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),...