Solid state transformer market outlook – 2028
Global solid state transformer market was valued at $141.5 M in 2020, and is projected to reach $468.0 M by 2028, according to Allied Market Research.
It will be growing at a CAGR of 16.9 % from 2021 to 2028. Solid-state transformer (SST), also known as a smart transformer, is an advanced type of transformer that incorporates various semiconductor components, control circuits, and another high-frequency transformer. Compared to traditional transformers, it enhances the quality of the power by controlling voltage fluctuations. It reduces grid losses and supply reliability and protects the load from power supply disruptions. It allows voltage conversion from alternate current (AC) to direct current (DC), DC to AC, and also DC to DC on different voltage levels. Currently, it caters to a wide variety of applications, ranging from renewable power generation, electric vehicle charging facilities, and power grids.
The global solid state transformer market is presently driven by various factors, namely the growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems.
Europe accounted for the largest solid state transformer market share in 2020. This is attributed to the massive adoption of renewable energy such as wind and solar power plants in major European countries. Asia-Pacific is anticipated to grow at the fastest CAGR of 18.6 %. This fast growth rate can be attributed to the investments done by Asia-Pacific countries such as China, India, Japan, and Australia in the power industry.
The key players are: Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, etc.
Source: Allied Market Research