(MENAFN- PR Newswire)
DUBLIN, Nov. 25, 2022 /PRNewswire/ -- The 'solid-state transformer market - a global and regional analysis: focus on product, application, and country-wise analysis - analysis and forecast, 2025-2031' report has been added to
The global solid-state transformer market is expected to value $207.3 million in 2025 and is projected to reach $467.0 million in 2031, following a CAGR of 14.34% during the forecast period 2026-2031. The growth in the global solid-state transformer market is expected to be driven by an increase in investment toward the building and construction of power transmission and distribution networks, renewable power generation, and EV charging station infrastructure across the globe.
Market Lifecycle Stage
The solid-state transformer market is in the research and development phase. Solid-state transformers are expected to be the replacement for conventional transformers in the coming years.
Solid-state transformers are the primary building blocks of the smart grid infrastructure. Such a transformer can transfer power bidirectionally and scale down and scale up voltages as per the application. The companies that manufacture conventional transformers are taking an interest in the R&D of solid-state transformers to fulfill the future demand from smart grid infrastructure. Solid-state transformers, with the inclusion of communication capability among components used in the power system infrastructure, can be referred to as the smart transformer in the coming years. It will help power utilities in the measurement of demand and supply of electricity use. A solid-state transformer has various advantages over conventional transformers, including power factor correction, fault isolation, harmonic reduction, voltage sag and swell compensation, bidirectional power transfer, and others.
Market Segmentation Segmentation 1: by Application
Smart Grid Renewable Power Integration Traction Locomotive EV Charging Station Others
Segmentation 2: by Product Type
Power Transformer Distribution Transformer Traction Transformer
Segmentation 3: by Region
North America - U.S., Canada, and Mexico Europe - Germany, France, Italy, Spain, and Rest-of-Europe China U.K. Asia-Pacific - India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific Middle East and Africa - Saudi Arabia, South Africa, and Rest-of-Middle East & Africa South America - Brazil, Rest-of-South America
Demand - Drivers and Limitations The following are the demand drivers for the solid-state transformer market:
Increase in Renewable Power Generation Rise in Number of Electric Vehicle Charging Stations Electrification of Rail Locomotives across the Globe High Voltage DC (HVDC) Integration
The market is expected to face the following challenges:
High Initial Cost of Solid-State Transformer Technical Challenges Lack of Basic Power Infrastructure in Underdeveloped Countries
Key Market Players
Siemens Energy Alstom SA Eaton Corporation Hitachi Energy Ltd. Schneider Electric Electric Research and Manufacturing Cooperative (ERMCO), Inc. Murata Manufacturing Co., Ltd. Standex International Corporation Wilson Transformers General Electric American Superconductor CG Power & Industrial Solutions Ltd. IONATE Limited Raychem RPG Private Limited Shree Abirami Engineering Works Southwest Electric Co. Unimag Power Transformer Bicron Electronics Company PowerUC SVM Private Limited
Key Topics Covered:
3 Product type
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit
Research and MarketsLaura Wood, Senior Manager[email protected]
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