Solid State Transformer Market Expected to Grow at 15.8% CAGR from 2024 to 2030

Posted February 27, 2023 by avinashgogawale14

With a CAGR of 15.8% from 2024 to 2030, the Solid State Transformer Market Size is projected to grow from USD 100 million in 2024 to USD 241 million by 2030.
According to a recent market research study by MarketsandMarketsTM, the Solid-State Transformer Market is anticipated to expand significantly between 2024 and 2030. By 2030, the market is anticipated to reach USD 241 million, growing at a 15.8% CAGR. The market is expanding as a result of rising investments in energy systems and smart grids as well as the expanding alternative energy industry. Voltage level, application, and region are used to segment the market. Examples include HV/MV, MV/LV, renewable power production, automotive, power grids, traction locomotives, and others. The market in North America, APAC, Europe, and RoW are all covered in the research.

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Voltage level-wise, HV/MV segment expected to capture larger market size of overall solid-state transformer market in 2024

The HV/MV sector is anticipated to account for a greater market share in the global solid-state transformer market in 2024, per a market research analysis. The rising use of these transformers in applications for renewable energy generation is responsible for the segment's expansion. Offshore wind turbines frequently employ HV/MV solid-state transformers with HVDC/MVAC setups because of their lower weight/volume ratio than passive transformers and hence cheaper cost. Compared to typical HV transformers, they are also less expensive to carry and easier to replace.

Application-wise, renewable power generation segment to grow at highest rate from 2024 to 2030

In the solid-state transformer market, between 2024 and 2030, the renewable power production category is anticipated to develop at the fastest rate. The expansion of this market is being driven by the early use of solid-state transformers for the production of electricity from wind, solar, and tidal energy. A typical wind energy farm includes induction generators connected to wind turbines to transform mechanical energy into electrical energy. Wind energy is a significant source of the power produced from alternative sources. A step-up transformer sends the energy produced to STATCOMs, where it is ultimately sent to the grid. With improved reactive power adjustment, solid-state transformers can function as both step-up transformers and STATCOMs, which makes them more cost-effective and likely to be employed more frequently for the production of wind energy.

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APAC to record highest CAGR from 2024 to 2030

A market research analysis predicts that from 2024 to 2030, the solid-state transformer market would grow at the highest CAGR in the Asia-Pacific (APAC) region. Because of anticipated expenditures in energy technology and infrastructure as well as the expansion of the wind power industry, the APAC region is anticipated to hold the greatest share of the market throughout the forecast period. China and India are considered to be the frontier markets for solid-state transformers in the APAC region, and the continued development of renewable energy sources and infrastructure for electric vehicle charging stations in these nations following COVID-19 is anticipated to fuel the market's rapid expansion.

Major players involved 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), SPX Transformer Solutions (US).

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Last Updated February 27, 2023