According to the new market research report on the "Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV), Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others), and Region (North America, APAC, Europe, and RoW) - Global Forecast to 2030", The solid-state transformer market size is expected to grow from USD 100 million in 2024 to USD 241 million by 2030 it is expected to grow at a CAGR of 15.8% from 2024 to 2030. The key factors driving the growth of the market include growing alternative energy sector, increasing investments in smart grids and energy systems.
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“Solid-state transformer market for renewable power generation application is expected to grow at highest CAGR during forecast period”
The market for renewable power generation application is expected to capture the highest CAGR during the forecast period. The high growth rate can be attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy. Wind, sun, and tides are alternative sources of energy for power generation; they have the potential to cater to the ever-increasing global requirement of energy, along with reducing the carbon footprint. Wind energy is a key contributor to the power generated from the alternative sources of energy, while APAC is a leader in this field. A typical wind energy farm has an induction generator coupled with a wind turbine to convert mechanical energy to electrical energy. The energy generated is further transferred by a step-up transformer to STATCOMs. It is then fed to a grid. The step-up transformer increases the voltage level, while the STATCOM improves the power factor of the electricity generated. Though conventional systems (step-up transformers and STATCOMs) are cost-effective solutions, solid-state transformers can be instrumental in playing the role of both step-up transformers and STATCOMs with improved reactive power compensation. This, in turn, is expected to lead to increased use of solid-state transformers for wind energy production.
“APAC to record highest CAGR from 2024 to 2030”
APAC is expected to hold the largest share of the solid-state transformer market and is estimated to witness the highest rate during the forecast period. The planned investments in energy infrastructure and technology by various APAC countries and the growth of the wind power market are likely to offer significant growth opportunities to the solid-state transformer market. China and India are the frontier markets for solid-state transformers in the APAC region, and the steady growth of renewable energy and electric vehicle charging infrastructure in these countries post-COVID-19 is expected to fuel the high growth rate of the solid-state transformer market in this region.
Major players involved in the solid-state transformer market include Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US).
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