 2021 to 2028. Power supply semiconductor components, control circuits and traditional high-frequency transformers. Also known as smart transformer, smart universal transformer.
Smart transformers are used to provide additional flexibility for controlling the distribution network; thereby facilitating smooth conversion from AC to DC and DC to AC as needed. Currently, it caters to a wide range of applications, from alternative power generation to traction locomotives, power grids, and the power industry. The global solid-state transformer market is currently being driven by various factors, such as growing renewable electricity production, electric vehicles, and large investments in smart grids and energy systems. The global shift from fossil fuel-based electricity to cleaner renewable energy sources has focused on developing the power grid to provide load integration and power compensation.
Solar photovoltaics and electric vehicles are based on direct current (DC) power sources, increasing the demand for active power control; therefore, driving the demand for smart transformers. Passive transformers are easily affected by DC offset when used in smart grids and are not controllable. In addition, due to its versatility, SST is seen as a modern solution for power distribution applications in the traction, electric vehicle, and aerospace industries. SST can be used with existing power distribution networks and play a huge role in electric vehicle charging infrastructure.
In addition, solid-state transformers are used to effectively manage smart grids. Therefore, in the long run, increasing investment and participation in the smart grid market will benefit the global solid-state transformer market. However, the high costs associated with solid state transformers and insufficient SST testing infrastructure are expected to affect market growth. SST has a wide range of potential applications, including locomotives, light rails, fast chargers for electric vehicles, photovoltaic inverters and battery energy storage systems. Some of these are emerging areas and are expected to provide profitable opportunities for market growth during the forecast period. However, the development of SST designs including various configurations and components will help product launches.
The new products will help increase the market share of solid-state transformers in the mainstream transformer market. Therefore, during the forecast period, the development of current SST designs will provide new opportunities for the global solid-state transformer market. In addition, during the forecast period, expanding and replacing grids with smart grids will increase the demand for solid-state transformers. The global solid state transformer market is segmented according to product type, application and region. According to product types, the market is divided into distribution solid-state transformers, power solid-state transformers and traction solid-state transformers. Applications include renewable energy power generation, electric vehicle charging stations, power distribution, traction locomotives, etc.
The global solid state transformer market report provides an in-depth competitive analysis and an overview of these major players. Through product development and product launches in the next few years, the solid-state transformer market is expected to have great opportunities.
Post time: Oct-15-2021
