Smart Grid Segment is Expected to Dominate the Global Solid-State Transformer Market

Smart grid investments remained focused on hardware, such as digital substations and smart meters are the factors propelling the market growth.

 

According to TechSci Research report, “Global Solid-State Transformer Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Solid-State Transformer is anticipated to project robust growth in the forecast period with a CAGR of 15.38% through 2028. In 2020 and Q1 2021, the solid-state transformer market in the United States and Canada was impacted by the COVID-19 pandemic. During the pandemic, several transmission and renewable projects were delayed, causing a decrease in the demand for transformers. For instance, in 2020, Greek industrial group Mytilineos’ turnover from its renewables and storage development decreased by 40% due to contracting and construction delays caused by the pandemic. Increasing integration of renewable energy in the power generation mix and increasing investment in smart grid technologies are expected to drive the market during the forecast period. The technical advantages of solid-state transformers over conventional transformers are likely to drive the market. However, performance constraints, such as high cost and reliability, are expected to restrain the market’s growth during the forecast period.  Based on Application, Smart Grid Segment will dominate the market, A smart grid is an electricity network/grid enabling a two-way flow of electricity and data. The concept of the smart grid accelerated in the last two decades. It has now become an essential part of the digital transformation of the electricity sector. Due to their modular construction flexibility, enabling bi-directional power flow, and deployment in AC and DC grids, solid-state transformers are preferred more than conventional transformers in smart grids.

The three-stage solid-state transformers are typically designed for smart grid applications in which they have bi-directional power flow to transfer power from low voltage to high voltage. Recently, the modernization of the grid to accommodate power flows, serve reliability needs, and meet future projected usage led to the incorporation of electronic intelligence capabilities for power control purposes and operations monitoring, which is driving the demand for smart grid technologies such as solid-state transformers.

 

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For instance, in December 2020, GridWise Alliance in the United States launched its comprehensive Policy Framework for Grid Investments in Economic Recovery, which outlines the need for USD 50 billion in federal spending for grid modernization. Several such grid modernization plans are expected to increase the demand for solid-state transformers in smart grids during the forecast period. Therefore, based on the factors mentioned above, the smart grid application segment is expected to dominate the solid-state transformer market during the forecast period. Based on Region, Asia Pacific will dominate the market. Asia-Pacific is expected to be the largest and fastest-growing market due to the increasing investment in smart grid technology and the increasing demand for electricity, leading to increased investment in power infrastructure across the region.

China is the world’s largest market for power transmission and distribution (T&D). It is projected to become a significant consumer of smart grid technology, supported by its policy to reduce carbon emissions and commitment to green development. <In 2021, the total electricity generation from the various sources in the Chinese power sector was 8.11 trillion kilowatt-hours (KWh). Energy sources contributing to the country's energy generation include coal, natural gas, the nuclear, wind, hydro, biofuels, and solar energy. Since China has the largest industrial sector, the country's energy demand has been rising continuously owing to rapidly growing industrial demands.

With the growing investment in distribution networks, companies are now focusing on smart grids, which is likely to drive the demand for SST in China during the forecast period. As of February 2021, India's total thermal installed capacity stood at 233.17 GW. The installed capacity of renewable, hydro, and nuclear energies totaled 91.15 GW, 46.20 GW, and 6.78 GW, respectively. The government plans to double the share of installed electricity generation capacity of renewable energy to 40% by 2030. India also raised the solar power generation capacity target by five-fold, to 114 GW, by 2022. The government is preparing a 'rent a roof' policy for supporting its target of generating 40 GW of power through solar rooftop projects by 2022. The peak power demand in the country stood at 170.83 GW in FY 2020.

 

Key market players in the Global Solid-State Transformer Market are following: -

• Siemens Ag
• Eaton Corporation
• General Electric Company
• Red Box Aviation
• Vollspark
• Alstom Sa
• Varentec Inc.
• Power Systems And Controls, Inc.
• Hitachi Abb
• Schneider Electric

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“The global solid-state transformer market is being propelled by several key drivers. Firstly, the increasing integration of renewable energy sources, such as solar and wind, into the power grid necessitates the advanced grid management capabilities provided by solid-state transformers. These transformers efficiently manage the variable output of renewables and enhance grid stability. Secondly, the rapid adoption of electric vehicles (EVs) is driving the demand for high-power EV charging infrastructure. Solid-state transformers are essential in enabling fast and efficient charging, reducing range anxiety, and supporting the growth of the EV market. Thirdly, the development of smart grids, with their advanced monitoring, communication, and control systems, relies on solid-state transformers for their adaptability to dynamic grid conditions and their energy efficiency. Energy efficiency, grid resilience, and environmental goals are additional drivers. Solid-state transformers offer enhanced efficiency and reliability compared to traditional transformers, contributing to energy conservation and grid stability. Moreover, governmental policies and incentives that promote energy-efficient technologies and grid modernization are spurring the adoption of solid-state transformers. These drivers collectively position solid-state transformers at the forefront of modernizing power distribution and advancing sustainable energy solutions globally.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

 

Solid-State Transformer Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Application (Smart Grid, Traction, and Other Applications), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Solid-State Transformer Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Solid-State Transformer Market.

 

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