Global Solid-State Transformers Market

MARKET SCOPE:

The global Solid State Transformers market is projected to grow significantly, registering a CAGR of 11.7% during the forecast period (2024 – 2032).

Solid-State Transformers (SSTs) are advanced power electronic devices designed to replace traditional electromagnetic transformers in electrical power distribution and transmission systems. Unlike conventional transformers that rely on electromagnetic induction, SSTs use semiconductor devices such as insulated gate bipolar transistors (IGBTs) and other solid-state components for the efficient conversion and control of electrical power. The pursuit of higher efficiency in power transmission and distribution systems is a significant driver for SSTs. Their advanced power electronics enable more efficient energy conversion, resulting in reduced energy losses during power transmission. With the increasing adoption of renewable energy sources like solar and wind, there is a growing demand for transformers that can efficiently handle variable and intermittent power generation. SSTs facilitate the integration of renewable energy into the power grid. The evolution towards smart grids, characterized by advanced communication and control capabilities, drives the demand for intelligent transformers. SSTs can seamlessly integrate with smart grid technologies, enabling bidirectional power flow, real-time monitoring, and improved grid management. Modern energy systems require adaptable and technologically advanced components. SSTs, with their flexibility and controllability, meet the demand for transformers that can support diverse energy sources and respond to dynamic grid conditions.

MARKET OVERVIEW:

Driver: Increasing demand for environmental considerations is driving the market growth.

Global awareness of environmental issues, including climate change and pollution, has heightened the focus on adopting eco-friendly technologies in various industries, particularly in the energy sector. The energy sector is a major contributor to greenhouse gas emissions. The pursuit of environmentally friendly technologies aims to reduce the carbon footprint associated with power generation, transmission, and distribution. SSTs are designed to offer higher efficiency in power conversion compared to traditional transformers. This increased efficiency results in reduced energy losses during power transmission, leading to lower overall energy consumption and a more sustainable energy system. By minimizing energy losses, SSTs contribute to the conservation of energy resources. A more efficient power transmission process ensures that a greater proportion of generated energy is effectively utilized, reducing the need for additional resource extraction or energy production. Many countries, industries, and organizations have set sustainability goals and commitments. The adoption of environmentally friendly technologies, such as SSTs, aligns with these goals and supports a transition towards cleaner and more sustainable energy systems.

Opportunities: Increasing demand for improved efficiency is anticipated for the market growth in the upcoming years.

Traditional transformers, based on electromagnetic principles, have inherent limitations in terms of efficiency. They may experience energy losses in the form of core losses, copper losses, and other inefficiencies during the process of power conversion and transmission. Solid-state transformers leverage advanced power electronics, including semiconductor devices such as insulated gate bipolar transistors (IGBTs) and other semiconductor switches. These components allow for more precise control over the power conversion process. The use of advanced power electronics in SSTs results in higher efficiency in power conversion. This means that a larger proportion of the electrical energy input is successfully transformed and transmitted to the desired voltage level with minimal losses. The primary outcome of higher efficiency is a reduction in energy losses during power transmission. Reduced losses contribute to energy conservation, improve the overall effectiveness of the power distribution system, and lead to cost savings for utilities and end-users. Higher efficiency positively impacts the performance of the entire power distribution system. It can lead to more reliable and stable electricity supply, especially over long-distance transmissions, and supports the effective utilization of energy resources.

COVID IMPACT:

The COVID-19 pandemic has led to disruptions in global supply chains. If the production of key components for SSTs relies on international suppliers, delays or shortages could occur. Economic uncertainties and challenges faced by industries during the pandemic might lead to delays or postponements in planned projects, including those involving the implementation of advanced technologies like solid-state transformers. The economic impact of the pandemic could result in financial constraints for businesses and utilities. Investments in research, development, and deployment of new technologies might be affected. Organizations may shift their priorities to address immediate concerns and challenges posed by the pandemic. This could lead to a reevaluation of budgets and resource allocation for innovation projects. The shift to remote work may have impacted collaborative research and development efforts. Physical distancing measures could slow down collaborative work, potentially affecting the pace of technological advancements. Governments around the world have implemented various measures to address the economic impact of the pandemic. Changes in policy, incentives, or government support programs could influence the adoption of emerging technologies like SSTs. The pandemic highlighted the importance of resilient and modernized infrastructure. The focus on building resilient energy systems may accelerate the adoption of advanced technologies, including SSTs, to enhance grid resilience.

SEGMENTATION ANALYSIS:

HV/MV segment is anticipated to grow significantly during the forecast period

High Voltage/Medium Voltage (HV/MV) solid-state transformers (SSTs) represent a cutting-edge technology in the realm of power distribution and transformation. These devices play a crucial role in efficiently converting and managing electrical power between high voltage and medium voltage systems. HV/MV solid-state transformers leverage advanced power electronics to convert electrical power from high voltage to medium voltage (or vice versa) with high efficiency. They replace traditional transformers with electronic components, such as semiconductors, to achieve efficient power conversion. HV/MV solid-state transformers are equipped with intelligent control systems, allowing for seamless integration into smart grid environments. They can be part of a grid infrastructure that supports bidirectional power flow, grid monitoring, and communication for improved grid management.

The Renewable Power Generation segment is anticipated to grow significantly during the forecast period

The integration of solid-state transformers (SSTs) with renewable power generation was an area of interest and ongoing research within the energy industry. Solid-state transformers have the potential to enhance the efficiency, flexibility, and overall performance of renewable power systems. SSTs can facilitate the integration of renewable energy sources, such as solar and wind, into the power grid. They provide advanced control capabilities that help manage fluctuations in renewable power output, contributing to grid stability and reliability. SSTs use advanced power electronics to efficiently convert and control electrical power. In renewable power generation systems, this can be particularly beneficial for converting the variable and often DC (direct current) nature of energy generated by sources like solar panels and wind turbines into the AC (alternating current) required for grid distribution.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

Solid-state transformers can play a crucial role in the development of smart grids in the Asia Pacific region. These transformers offer advanced control capabilities, allowing for better management of electricity distribution, voltage regulation, and reactive power control. This can contribute to overall energy efficiency in the grid. Asia Pacific countries are actively investing in renewable energy sources. Solid-state transformers can enhance the integration of renewable energy into the grid by providing efficient power conversion and control. They can help manage the variability and intermittency associated with renewable sources like solar and wind. Solid-state transformers have the potential to enhance the resilience and stability of power grids. Their advanced control features enable quick response to grid disturbances, improving the overall reliability of the power supply. The precise control capabilities of solid-state transformers can contribute to maintaining stable voltage levels and ensuring high power quality. This is particularly important in regions with diverse loads and varying electricity demand. As countries in the Asia Pacific region are increasingly focusing on the electrification of transportation, solid-state transformers could play a role in efficient and reliable charging infrastructure for electric vehicles. Governments, research institutions, and energy companies in the Asia Pacific region may be involved in research and development initiatives related to solid-state transformers. Collaborative efforts may aim to test and implement this technology in real-world applications.

COMPETITIVE ANALYSIS

The global Solid State Transformers market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

General Electric Company

• GE Renewable Energy Grid Solutions business secured multiple orders to supply 765 kV transformers, including solid state transformers and reactors in India. The contracts have been granted by Power Grid Corporation India, one of the India’s largest state – owned transmission companies.

Eaton Corporation PLC

Alstom

Honeywell International Inc.

Toshiba Corp.

Schneider Electric SE

Standard Solid State Transformers Inc.

ENGIE EPS SA

Electric Co.

Others

SCOPE OF THE REPORT

By Voltage level

• MV/LV
• HV/MV
• Other Voltage levels

By Application

• Renewable Power Generation
• Electric Vehicle Charging
• Power Grids
• Others

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

KEY REASONS TO PURCHASE THIS REPORT

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Solid-State Transformers market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Solid State Transformers submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032. Show more