The Global Solid State Transformer Market is anticipated to grow from USD 141.5 million in 2020 to USD 438.91 million by 2027, growing at a CAGR of 15.9% during the forecast period 2021-2027. A solid-state transformer achieves the core task of a transformer along with proposing numerous benefits. It is an assembly of high power-driven semiconductor components that offer conservative high-frequency transformers and control circuitry which is used to deliver a high level of flexible control to power distribution systems.

Solid-state transformers are progressively being unified into smart grid systems and are most frequently used in both converter and inverter circuits. Major characteristics driving the expansion of the solid-state transformer industry are the increasing importance of substitute energy production across the world and huge investments in the smart grid and energy systems. Similarly, the growth of the electric vehicle market is expected to drive the growth of the global solid-state transformer market.

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Factors such as the growing integration of renewable energy in the power generation mix united with increasing investment in smart grid machinery are projected to drive the market during the forecast period. For instance, in December 2020, GridWise Alliance in the United States launched its inclusive Policy Framework for Grid Investments in Economic Retrieval, which precisely outlines the need for USD 50 billion in federal spending for grid transformation. Some such grid innovation plans are likely to upsurge the demands of the solid-state transformers in smart grids during the forecast period.

Asia-Pacific is expected to be the largest and fastest-growing market, due to the increasing investment in smart grid technology and the growing demand for electricity leading to rising in investment in power infrastructure all over the region.

China is the world’s leading market for power transmission and distribution (T&D) and is also composed to become a significant consumer of smart grid technology, maintained by its policy to lessen carbon emission and obligation to green development. In 2020, the public utility State Grid of China capitalized around USD 65 billion, with ultra-high voltage (UHV) plans accounting for 40% of the total investment.

In December 2019, STMicroelectronics associated with Schneider Electric on carbon impartiality and co-development of energy-efficient solutions. According to this partnership, STMicroelectronics delivers various energy-efficient components to Schneider Electric for use in diverse speed drives, building management systems, power monitoring systems, and uninterruptible power supply (UPS) systems.

Some of the key players operating in the pressure sensor market: ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, Alstom SA, and among others.

Source: VynZ Research