Semiconductor and Electronic Survey

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 (I

Application-wise, renewable power generation segment to grow at highest rate from 2024 to 2030" The growth of the renewable power generation segment of the  Solid-State Transformer Market  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 o