Solid-State Transformer Global Market to Reach $467 Million by 2031 at a CAGR of 14.34%
DUBLIN, Nov. 25, 2022 /PRNewswire/ -- The "Solid-State Transformer Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2025-2031" report has been added to ResearchAndMarkets.com's offering.
The global solid-state transformer market is expected to value $207.3 million in 2025 and is projected to reach $467.0 million in 2031, following a CAGR of 14.34% during the forecast period 2026-2031. The growth in the global solid-state transformer market is expected to be driven by an increase in investment toward the building and construction of power transmission and distribution networks, renewable power generation, and EV charging station infrastructure across the globe.
Market Lifecycle Stage
The solid-state transformer market is in the research and development phase. Solid-state transformers are expected to be the replacement for conventional transformers in the coming years.
- Solid-state transformers are the primary building blocks of the smart grid infrastructure. Such a transformer can transfer power bidirectionally and scale down and scale up voltages as per the application. The companies that manufacture conventional transformers are taking an interest in the R&D of solid-state transformers to fulfill the future demand from smart grid infrastructure.
- Solid-state transformers, with the inclusion of communication capability among components used in the power system infrastructure, can be referred to as the smart transformer in the coming years. It will help power utilities in the measurement of demand and supply of electricity use. A solid-state transformer has various advantages over conventional transformers, including power factor correction, fault isolation, harmonic reduction, voltage sag and swell compensation, bidirectional power transfer, and others.
Segmentation 1: by Application
- Smart Grid
- Renewable Power Integration
- Traction Locomotive
- EV Charging Station
Segmentation 2: by Product Type
- Power Transformer
- Distribution Transformer
- Traction Transformer
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- Asia-Pacific - India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific
- Middle East and Africa - Saudi Arabia, South Africa, and Rest-of-Middle East & Africa
- South America - Brazil, Rest-of-South America
Demand - Drivers and Limitations
The following are the demand drivers for the solid-state transformer market:
- Increase in Renewable Power Generation
- Rise in Number of Electric Vehicle Charging Stations
- Electrification of Rail Locomotives across the Globe
- High Voltage DC (HVDC) Integration
The market is expected to face the following challenges:
- High Initial Cost of Solid-State Transformer
- Technical Challenges
- Lack of Basic Power Infrastructure in Underdeveloped Countries
Key Market Players
- Siemens Energy
- Alstom SA
- Eaton Corporation
- Hitachi Energy Ltd.
- Schneider Electric
- Electric Research and Manufacturing Cooperative (ERMCO), Inc.
- Murata Manufacturing Co., Ltd.
- Standex International Corporation
- Wilson Transformers
- General Electric
- American Superconductor
- CG Power & Industrial Solutions Ltd.
- IONATE Limited
- Raychem RPG Private Limited
- Shree Abirami Engineering Works
- Southwest Electric Co.
- Unimag Power Transformer
- Bicron Electronics Company
- SVM Private Limited
Key Topics Covered:
3 Product type
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/ftcebe
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