Solid State Transformer Market Size and Share, Growth, Upcoming Trends, Demand, Revenue, Challenges, Business Opportunities and Future Competition Till 2033: SPER Market Research
Solid State Transformer Market Size and Share, Growth, Upcoming Trends, Demand, Revenue, Challenges, Business Opportunities and Future Competition Till 2033: SPER Market Research
The Solid State Transformer Market size was valued at USD 335.48 billion in 2024 and Growing at a CAGR of 10.61%. from 2024 to 2033.
➼ Market Size:
An AC-to-AC converter, or solid-state transformer (SST) is a kind of electric power converter that takes the role of a traditional transformer in the distribution of AC electricity. Since it runs at a higher frequency than a regular transformer, it can be smaller and more efficient than a conventional transformer even if it is more complex while running at utility frequency. The two primary varieties are AC-to-DC-to-DC-to-AC (in which an active rectifier provides power to a DC-to-DC converter, which provides power to a power inverter) and “true” AC-to-AC (with no DC steps). A solid-state transformer often has a transformer that carries the entire power and offers electrical isolation inside the AC-to-AC or DC-to-DC converter.
Wind turbines and solar power plants in particular are renewable energy sources that could be able to supply the anticipated demand for electricity. Globally, the usage of renewable energy sources is growing in popularity as a means of lowering greenhouse gas emissions while utilizing non-renewable energy sources. There is a great deal of opportunity for Asia and Africa to generate more electricity from renewable sources. As the global market for electric cars grows, there will likely be a large increase in demand for charging infrastructure, which includes different types of transformers and substations. Global governments are assisting in this pursuit of e-mobility. The US and Chinese governments have offered financial incentives for the purchase of brand-new electric cars. Sales of electric vehicles are fueled by the government’s considerable influence over the implementation of important rules in the automobile sector, such as fuel pollution standards.
These days, solid-state transformers cost more than other varieties of conventional transformers due to the use of powerful power electronic components and simplified technology. The high cost of installation for solid-state transformers restricts their ability to expand the market. Furthermore, the adoption of solid-state transformers in developing and impoverished countries is probably going to decline sharply. Future electric power systems are thought to benefit greatly from the development of solid-state transformers. As a result of proactive government initiatives and improved product understanding, the price will probably decrease in the future. The lack of knowledge about the numerous uses of semiconductor transformers is predicted to further hinder market expansion.
➼ Key Players:
Companies Covered in the? LIST OF Power Solid State Transformer MARKET PLAYERS PROFILED
ABB
Eaton
General Electric
GRIDBRIDGE
MASCHINENFABRIK REINHAUSEN GMBH
Schneider Electric, Siemens
Varentec, Inc
Impact of COVID-19 on Global Solid State Transformer Market
Before COVID-19 increase can be attributed to rising investments in renewable energy sources and the growing demand for electric automobiles. But due to the total lockdown, there were no raw materials available for making electrical equipment, and the transit of equipment and completed goods has been severely disrupted. This is anticipated to have a detrimental effect on the solid state transformer market during the pandemic.
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