Solid State Transformer Market Expanding At A CAGR Of 18.4% During The Forecast Period

The global solid state transformer market is expected to reach US$1.48 billion, expanding at a CAGR of 18.4% during the forecast period (2021-2031). A solid-state transformer (SST), often called a smart transformer, is a modern type of transformer that includes a variety of control circuits, semiconductor components, and another high-frequency transformer. It serves a wide range of applications, including renewable energy generation, electric vehicle charging stations, and power grids.

Factors such as the rising integration of renewable energy sources in the power generation mix and increased investment in smart grid technologies are projected to boost the solid state transformer market. The solid state transformer market is also likely to be driven by the technological benefits of solid state transformers over traditional transformers.

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Rapid Growth in Electric Vehicle Industry Across the Globe

The increasing demand for electric vehicle charging infrastructure has a significant impact on the solid state transformer market valuation. Electric vehicles are becoming more popular throughout the world. Governments from many nations are putting tremendous effort into developing them since they are seen as efficient solutions to environmental problems. Automotive companies are constantly investing in the R&D of electric vehicles. Such aspects are driving the development of the solid state transformer market. Moreover, increasing investments in the automotive sector are expected to have an influence on the overall expansion of the solid state transformer market.

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Growing Use of Solid-state Transformers in Renewable Energy Generation

Solid state transformers are extensively used for power generation from wind, solar, and tidal energy. The majority of developed economies are placing emphasis on these effective energy-generating options, which is boosting the solid-state transformer market. Solid state transformers are widely utilized in wind farms since they can function as step-up transformers and STATCOMs. In recent years, such factors have had an influence on the expansion of the solid state transformers market.

Solid State Transformers Market to Bounce Back Amid COVID-19 Pandemic

The COVID-19 pandemic has disrupted nearly every industry in a short period of time, hampering all industrial and commercial activity worldwide. The pandemic resulted in global lockdowns, resulting in massive losses in production and sales in industries such as automotive, aviation, consumer electronics, pharmaceuticals, and oil and gas. The COVID-19 has had a significant influence on the solid state transformer market. Several manufacturers experienced five-week or longer shipment delays from China and other nations.

The impact of COVID-19 varies depending on the type of the business, product range, firm size, and reliance on a supply chain. However, numerous governments throughout the world are assisting firms in recouping their losses, which can alleviate much of the stress that firms may experience during a pandemic. As the pandemic nears its end in various places, companies are expected to ramp up output with better planning, driving up energy demand. This is anticipated to open up new prospects for the global solid state transformer market in the near future.

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Rising Demand for Solid State Transformers for Smart Grid

A smart grid is an electrical network or grid that allows for the two-way flow of electricity and data. The notion of a smart grid has evolved over the previous two decades and has become a crucial component of the digital revolution of the electricity sector. Solid-state transformers are chosen over traditional transformers in smart grids due to their modular construction, ability to support bi-directional power transmission, and deployment in both AC and DC grids. Three-stage solid state transformers are commonly used in smart grid applications, which is contributing to the solid state transformer market growth. They provide a bidirectional power flow to transfer electricity from low voltage to high voltage.

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