Solid-state Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030

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Solid-state Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030

Status : February, 2021 | Semiconductor & Electronics

Report Digest


Introduction

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.

Key  Drivers

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.

Key Restraints

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.

Key Trends        

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.

Market Segmentation:

By Voltage:

  • HV/MV
  • MV/LV

By Application:

  • Renewable Power Generation
  • Automotive
  • Power grids
  • Traction locomotives

By End-use Industry :

  • Chemical
  • Energy
  • HVACR
  • Food and beverages
  • Pulp and paper
  • Power

By Product:

  • Power solid state transformer
  • Distribution solid state transformer
  • Traction solid state transformer

By Component:

  • Converters
  • Switches
  • High-frequency transformers

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Competitive Landscape:

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.

Key Q&A

  • What is the outlook on solid state transformer market?

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

  • Where are solid state transformer manufacturers focusing on currently

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.

  • How will EV revolution impact solid state transformer market

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

  • What will be the historical growth rate for solid state transformer market

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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

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.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?