Every industry reinvents itself after a certain period of time and this thing remains same with the energy sector. While there was a time when crude came in the picture and is continuing its dominance even today, things seem to be changing now courtesy of the increased awareness regarding problems like ozone layer depletion and global warming. Today, most of the major companies are placing their bets on renewable energy sector, including the solid-state transformer market.
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Various factors like surging demand for alternative power generation along with a guarantee of a safer and greener world are steadily driving the solid state transformer market. Despite this way of power generation costing on higher side as compared to other conventional source of energy, several countries including likes of the US, the UK have pledged to end sale of petrol and diesel vehicles by 2029. While the world wasn’t ready for something like COVID-19 that is still affecting the globe, countries today are trying to battle the issue of global warming together. Governments around the world were compelled to reduce business activity in response to minimize the threat of coronavirus. Owing to the spreading of the COVID-19 virus in all the regions, this created supply-side production and demand-side challenges for the solid state transformers. However, it is expected that when the COVID-19 pandemic situation gets controlled during Q2-Q3, 2021, the market returns to normal growth with rising investments in various applications.
The detailed research study provides qualitative and quantitative analysis of solid state transformer market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global solid state transformer market was valued at US$ 201.74 million in 2020 and is expected to reach US$ 1012.03 million by 2029, growing at an estimated CAGR of 20.0% over the forecast period.
- While solid state transformers are extensively used in several applications like alternative power generation, power grid and electric industries, recently publish data by the Electric Vehicle Charging Infrastructure Alliance showcases that the auto industry is now making complete use of solid state transformers and this is why the segment has the highest CAGR.
- Reducing the carbon footprint and promoting the use of eco-friendly equipments is also one of the key reasons behind the upward trend seen by this market.
- Subsidies announced by the most of countries are driving bigger corporates to turn toward alternative energy generation, ultimately benefiting the solid state transformer market
- The major players operating in the solid state transformer market include ERMCO, Eaton, Hitachi ABB Power Grids Ltd, Mitsubishi Electric Corporation, Schneider Electric, Siemens, SPX Transformer Solutions Inc. amongst others.
Solid State Transformer Market
By Application
- Data Centers
- Renewable Energy Generation
- Wind Farms
- Solar Plants
- Others
- Electric Vehicle Charging Infrastructure
- Power Distribution
- Traction Systems
- Others
By End Users
- Power & Utilities
- Automotive & Transportation
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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