$241 Million Solid-State Transformer Markets, 2025 – Market for HV/MV to Account for the Largest Market Share

Dublin, Jan. 15, 2021 (GLOBE NEWSWIRE) — The “Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV), Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others), and Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.The solid-state transformer market size is expected to grow from USD 100 million in 2024 to USD 241 million by 2030; it is expected to grow at a CAGR of 15.8% from 2024 to 2030.Market for HV/MV to account for larger market share during forecast period.The HV/MV segment is expected to continue to hold a larger market size during the forecast period. The growth of the HV/MV segment of the solid-state transformer market can be attributed to the increased adoption of these transformers in renewable power generation applications. The outbreak and the spread of the COVID-19 have also impacted the growth of the solid-state transformer market globally. It is expected to witness a forward push from 2024 onward.Renewable power generation application to hold largest size during forecast period.The renewable power generation application is expected to hold the largest market size during the forecast period. The growth of the renewable power generation segment of the solid-state transformer market can be attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy.APAC is expected to capture largest market size during forecast period.The APAC region is expected to hold the largest share of the solid-state transformer market during the forecast period. China and India are expected to be the largest consumers of solid-state transformers in APAC. The planned investments in energy infrastructure and technology by various APAC countries and the growth of the wind power market are likely to offer significant growth opportunities to the solid-state transformer market.Major players expected to operate in the solid-state transformer market include Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), and SPX Transformer Solutions (US).DriversGrowing Alternative Energy SectorIncreasing Investments in Smart Grids and Energy SystemsRestraintsHigh Initial Costs of Solid-State TransformersReluctance of Power Companies to Replace Aging Energy InfrastructuresGlobal Industrial Slowdown due to COVID-19OpportunitiesIncreasing Adoption of Electric Vehicles and Traction LocomotivesUpcoming Smart City Projects in Developing RegionsChallengesTrade-Off Between Efficiency, Reliability, and Ultra-High Voltage Application of Solid-State TransformersValue Chain AnalysisFuture Renewable Electric Energy Delivery and Management System – Freedm SystemTechnology TrendsSmart GridsCompanies MentionedAmantysEatonErmcoGeneral ElectricHitachiMitsubishi ElectricSchneider ElectricSiemensSPX Transformer SolutionsVarentecFor more information about this report visit https://www.researchandmarkets.com/r/afk1hyResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
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