In 2020 and the first quarter of 2021, the SST market in countries such as the United States and Canada will be affected by the COVID-19 pandemic. During the pandemic, some power transmission and renewable energy projects were postponed, resulting in reduced demand for transformers.
New York, June 1, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announced the release of the report “Solid State Transformer Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)”-https:// www.reportlinker .com/p06079814/?utm_source=GNW It is expected that during the forecast period, factors such as the integration of renewable energy in the power generation structure and the increase in investment in smart grid technology will drive market development. In addition, the technical advantages of solid-state transformers over traditional transformers are also expected to promote market development. However, performance constraints such as high cost and reliability are expected to curb the growth of solid-state transformers during the forecast period. -As smart grid investment in recent years has still focused on hardware such as digital substations and smart meters. Smart grid applications are expected to dominate the solid-state transformer (SST) market during the forecast period. -Mass production has led to lower prices, investment in R&D by large manufacturers and technological advancement are expected to create huge opportunities for SST in the market in the next few years. -The Asia-Pacific region is expected to become the largest and fastest-growing market during the forecast period, with most of the demand coming from countries such as China, India, and Japan. Main market trends Smart grid applications dominate the market-a smart grid is a power network/grid that enables two-way flow of electricity and data. The concept of smart grid has accelerated in the past two decades and has now become an important part of the digital transformation of the power industry. Due to their modular structure flexibility, bidirectional power flow and deployment in AC and DC grids, SSTs are more popular than traditional transformers in smart grids. -Three-level SST is usually designed for the following purposes. In smart grid applications, it has two-way power flow to transfer power from low voltage to high voltage. -Recently, the modernization of the grid in order to adapt to power flow, meet reliability requirements, and meet future anticipated use is leading to the incorporation of electronic intelligence capabilities for power control purposes and operation monitoring, which is driving the development of smart grid technologies such as SST . -For example, in December 2020, the US GridWise Alliance launched its comprehensive economic recovery grid investment policy framework, which specifically outlines the $50 billion federal expenditure required for grid modernization. Several such grid modernization plans are expected to increase the demand for solid-state transformers in smart grids during the forecast period. -In addition, major companies and countries are increasingly involved in technological advancement and development of new and more efficient solid-state transformers. State transformer for grid applications. For example, in March 2021, Hitachi ABB Grid and Nanyang Technological University collaborated under the Singapore Government’s Flagship Energy Grid 2.0 Program to shape the next generation of grid systems to jointly advance the development of solid-state transformer (SST) technology. -Therefore, based on the above factors, smart grid applications are expected to dominate the solid-state transformer market during the forecast period. The Asia-Pacific region will dominate the market-the Asia-Pacific region is expected to become the largest and fastest-growing market. Due to the increasing investment in smart grid technology, the demand for electricity continues to increase, resulting in increasing investment in power infrastructure throughout the region. -China is the world’s largest power transmission and distribution (T&D) market, and it is also poised to become an important consumer of smart grid technology, and is supported by its carbon emission reduction policies and green environmental protection commitments. In 2020, the State Grid, a public utility in China, will invest approximately US$65 billion, of which ultra-high voltage (UHV) projects account for 40% of the total investment. However, China’s transmission investment has decreased by nearly US$10 billion compared to 2019, because rural power grid upgrades and distribution network construction are paying more attention. -With the increase in investment in the distribution network, the company is now focusing on smart grids, which may drive the country’s demand for SST during the forecast period. -As of February 2021, India’s total hot installed capacity is 233.17 GW. The installed capacity of renewable energy, hydropower and nuclear energy is 91.15 GW, 46.20 GW and 6.78 GW respectively. The government plans to double the share of renewable energy power generation capacity to 40% by 2030. India has also increased its solar power generation capacity increase target five-fold, reaching 114 GW by 2022. The government is preparing a policy of “renting a roof” to support its goal of generating 40 GW through solar roof projects by 2022. The country’s peak power demand in FY20 was 170.83 GW. -In addition, the Indian government has set a target of installing 227 GW of renewable energy by FY22. As of June 2019, the government has launched a US$5 billion tender for transmission lines. Investment in medium and low voltage transmission lines is likely to provide opportunities for SST deployment during the forecast period. -Therefore, based on the above factors, the Asia-Pacific region is expected to become the largest and fastest-growing market period during the forecast period. Competitive landscape The solid-state transformer market is integrated with very few companies and research institutions operating in the market. Reasons for buying this report:-Market Estimate (ME) table in Excel format-3 months of analyst support Read the full report: https://www.reportlinker.com/p06079814/?utm_source=GNWAAbout ReportlinkerReportLinker is an award-winning Market research solutions. Reportlinker finds and organizes the latest industry data so that you can get all the market research you need instantly in one place. __________________________
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Post time: Sep-11-2021
