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Solid State Transformer Market Overview:
As per an Extensive Research Report by Market Research Future (MRFR), Solid State Transformer Market Information By Product Type, Application, End-User, and Region – Forecast till 2032. The solid state transformer market shall go from USD 0.11 billion in 2023 to USD 0.37 billion by 2032, at 15.80% rate from 2023 to 2032.
Modern network devices that integrate various power electronic converter stages with low- or high-frequency transformers are known as solid-state transformers (SSTs), also referred to as smart transformers. SST offers a number of advantages over conventional transformers, including cost-effectiveness, high dependability and robustness, and efficient utilization. They also lessen grid losses and supply reliability while protecting the load from power outages.
SST enables voltage transformation at different voltage levels between Direct Current (DC) and Alternate Current (AC), AC and DC, and DC and DC. They are extensively employed in systems that facilitate seamless conversions between AC and DC and support voltage conversion. With autonomous distributed control intelligence via communications, it is a key enabler of unidirectional or bidirectional power flow.
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Market Competitive Landscape:
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Market USP Covered:
Market Drivers:
The market expansion of SST is anticipated to be prompted by the modernization of outdated power distribution systems. There will probably be plenty of opportunities for the market due to the increasing demand for intelligent and updated power distribution infrastructure. Furthermore, smart transformer adoption is being driven by government mandates to improve grid efficiency in a variety of utility and energy sectors. Because of the benefits that SST offers, it is anticipated that the market will expand as well. SST offers a number of advantages, including bidirectional power flow, AC to DC conversion, and efficient power transmission.
Large economies are pushing a number of projects to increase the share of renewable energy in their energy equity. Beyond GDP, renewable energy contributes to overall welfare and human well-being. By 2030, doubling the share of renewable energy in the world’s energy mix could boost GDP by 1.1%, or USD 1.3 trillion, in addition to fossil fuels. In an effort to lessen their dependency on coal-based electricity generation, a number of nations are increasing the percentage of renewable energy sources in their overall electricity production. Because of their smart transformer design and safety features, these transformers are replacing traditional transformers in the renewable energy zone.
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The use of renewable energy in industrial sectors is being sparked by a number of global government policies. For example, the United States government aims to reduce greenhouse gas emissions to 50–52% by 2030 and aims to completely eliminate GHG emissions by 2035 as a result of the use of fossil fuels in the production of electricity.
Market Restraints:
The high price of these transformers is one of the main barriers to the market. As a result, smart transformer adoption is low in developing and underdeveloped countries worldwide. SSTs are also not widely commercialized and have performance limitations related to their dependability. During the projected period, these factors are expected to impede the growth of the global market.
Market Segmentation
Solid state transformers have applications in electric vehicle charging stations, power generation, traction locomotives, power distribution, and others.
Various product types are distribution solid-state transformer, power solid state transformers, and traction solid state transformers.
Market end-users are energy, transportation, and more.
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Regional Insights
The North American market is leading, thanks to the rising investments in smart grids and energy systems, and technological advancements. Additionally, it is anticipated that the various contracts that the players are leading to support the production of low-carbon energy will enhance the region’s market outlook.
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
