A comprehensive overview of the Global Solid-State Transformer Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Solid-State Transformer Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Solid-State Transformer Market at the regional & country levels. The Global Solid-State Transformer Market is expected to grow at a CAGR of x% from 2021-2027 to reach USD x billion by 2027.
Market Overview
Solid-State Transformers are characterized by three main features: (1) Connection to at least one medium voltage (MV) (or high voltage (HV)) port (either AC or DC); (2) Medium frequency isolation stage(s), and (3) Controllability over input and/or output electrical parameters. Recently, a communication (COMM) port is also being demanded as one of the key features of SSTs. SSTs have found numerous areas of acceptance such as: providing grid ancillary services such as islanding detection, grid isolation, on-grid operation, and hybrid and autonomous mode of operation with energy management in local micro/nano-grids. Furthermore, the market is driven by the rising activity in the Electric Vehicle (EV) industry globally which is further increasing need for EV charging infrastructure. The use of SST enables faster & efficient charging infrastructure. For instance, as per IEA, publicly accessible chargers reached 1.3 million units in 2020, of which 30% are fast chargers. China leads the world in availability of both slow and fast publicly accessible chargers.
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COVID-19 Impact
The COVID-19 outbreak has impacted almost every industry in a short span of time limiting all the industrial and economical activities across the world. The pandemic resulted in lockdowns in major nations around the world causing huge loss in production and sale in industries such as automotive, aviation, consumer electronics, pharmaceuticals, and oil & gas.
Due to pandemic measures of lockdown and movement restrictions in countries to curb the spread of the virus, it severely impacted the SST market, leading to the unavailability of raw materials for the manufacturing of electric equipment. Especially, as China is the manufacturing hub of components the emergence of outbreak in the country severely impacted the availability for the required components.
Similarly, transportation of finished products and equipment has been affected drastically due to the supply chain disruptions all over the world.
Moreover, automotive industry also felt very hard impacts in the early months of the global COVID-19 pandemic. The effects began in China, where sales plunged 71 percent in February 2020; by April, sales had dropped 47 percent in the United States and dived 80 percent in Europe.
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Global Solid-State Transformer Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily bifurcated into:
· Power Solid State Transformer
· Distribution Solid State Transformer
· Traction Solid State Transformer
The Power Solid State Transformer segment dominated the Solid-State Transformer Market and accounted for X% market share. This segment will witness a considerable CAGR of X% during the forecast period (2021-2027F) owing to factors such as rapid adoption rate, economical costs, and rise in product awareness in the power industry.
By Application, the market is primarily studied into:
· Renewable Power Generation
o Wind Power
o Solar Power
o Tidal Power
· Electric Vehicle Charging Stations
· Power Grids
· Traction Locomotives
· Others
The Renewable Power Generation segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X billion by 2027 attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy.
Global Solid-State Transformer Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Based on the estimation, Asia Pacific dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market includes:
· Alstom SA
· Eaton Corporation
· Schneider Electric
· Siemens AG
· Hitachi ABB
· Mitsubishi Electric
· General Electric Company
· Power Systems & Controls Inc
· Amantys
· SPX Transformer Solutions
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Solid-State Transformer Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Global Solid-State Transformer Market?
· Which factors are influencing the Global Solid-State Transformer Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Solid-State Transformer Market?
· Which factors are propelling and restraining the Global Solid-State Transformer Market?
· What are the demanding global regions of the Solid-State Transformer Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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