May 11, 2022 22:00 ET | Source: Fior Markets Fior Markets
Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Market Research Place, the global solid state (smart) transformers market is expected to grow from USD 155.88 million in 2021 to USD 610.99 million by 2030, at a CAGR of 16.39% during the forecast period 2022-2030.
A solid-state transformer is also known as a smart transformer, a modern electrical energy device that provides bi-directional power flow. It is a combination of high-powered semiconductor components, control circuitry, and conventional high-frequency transformers, which provide reactive power compensation and harmonics reduction. Solid state transformers are used for various applications, ranging from alternative power generation to traction locomotives, power grid, electric industries, etc. These are used in a broad range of applications that facilitate the smooth transition from AC to DC and DC to AC, other than voltage conversion.
To enhance their market position in the global solid state (smart) transformers market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The solid state transformer has become the better option for replacing conventional copper and iron-based transformer for better power quality with the advancement of power electronic devices and circuits. These transformers can potentially provide significant benefits compared to traditional transformers like bidirectional power flow, high efficiency, superior power quality, high flexibility, and lower maintenance costs. These can be used in many areas where traditional or conventional transformers are used. These are preferred due to their reduced size, weight, and volume, high power density, higher efficiency, fault isolation, reactive power compensation, and improved power factors. However, its high cost is acting as a restraint for the market.
The type segment is divided into distribution solid-state transformer, power solid state transformer, and traction solid state transformer. In 2021, distribution solid state transformers dominated the market with the largest market share of 59.85% and market revenue of 93.29 million. Solid state transformers actively regulate the voltage and current. Some can convert the single-phase power into three-phase power and vice versa. Variations can input or output the DC powers to reduce the number of conversions for greater end-to-end efficiency.
The application segment is divided into energy, transportation, and others. In 2021, the transportation segment accounted for the largest share of the market, with 58.72% and a market revenue of 91.54 million. In recent years, the electrification of the transportation system has been crucial while considering the depletion of fossil fuels which last only for the next 50 years. Moreover, the extensive use of IC engine-operated vehicles emits CO2 to a large extent in the environment, which is dangerous to the environment.
Regional Segment Analysis of the Solid State (Smart) Transformers Market
Among all regions, Europe emerged as the largest market for the global solid state (smart) transformers market, with around 35.3% and 55.05 million of the market revenue in 2021. The market for smart transformers in the Asia Pacific region has been rising owing to prominent market players. Along with this, the Asia Pacific region has a large population base and encompasses the countries with the highest population, which led to rapid urbanization that propels the market's growth. This offers lucrative growth opportunities for solid state (smart) transformers in the region.
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Key players operating in the Global Solid State (Smart) Transformers market are:
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Market research place has segmented the global solid state (smart) transformers market based on the below-mentioned segments:
Global solid state (smart) transformers market by Type:
Global solid state (smart) transformers market by End-User:
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The global solid state (smart) transformers market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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