Industry Background:
Solid-state transformers can be used for an AC-to AC converter in an electrical system. It's a kind of electrical power converter, that has replaced standard electrical devices used for AC electric power distribution. The solid-state electrical device is a lot of complicated as compared to a conventional transformer that operational at utility frequency. The solid-state transformer is a lot of efficient, smaller, and high operating performance than a standard electrical device due to its operations at high frequency. A standard solid-state electrical device consists of several high-frequency transformers and is similar to a multi-level converter. The solid-state transformer provides a large variety of advantages like voltage sag compensation, outage compensation, and fast voltage regulation, metering, fault isolation, or advanced distribution automation environmental benefits. The dependability of such benefits drives growth for the solid-state transformer market. It provides a switch combination redundancy for balancing different range voltage levels.
According to AMA Research, the market for Solid State Transformers is expected to register a CAGR of 16.1% during the forecast period to 2027. This growth is primarily driven by The Growing Adoption of Renewable Power Resources
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | USD (Million) |
Key Companies in Study | Hitachi Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (United States), Amantys Limited (United Kingdom), Varentec Inc. (United States), GridBridge (United States), SPX Transformer Solutions (United States), Eaton Corporation plc (Ireland) and Varentec Inc. (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Electronic Equipment & Instruments sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Hitachi Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (United States), Amantys Limited (United Kingdom), Varentec Inc. (United States), GridBridge (United States), SPX Transformer Solutions (United States), Eaton Corporation plc (Ireland) and Varentec Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In March 2021, Hitachi ABB Power Grids, a global technology leader, and Nanyang Technological University, Singapore (NTU Singapore), a leading research-intensive university, will work together to advance developments in Solid State Transformer (SST) technology. The project is led by the Energy Research Institute @ NTU (ERI@N) and is supported by the National Research Foundation, Singapore (NRF). The project is part of the Singapore Government’s flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system and transforming how energy is managed by consolidating multiple energy sources into a single intelligent network that is more efficient, sustainable, and resilient.
In September 2020, Hitachi ABB Power Grids launched an open and scalable ecosystem for the digitalization of transformers. The ecosystem is designed to drive data-driven intelligence and decision-making in the operations and maintenance of transformers and power grids.Nowadays, demand for solid-state transformers is increasing significantly for various applications such as electric vehicle charging stations, power grids, traction locomotives, and alternative power generation, among others. Growing demand for power solid-state transformers, traction solid-state transformers and distribution solid-state transformers are expected to have the highest impact on the China solid-state transformers market.
Regulatory Insights:
The standard for interconnecting are SSPS 1.0 IEEE 1547, distributed resources with electric power systems, IEEE 519 Recommended practices and requirements for harmonic control in electrical power systems. SSPS 2.0 IEEE P1032, Guide for protecting transmission static VAR compensators. In addition, SSPS 3.0 IEEE 1378 is Commissioning HVDC converter stations and associated transmission systems.
Solid State Transformers Market Dynamics:
Attributes | Details |
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Growth Drivers | - The Growing Adoption of Renewable Power Resources
- It Reduces Grid Losses and Supply Reliability
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Influencing Trends | - Rise In EV Sales Coupled by Public and Private Investments
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Restraints | - High Cost of The Solid-State Transformers
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Road Blocks / Challenges | - Due To a Considerable Decrease in The Production the Demand has Lowered
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Gaps & Opportunities | - Continuous Developments and Implementation of New Solutions
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AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Solid State Transformers Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the medium utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Solid State Transformers Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, SEC filings of Solid State Transformers players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Solid State Transformers Study Sheds Light on
The Solid State Transformers Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Solid State Transformers industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Solid State Transformers industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.