Solid State Transformer Market Sales Revenue Forecast 2027
The global Solid State Transformer market gathered revenue around USD 1.0 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18% during the prediction period 2021 to 2027.
Report Coverage
| Report Scope | Details |
| Market Size | USD 1.0 Billion by 2027 |
| Growth Rate | CAGR of 18% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Type, Component, Application,and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, and Alstom SA. |
The global solid state transformer market is broadly affected by several factors, including usage of solid state transformer in power distribution and alternate power generation; and increasing applications in electric vehicle charging. Thus, expanding applications of solid state transformers in different sectors are propelling the global market.
Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as smart transformer and intelligent universal transformer.
The smart transformers are used to provide additional flexibility to control power distribution networks; thereby, facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Presently, it caters to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others.
The global solid-state transformer market is presently driven by various factors such as growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems. The global shift from fossil-fuel based electricity toward cleaner renewable energy sources has put focus on the development of energy grids for providing load integration and power compensation.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Solid State Transformer market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Solid State Transformer market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Solid State Transformer market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Solid State Transformer Market: Prominent Regions
The solid state transformer market in North America is estimated to expand during the forecast period, owing to the presence of key market players, technological advancements, and growing usage of solid state transformer in various applications in the region. The solid state transformer market in Europe is projected to expand considerably during the forecast period, due to the rise in investments by governments in electric vehicle infrastructure in the region. The solid state transformer market in Asia Pacific is likely to expand during the forecast period, owing to the increase in usage of solid state transformers in electric distribution and the presence of a large number of players engaged in the design and manufacture of solid state transformers in the region.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Solid State Transformer Market include: ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, and Alstom SA.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Solid State Transformer Market: Segmentation
Solid State Transformer Market, by Type
Solid State Transformer Market, by Component
Solid State Transformer Market, by Application
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Solid State Transformer market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Solid State Transformer market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Solid State Transformer markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Solid State Transformer market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers