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CHICAGO, November 24, 2020 / PRNewswire / – According to the new market research report on “Solid state transformer market by voltage level (HV / MV, MV / LV), application (renewable energy generation, automotive, power grids, traction locomotives and others) and region (North America, APAC, Europeand RoW): global forecast to 2030 “, published by MarketsandMarkets ™, the market size for solid state transformers 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% between 2024 and 2030. Key factors driving market growth include the growth of the alternative energy sector and increased investments in smart grids and energy systems.
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“The HV / MV segment by voltage level is expected to capture a larger market size of the overall solid state transformer market by 2024.”
The HV / MV segment is expected to account for the largest 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 applications. of renewable energy generation. Typical applications for HV / MV solid state transformers are offshore wind turbines with HVDC / MVAC configurations. Solid state HV / MV transformers with these configurations have a lower weight / volume ratio than passive transformers, making them cost effective. In addition, they are easier to replace and have a lower transportation cost than standard HV transformers.
“The segment of renewable energy generation by application will grow at the 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 anticipated early adoption of these transformers for power generation from wind, solar and tidal power. The wind, the sun and the tides are alternative sources of energy for power generation; they have the potential to meet the world’s growing energy needs, in addition to reducing the carbon footprint. Wind energy is a key contributor to energy generated from alternative energy sources, while APAC is a leader in this field. A typical wind power farm has an induction generator along with a wind turbine to convert mechanical energy into electrical energy. The energy generated is also transferred via a step-up transformer to the STATCOMs. It is then fed to a rack. The step-up transformer increases the voltage level, while the STATCOM improves the power factor of the electricity generated. Although conventional systems (step-up transformers and STATCOM) are cost-effective solutions, solid state transformers can be instrumental in fulfilling the role of step-up transformers and STATCOM with improved reactive power compensation. This, in turn, is expected to lead to the increased use of solid-state transformers for wind power production.
Browse TOC in depth at “Solid State Transformers Market“
112 – Tables
49 – Figures
153 – Pages
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“APAC will record the highest CAGR from 2024 to 2030”
APAC is expected to have 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 several APAC countries and the growth of the wind power market are likely to offer significant growth opportunities for the solid state transformer market. China Y 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 after COVID-19 is expected to fuel the high market growth rate. of solid state transformers in this region.
The main players involved in the solid state transformer market include Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (USA), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US).
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