The solid state transformer market is expected to grow at a CAGR of more than 4.5 % during the forecast period. Factors such as increasing power generation capacity plan across the world, increasing demand for replacing/refurbishing of aging distribution transformers, and increasing electric vehicle demand, particularly in China and India, owing to rapidly growing industrial and infrastructural development activities, are expected to drive the market during the forecast period. Moreover, with growth in renewable-based power generation and aging transmission and distribution (T&D) infrastructure is promulgating the growth of solid-state transformer market. However, delay in the implementation of electrification projects globally is likely to hamper the growth of the market.
– The alternative power generation is expected to dominate the solid-state transformer market owing to flexibility to control power distribution networks, thereby facilitating the smooth conversion of AC to DC and DC to AC, as per requirement.
– Rising electrification projects in Africa and Asia-Pacific countries, with several initiatives signaling that significant improvements are underway in the regions to improve the electrification rate, is expected to create ample opportunities for the solid state transformer market players.
– Asia-Pacific accounts for the majority share in the global solid-state transformer market are owing to one-third of the world’s population currently residing in India and China, with the two countries accounting significant share of global electricity demand for various application such as electric vehicles, substation, etc.
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Key Market Trends
Alternative Power Generation to Dominate the Market
– Solid-state transformers (SST) cater to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others. Solid-state transformers are used in a wide range of applications, which would facilitate the smooth transition from AC to DC and DC to AC, besides voltage conversion.
– Although a solid-state transformer is more complex than a conventional converter, it is more efficient and smaller than the conventional transformer. An SST generally contains a high-frequency transformer inside the DC-to-DC converter or AC-to-AC converter, which transmits power and offers electric isolation. Currently, solid-state transformers are increasingly being used in the electrical industry in applications such as alternative power generation, power grids, and traction locomotives. Solid-state transformers are increasingly being used between a load or distribution grid and a power generation source for energy management.
– Moreover, countries, such as India and China, are expanding their transmission & distribution network and shifting to the smart grid to increase the electrification rate of the country, which is expected to drive the power transformer. For example, in India, the government aims to electrify all households under the Pradhan Mantri Sahaj Bijli Har Ghar Yojana.
– Further, China, in a bid to decarbonize its power sector, is heavily investing in renewable energy, creating ample opportunity for solid-state power transformer to expand the market in the country. The country is expected to increase its average annual investment in distribution network, hence increasing the demand for power transformer, i.e. solid state transformer.
– Therefore, increasing number of installations of renewable energy sources and smart grids is projected to drive the global solid-state transformer market during the forecast period.
Asia-pacific to Dominate the Market
– Asia-Pacific is expected to be the largest and the fastest-growing region, due to the increasing power generation capacity plans, growing demand for replacing/refurbishing of aging distribution transformers, and increasing electricity demand, particularly in China and India, owing to rapidly growing industrial and infrastructural development activities.
– China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, coupled with factors such as rapid industrialization and urbanization electricity. The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 6.6%.
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