The Role of Solid-State Transformer Market in the Renewable Energy Revolution
The Solid-State Transformer Market is anticipated to increase significantly from USD 100 million in 2024 to USD 241 million by 2030, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2024 to 2030, according to a recent market research analysis by MarketsandMarketsTM. The report cites rising investments in smart grids and energy systems as well as rising demand for alternative energy sources as the main drivers of this growth.
Market segments for solid-state transformers include voltage level, application, and geography. HV/MV and MV/LV are included in the voltage level segment. Renewable energy production, automobiles, power grids, traction trains, and other industries are included in the application segment. The regional sector consists of RoW, Europe, North America, and APAC.
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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Voltage level-wise, HV/MV segment expected to capture larger market size of overall solid-state transformer market in 2024
The HV/MV category is anticipated to account for a greater market share of the entire solid-state transformer market in 2024, according to a recent industry research analysis. The rising use of solid-state transformers in applications for renewable power generation is responsible for the segment's rise.
Typically, offshore wind turbines with HVDC/MVAC designs use HV/MV solid-state transformers. These transformers are more economical since they have a lower weight-to-volume ratio than passive transformers. Compared to typical HV transformers, they are also less expensive to carry and easier to replace.
The research also emphasises the benefits of HV/MV solid-state transformers, such as their high efficiency in converting and managing power and their capacity to control power fluctuations. These elements are anticipated to fuel the HV/MV segment's expansion in the solid-state transformer industry.
Application-wise, renewable power generation segment to grow at highest rate from 2024 to 2030
A new assessment from the National Institute of Standards and Technology (NIST) has found that the United States is the world leader in e-government. The early deployment of solid-state transformers in the production of electricity from wind, solar, and tidal energy is responsible for this growth.
Alternative energy sources including wind, solar, and tides have the potential to meet the growing global energy demand while lowering carbon emissions. Power produced from alternative sources includes a significant amount of wind energy, with the APAC region leading the way in this area.
The power factor of the electricity generated in a typical wind energy farm is increased by the step-up transformer's transfer of the energy to STATCOMs. Solid-state transformers may perform the same functions as both STATCOMs and step-up transformers while also providing enhanced reactive power adjustment. As a result, solid-state transformer usage for the generation of wind energy is anticipated to rise.
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APAC to record highest CAGR from 2024 to 2030
A recent market research analysis predicts that between 2024 and 2030, APAC will grow at the fastest CAGR and account for the largest proportion of the global solid-state transformer market. Many APAC nations' planned investments in energy infrastructure and technology, as well as the expansion of the wind power industry, are set to present the solid-state transformer market with sizable potential prospects.
The frontier markets for solid-state transformers in the APAC region are China and India, where the constant expansion of infrastructure for electric car charging stations and renewable energy sources following COVID-19 is anticipated to fuel the market's rapid expansion.
The study names the necessity for effective power management and the rising demand for renewable energy sources as two major factors influencing the solid-state transformer market in APAC. The region's emphasis on energy infrastructure and technology is anticipated to further accelerate market expansion in the years to come.
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