rising demand for quality and dependability in electric power is also expected to drive market revenue growth during the forecast period.
The global Solid State Transformer Market size was USD 238.26 Million in 2022 and is expected to reach USD 774.81 Million in 2032, and register a rapid revenue CAGR of 14% during the forecast period.
Rising need for Renewable Energy sources, such as wind and solar power, is a key factor driving market revenue growth. Demand for Solid State Transformers is rising by the need to integrate these renewable energy sources into the grid, which necessitates cutting-edge technologies for reliable and efficient energy transfer. These transformers also provide advantages including higher lifespan, lower maintenance costs, and improved efficiency.
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Major Companies:
- ABB Ltd.
- Eaton Corporation
- General Electric Company
- Schneider Electric SE
- Siemens AG
- Cree, Inc.
- Vishay Intertechnology, Inc.
- Toshiba Corporation
- Mitsubishi Electric Corporation
- Alstom SA
Strategic Development:
- On March 28, 2022, ABB declared that it has entered into a strategic cooperation deal to create solid-state transformers for use in power grids with Singapore’s National University of Singapore (NUS). By integrating smart technology into the transformer system, the alliance seeks to increase the effectiveness and dependability of the electrical grid.
- Eaton Corporation announced the introduction of its solid-state transformer (SST) for the electrical power grid on December 12, 2021. By requiring fewer transformer stations, the new technology seeks to improve the grid’s efficiency while simultaneously boosting its resilience and flexibility.
- In order to enable more effective power distribution and control, General Electric Company announced the introduction of its solid-state transformer (SST) technology in 2020. SST technology incorporates power electronics into the transformer itself. The technique promises to boost power grid stability and dependability while lowering electricity costs and increasing energy efficiency.
Key questions addressed in the report:
- What is the expected market size of the global Solid State Transformer market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Solid State Transformer market?
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Solid State Transformer Market Segmentation:
By Component Outlook:
- Converters
- Switches
- Transformers
By Application Outlook:
- Power Grid
- Traction Locomotives
- Electric Vehicles (EVs)
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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