Solid-state Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030
Solid-state transformers are technological devices that provides bi-directional power flow. Solid- state transformers are made up of high powered components or parts of semiconductors. They are also known as smart transformers as they are latest and modified technology.
Solid-state transformers perform a variety of applications such as power generation, locomotive traction , smooth transition from AC to DC and DC to AC etc. They regulate voltages and current flows and offers high level of control to power distribution network.
The solid-state transformer market is growing at a quick pace owing to a host of factors such as increasing power generation capacity plans and growing usage of SSTs in electrical industries. In addition to these factors, demand is also likely to increase on account of growing preference for renewable energy sources and rising investments in smart grids.
Although the short-term forecast on the solid state transformers market remain bearish, in the long-run, demand is likely to stabilize.
The expansion in the electric vehicle industries is creating strong demand for solid-state transformers. Researchers are also exploring the importance of solid state transformers in power systems as they cause less pollution in comparison to traditional transformers.
Government initiatives and awareness regarding clean and pollution free environmentment are also driving this market.
Power generation industries are preferring these transformers in their industries over the conventional transformers. These transformers are highly efficient and flexible to carry on the operations smoothly creating significant opportunities for this market.
The maintenance and intallation cost of solid-state transformers is extremely high and due to this high cost, it becomes complex for some companies to afford high expenses. Their financial position is not that stable to afford such huge expenditure.
Lack of awareness about latest innovations is also a detterent for the market currently. This deterrent is more compounded in developing countries, where demand for solid state transformers is still picking up.
Although demand for solid state transformers has remained steady, the innovation in electric vehicle production is a key growth factor. It is expected that electric vehicle will become mainstream by the latter half of this decade, and the high production will increase demand for a host of components. Solid state transformers is one such category that is likely to witness an increase.
COVID-19 Impact on Solid-State Transformer Market:
The market for solid-state transformers has witnessed a strong decline in its growth due to Covid 19 outbreak. The unavailability of raw materials in production centers as a result of lockdown imposed by the government created a number of problems for this market. The production of electrical equipments was stopped because of raw material scarcity. China and India faced drastic effects of lockdown as before the pandemic, the industries in these regions were facing expansions and developments.The pandemic restricted the further growth rate.
In addition to that, transportation related problem also hindered the market growth. Overall, Covid 19 had a negative on this market.The market players are learning to deal with the pandemic and adopting several strategies to reinforce their presence.
Solid-State Transfer Market: Region-Wise Forecast
The demand for solid-state transformers is high in Asia Pacific, Europe and North America. Asia Pacific is generating the largest revenues from the past three years and is anticipated to lead the global market for solid-state transformers owing to rising industrialization and infrastructual developments from India, Australia and China. In China, the rapid growth in the economic conditions, rising demands from electrical industries and requirement of high speed locomotives for better transportation is favouring the market growth making China the largest share holder of this market.
Requirement of distribution infrastructure to facilitate development projects such as renewable energy projects to meet high electricity demands are increasing the market growth in India.
In addition to that, Europe and North America are facing reasonable market growth with a steady CAGR rate. The adoption of smart grid and energy systems are contributing to the rising market growth in North American regions. It is predicted that Europe will be ruling the market after Asia Pacific followed by North America.
By End-use Industry :
The level of competition in solid-state transformer market is cut-throat. The market leaders as well as new entrants are focusing on expanding their market share.
The prominent players in this market are ABB Limited, Alstom SA, Siemens AG, Eaton Corporation PLC, Schneider Electric SE,General Electric Company, Mitsubishi Electric Corporation, Cooper Power Systems, Varentec incorporation, Amantys Limited, Gridbridge etc.
Research and development programmes,mergers and acquisitions, joint ventures etc are some of the strategies undertaken by the the key market players to occupy the market share and stay competitive.
Amantys Limited hasentered into a partnership agreement with German distributor GvA to develop innovative product portfolio and stay competitive.
ABB Limitedis making investments in continuous research and development initiatives from the past few years to lead the market, capture major share in the market and earn more profits.
The global solid state transformer market is likely to grow at over 15% CAGR and reach a valuation of nearly USD 250 million by 2030
The solid state transformer manufacturers are focusing on developing business agreements with players from the alternative energy sector. As government is also a key stakeholder in alternative energy sector, market players are lobbying for contracts and projects.
The rise in EV production is likely to create a spike in demand for solid state transformer market. Currently, the US and China are investing in EV vehicles, and manufacturers are mostly looking at the North American market, as Chinese market is quite fragmented
Historically, the solid state transformer market has grown at nearly 8% to 10% CAGR. However, the impetus from the alternative energy industry and EV industry is likely to create substantial opportunities
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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