New Delhi, Jan. 23, 2023 (GLOBE NEWSWIRE) — Global solid state transformer market is projected to reach US$ 1,418.18 million by 2031 from US$ 591.49 million in 2022 at a CAGR of 9.71% from 2023-2031. In terms of unit sales, the market is expected to continue growing at a CAGR of 7.75% during the same period.
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The solid state transformer market is an attractive opportunity for businesses, as it is projected to experience significant growth in the coming years. This growth is driven by a number of factors, including increasing demand for clean energy and technological advancements.
The adoption of renewable energy sources is a major driver of this market growth. Governments around the world are setting ambitious targets for renewable energy generation, with many targeting at least 50% of their energy mix to come from renewable sources by 2030. For example, The U.S. Department of Energy has set a goal to reach 20% wind energy by 2030. The European Union has set a target of reaching 32% of its energy consumption from renewable sources by 2030. This increase in renewable energy adoption will drive demand for more efficient and reliable grid infrastructure, including solid state transformers.
In terms of technology, solid state transformers offer significant advantages over traditional transformers. They are much more efficient, with losses of just 2-5%, compared to traditional transformers, which can have losses as high as 10%. They are also smaller and lighter, making them easier to install and maintain. Furthermore, they have a longer lifespan and are better able to handle surges and other transient events on the grid.
Distribution Solid State Transformer Market to Generate Revenue of over $500 Million by 2031 and Lucrative Revenue Opportunity
From a business perspective, this means that there is a growing demand for solid-state transformers in the railway industry, and companies that provide traction solid-state transformers can tap into this growth opportunity. Furthermore, the increasing adoption of electric vehicles, the trend for smart cities, and the growing focus on sustainable transportation solutions drive the need for more reliable and efficient power distribution in various industries. Therefore, companies that specialize in the distribution solid-state transformer segment can also capitalize on this demand.
There is also a growing demand for solid-state transformers in the power distribution segment, and companies that provide power distribution solid-state transformers can tap into this growth opportunity. Furthermore, as the trend of decentralization and digitalization of power systems increases, the demand for more flexible, efficient, and reliable distribution transformers will also increase. Therefore, companies that specialize in the power distribution segment of solid-state transformers can capitalize on this demand.
Top 5 Trends Shaping the Solid-State Transformer Market
- Adoption of renewable energy: The increasing adoption of renewable energy sources, such as solar and wind power, is driving the need for more efficient and reliable power transmission and distribution systems, which is leading to increased demand for solid-state transformers.
- Smart grid integration: The integration of smart grid systems is driving the need for more flexible and efficient power distribution systems, which is leading to increased demand for solid-state transformers.
- Electric vehicle adoption: The increasing adoption of electric vehicles is driving the need for more efficient and reliable charging systems, which is leading to increased demand for solid-state transformers.
- Decentralization and digitalization of power systems: The trend towards decentralization and digitalization of power systems is driving the need for more flexible and efficient power distribution systems, which is leading to increased demand for solid-state transformers.
- Growing focus on sustainability: The growing focus on sustainability is driving the need for more energy-efficient and environmentally-friendly power transmission and distribution systems, which is leading to increased demand for solid-state transformers.
North America: A Lucrative Market for Solid-State Transformer Revenue Growth
North America, specifically the United States, is the most lucrative region for Solid-State Transformer (SST) revenue growth due to several factors. One of the main reasons is that the region is home to some of the world’s largest utilities and power companies, making it a key market for SST adoption. The region’s high demand for reliable and efficient power transmission and distribution infrastructure, coupled with a favorable regulatory environment, is driving the growth of the SST market.
The US government’s efforts to modernize the grid and increase the adoption of renewable energy sources is also major factor contributing to the growth of the SST market in the region. The US Department of Energy has set a goal to modernize the grid by 2025, which includes increasing the use of advanced technologies such as SSTs. This is expected to provide significant revenue opportunities for companies operating in the North American SST market.
Furthermore, the increasing focus on renewable energy and the need for grid modernization in North America is also driving the adoption of SSTs. The growing adoption of SSTs in various applications, such as microgrids, renewable integration, and distribution systems, is expected to provide significant revenue opportunities for companies operating in the North American SST market. The increasing demand for SSTs in North America is also driven by the need to reduce power losses, improve power quality and increase grid stability.
Additionally, the growing awareness of the benefits of SSTs has led government bodies and regulatory authorities to promote the use of SSTs in the region. For example, the Federal Energy Regulatory Commission (FERC) has issued Order No. 848, which requires transmission providers to consider the use of SSTs in their transmission planning processes.
With all these efforts and regulations, it is expected that the North American SST market will continue to grow in the coming years, making it a lucrative region for companies operating in this market. Companies looking to capitalize on the growth in the North American SST market should focus on developing innovative and cost-effective SSTs to meet the specific needs of the region’s utilities and power companies.
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Schneider Electric, Hitachi, and Eaton Generates Over 45% Revenue of Solid State Transformer Market
The report cites Schneider Electric, Hitachi, and Eaton as the key players in the market, accounting for over 45% of the total revenue. Wherein, Schneider Electric is the key revenue contributor to the global market.
Schneider Electric is a top player in the solid state transformer market, according to Astute Analytica’s analysis. The company has a strong market position and is well-positioned to capitalize on the growing demand for solid state transformers. Our analysis shows that Schneider Electric is a leading player market with over 17.5% market share. The company has a strong market share and is poised to grow its business in the future. Schneider Electric’s products are widely used in a variety of industries, including power generation, transmission and distribution, and industrial applications. The company has a strong reputation for quality and reliability, and its products are backed by a comprehensive warranty program. Schneider Electric also offers a wide range of services, including installation, maintenance, and repair services.
- Schneider Electric’s growth strategy includes a focus on expanding its presence in emerging markets, investing in research and development to innovate and improve its products and services, and expanding its portfolio of solutions through acquisitions and partnerships. The company also focuses on sustainability, including reducing its own carbon footprint and helping its customers to do the same.
- Hitachi’s growth strategy includes expanding its global presence, focusing on innovative technologies, and expanding its portfolio of products and services through strategic partnerships and collaborations. The company also focuses on sustainability, including reducing its own carbon footprint and helping its customers to do the same.
- Eaton’s growth strategy includes expanding its global presence, focusing on innovative technologies, and expanding its portfolio of products and services through strategic partnerships and collaborations. The company also focuses on sustainability, including reducing its own carbon footprint and helping its customers to do the same.
Some of the Top Market Players Are:
- Alstom SA
- Eaton Corporation PLC
- General Electric Company
- Hitachi, Ltd.
- Kirloskar Electric Company
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Siemens AG
- Maschinenfabrik Reinhausen GmbH
- Prolec GE
- Red Box Aviation
- Sentient Energy, Inc.
- Synergy Transformers
- Triad Magnetics
- Other Prominent Players
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