The International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.
The latest report by IMARC, titled “ SolidStateTransformerMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForeca st2023-2028
” finds that the global solid state transformer market size reached US$ 187.9 Million in 2022.
A solid state transformer, or SST, refers to a single-input dual-output power converter that facilitates voltage conversion from alternate current (AC) to direct current (DC), DC to DC, and DC to AC on different voltage levels. It offers high controllability and enables flexible connectivity between existing medium-voltage power distribution networks, low-voltage AC residential systems, and envisioned DC residential systems.
It also compensates the voltage sags and harmonic distortion, interconnects asynchronous networks, and interfaces DC and AC ports. In addition, it can isolate disturbances from the source and load or vice versa while eliminating the use of tap changers or mechanical actuators. As a result, SST finds extensive applications in power grids, traction or locomotives, renewable power generation, and electric ships.
Request Free Sample Report:
https://www.imarcgroup.com/solid-state-transformer-market/requestsample
The expanding energy sector, coupled with heavy investments in smart grid infrastructure, represents the primary factor driving the market growth. Moreover, SST is gaining immense traction as a superior alternative to conventional transformers in smart grids as it offers voltage regulation, power quality improvement, current limiting, reactive power compensation, and power factor correction. Besides this, the rapid modernization of smart grids and the widespread incorporation of electronic intelligence capabilities for power control and operations monitoring have augmented the demand for smart grid technologies, such as SSTs. Additionally, there has been a rise in the use of SSTs in electric vehicle (EV) charging stations. In line with this, the elevating EV sales across the globe due to the growing environmental concerns among individuals and the implementation of favorable government initiatives promoting the use of EVs have accelerated product adoption rates.
Furthermore, the increasing preferences for renewable energy sources, such as wind and solar energy, for power generation due to escalating electricity demand and the surging need to reduce carbon footprints has fueled the market growth. Other factors, including the rising public and private investments in distribution and power transmission infrastructure, ongoing research and development (R&D) activities by key players, and technological advancements, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 430.2 Million by 2028, growing at a CAGR of 14.3% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyProduct:
• Distribution Solid State Transformer
• Power Solid State Transformer
• Traction Solid State Transformer
BreakupbyComponent:
• Converters
• High-frequency Transformers
• Switches
• Others
BreakupbyVoltageLevel:
• HV/MV
• MV/LV
BreakupbyApplication:
• Alternative Power Generation
• Electric Vehicle Charging Stations
• Power Distribution
• Traction Locomotives
• Others
BreakupbyEndUser:
• Energy
• Transportation
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• ABB Ltd
• Alstom SA
• Eaton Corporation PLC
• Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.)
• General Electric Company
• Hitachi Ltd.
• Kirloskar Electric Company Ltd.
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Siemens AG
• Synergy Transformers
• Vollspark
ViewFullReportwithTOC&ListofFigure:
https://www.imarcgroup.com/solid-state-transformer-market
We are the trusted business partners to the world's leading corporates, governments, and institutions
We are the trusted business partners to the world's leading corporates, governments, and institutions
© 2019 IMARC All Rights Reserved
This Publication and all it’s contents unless otherwise mentioned are copyrighted in the name of International Market Analysis Research and Consulting (IMARC). No part of this publication may be reproduced, repackaged, redistributed or resold in whole or in any part. The publication may also not be used in any form or by and means graphic electronic or mechanical, including photocopying, recording, taping or by information storage or retrieval, or by any other form, without the express consent of International Market Analysis Research and Consulting (IMARC).
Disclaimer: All contents and data of this publication, including forecasts, data analysis and opinion have been based on information and sources believed to be accurate and reliable at the time of publishing. International Market Analysis Research and Consulting makes no representation of warranty of any kind as to the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any loss or damage resulting from opinion, errors or inaccuracies if any found this publication.
IMARC, IMARC Group and Global Therapy Insight Series are registered trademarks of International Market Analysis Research and Consulting. All other trademarks used in this publication are registered trademarks of their respective companies.
