Market Segmentation and Market Share Analysis of the Solid-State Transformer Market

1
MarketsandMarkets Presents
The Solid-State Transformer Market Size is
expected to grow from USD 100 million in 2024 to
USD 241 million by 2030 it is expected to grow at
a CAGR of 15.8 from 2024 to 2030. The key
factors driving the growth of the market include
growing alternative energy sector, increasing
investments in smart grids and energy systems.
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MarketsandMarkets Presents
Voltage level-wise, HV/MV segment expected to
capture larger market size of overall Solid-State
Transformer Market in 2024 The HV/MV segment is
expected to account for the larger share of the
Global Solid-State Transformer Market in 2024.
The growth of the HV/MV segment of the
Solid-State Transformer Market can be attributed
to the increased adoption of these transformers
in renewable power generation applications. The
typical applications of HV/MV solid-state
transformers are offshore wind turbines with
HVDC/MVAC configurations. Download PDF Brochure
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Application-wise, renewable power generation
segment to grow at highest rate from 2024 to
2030 The growth of the renewable power generation
segment of the Solid-State Transformer Market 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. Speak To
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4
MarketsandMarkets Presents
Application-wise, renewable power generation
segment to grow at highest rate from 2024 to
2030 A typical wind energy farm has an induction
generator coupled with a wind turbine to convert
mechanical energy to electrical energy. The
energy generated is further transferred by a
step-up transformer to STATCOMs. It is then fed
to a grid. The step-up transformer increases the
voltage level, while the STATCOM improves the
power factor of the electricity generated. Though
conventional systems (step-up transformers and
STATCOMs) are cost-effective solutions,
solid-state transformers can be instrumental in
playing the role of both step-up transformers and
STATCOMs with improved reactive power
compensation. This, in turn, is expected to lead
to increased use of solid-state transformers for
wind energy production.
5
MarketsandMarkets Presents
APAC to record highest CAGR from 2024 to
2030 APAC is expected to hold the largest share
of the Solid-State Transformer Market and is
estimated to witness the highest rate during the
forecast period. The planned investments in
energy infrastructure and technology by various
APAC countries and the growth of the wind power
market are likely to offer significant growth
opportunities to the Solid-State Transformer
Market. China and India are the frontier markets
for solid-state transformers in the APAC region,
and the steady growth of renewable energy and
electric vehicle charging infrastructure in these
countries post-COVID-19 is expected to fuel the
high growth rate of the Solid-State Transformer
Market in this region.
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MarketsandMarkets Presents
Key Players 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). Browse For More Details -
https//www.marketsandmarkets.com/Market-Reports/s
olid-state-transformer-market-774.html
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