The Solid State Transformer Market Size is expected to grow from USD 100 million in 2024 to USD 241 million by 2030 at a CAGR of 15.8% from 2024 to 2030.
Growing alternative energy, and increasing investments in smart grids and energy systems are some of the major factors driving the growth of the Solid State Transformer Market.
Solid State Transformer Market for renewable power generation application is expected to grow at highest CAGR during forecast period
The market for renewable power generation application is expected to capture the highest CAGR during the forecast period. The high growth rate can be attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy. Wind, sun, and tides are alternative sources of energy for power generation; they have the potential to cater to the ever-increasing global requirement of energy, along with reducing the carbon footprint. Wind energy is a key contributor to the power generated from the alternative sources of energy, while APAC is a leader in this field.
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The key factors driving the growth of the market include growing alternative energy, increasing investments in smart grids and energy systems. 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) are among a few major players in the Solid State Transformer Market. The Solid-State Transformer Market is not yet commercialized and is expected to be commercialized by 2024.
Hitachi is a multinational conglomerate providing solutions in the field of IT, energy, industry, healthcare, and mobility, among others. Hitachi ABB Power Grids is a subsidiary of Hitachi, which is involved in the power industry and offers products and services related to the industry. Hitachi actively participates in the development of solid-state transformers. ABB power grid business has been involved in the development and implementation of solid-state transformers, and with the joint venture of Hitachi and ABB Power Grid business, the newly formed company is expected to further develop the market for solid-state transformers in the power grid industry.
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Schneider Electric is one of the major companies in the field of transformers. The company has a well-established network to support its sales and service network. It also has a wide range of product offerings for electric vehicle charging, solar energy, and smart grid. Thus, the collective expertise in such prospect areas for the application of solid-state transformers ensures the company’s success in the solid-state transformer market.
Siemens has a strong base in the transformer market. The company is investing in R&D, which would lead to the development of high-end transformers for power management and distribution and also to deliver optimum solutions. Siemens has been keeping track of the progress of the project of the FREEDM system center and is expected to either invest in the development of solid-state transformer or form its applications based on this technology in the coming future.
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