New York, USA, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global solid state transformer (SST) market is anticipated to garner a revenue of $1,246.4 million and grow at a healthy CAGR of 26.0% during the forecast timeframe from 2020 to 2027.
As per our analysts, with the increasing incorporation of solid-state transformers in the electricity distribution and transmission systems for greater efficiency, the solid state transformer (SST) market is predicted to experience prominent growth over the analysis period. Besides, the beneficial advantages of SST systems such as bi-directional electricity flow, higher load resonant capacity, and many more, are further expected to fortify the growth of the market during the estimated period. Moreover, the increasing trend of adopting electric vehicles among individuals and supportive government initiatives for the electric vehicle industry is predicted to amplify the growth of the market over the forecast period. However, the huge initial investment for the production of solid-state transformers may hinder the growth of the market throughout the analysis period.
Access to the Comprehensive PDF Sample of COVID-19 Impact on Solid State Transformer (SST) Market
Segments of the Solid State Transformer (SST) Market
The report has divided the market into segments based on product, application, and region.
Product: Power Sub-Segment to be Most Profitable
The power sub-segment accounted for $100.6 million in 2019 and is expected to continue a steady growth during the forecast timeframe. The increasing use of power solid state transformers for various transformers applications such as distribution systems monitoring, voltage transformation, and many more are predicted to upsurge the growth of the market sub-segment over the analysis period.
Application: Alternative Power Generation Sub-Segment to be Most Productive
The alternative power generation sub-segment is projected to grow at a CAGR of 25.7% throughout the estimated period. The growing utilization of SST systems for alternative power generation applications to reduce adverse environmental impacts is expected to fuel the growth of the market sub-segment during the forecast period.
Region: North America Region to be Have Huge Growth Opportunities
The North America region of the solid state transformer (SST) market is predicted to garner a revenue of $284.7 million during the analysis period. The growing investments in the advancements of power distribution systems in this region are expected to drive the regional growth of the market over the estimated timeframe.
Covid-19 Impact on the Solid State Transformer (SST) Market
With the outbreak of the novel coronavirus, the solid state transformer (SST) market has experienced a negative impact, likewise various other industries. This is mainly due to the unavailability of raw materials for the manufacturing of electrical equipment. Moreover, the transportation restrictions and complete lockdown imposed by the government of many nations have drastically affected the transportation of finished products and equipment during the pandemic period. However, several business growth tactics implemented by the leading players have created growth opportunities during the period of crisis.
Key Players of the Solid State Transformer (SST) Market
The major players of the solid state transformer (SST) market include
- GRIDBRIDGE
- ABB
- MASCHINENFABRIK REINHAUSEN GMBH
- Mitsubishi Electric Corporation
- General Electric
- Siemens
- Eaton
- Schneider Electric
- Varentec, Inc.
These players are widely working on the development of new business strategies such as product development, partnerships and collaborations, and mergers and acquisitions to gain a leading position in the global industry.
For instance, in March 2021, Hitachi ABB Power Grids, a global leader in power technologies, announced its collaboration with Nanyang Technological University, a leading Singapore-based research-intensive university. With this collaboration, the Hitachi ABB Power Grids aimed to shape the next generation grid system with advanced developments in solid state transformer technology.
Further, the report also summarizes other crucial aspects including the financial performance f the key layers, SWOT analysis, product portfolio, and the latest strategic development.
More about COIVD-19 Impact on Solid State Transformer (SST) Market:
- Solid-State Transformer: An Effective Alternative to Traditional Transformers
- Global Solid State Transformer Market to Grow Enormously by 2027 Owing to Advanced Product Launches
