Worldwide Solid-State Transformer Industry to 2026 - Asia-Pacific to Dominate the Market - ResearchAndMarkets.com

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The "Solid-State Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, September 22, 2021
Information
Tags: 
Energy, Other Technology, Technology, Other Energy, Utilities, Low voltage, High voltage, Policy, Solid, USD, CAGR, UHV, Carbon, SST, AC, Grid, Government, Singapore Government Enterprise Architecture, DC, COVID-19, Technology, Electricity, Nanyang Technological University, Animal, Electric power industry, Renewable energy
Geotags: 
INDIA, CHINA, SINGAPORE, CANADA, UNITED STATES
⚠generated by AI ↴
Summary
Key Points: 
  • The "Solid-State Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
  • The potential market size of the solid-state transformer was estimated to be USD 5.09 million in 2019, and is expected to reach USD 6.59 million by 2026, at a CAGR of 5.71% during 2019-2026.
  • In 2020 and Q1 of 2021, the solid-state transformer market in the countries such as United States and Canada, etc.
  • Smart grid is an electricity network/grid enabling a two-way flow of electricity and data.


The "Solid-State Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The potential market size of the solid-state transformer was estimated to be USD 5.09 million in 2019, and is expected to reach USD 6.59 million by 2026, at a CAGR of 5.71% during 2019-2026.

In 2020 and Q1 of 2021, the solid-state transformer market in the countries such as United States and Canada, etc. has been impacted by the COVID-19 pandemic.

Key Market Trends

Smart Grid Application to Dominate the Market

  • Smart grid is an electricity network/grid enabling a two-way flow of electricity and data. The concept of smart grid accelerated in last two decades and have now became an essential part in the digital transformation of electricity sector. Because of their flexibility to be of modular construction, enabling bi-directional power flow and their deployment in both AC and DC grids, the solid-state transformers are preferred more over conventional transformers in smart grids.
  • The three-stage solid-state transformers are typically designed for the purposes of smart grid applications in which it has bidirectional power flow to transfer power from Low Voltage to High Voltage.
  • In recent times, the modernization of the grid to accommodate power flows, serve reliability needs, and meet future projected usage is leading to the incorporation of electronic intelligence capabilities for power control purposes and operations monitoring, which is driving the smart grid technologies such as solid-state transformers.
  • For instance, in December 2020, GridWise Alliance in United States launched its comprehensive Policy Framework for Grid Investments in Economic Recovery, which specifically outlines the need for USD 50 billion in federal spending for grid modernization. Several such grid modernization plans are expected to increase the demands of the Solid-state transformers in smart grids during the forecast period.
  • Furthermore, the major companies and countries are becoming more involved in the technological advancement and development of new and more efficient Solid-state transformers to be used for grid applications. For instance, in March 2021, Hitachi ABB Power Grids and Nanyang Technological University, under Singapore Government's flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system, collaborated to work together for the advance developments in Solid-state Transformer (SST) technology.

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to be the largest and fastest growing market, owing to the increasing investment in smart grid technology and the increasing demand for electricity leading to increasing investment in power infrastructure all over the region.
  • China is the world's largest market for power transmission and distribution (T&D) and is also poised to become a significant consumer of smart grid technology, supported by its policy to reduce carbon emission and commitment to green development. In 2020, the public utility State Grid of China invested around of USD 65 billion, with ultra-high voltage (UHV) projects accounting for 40% of the total investment. However, investment in China's transmission decreased by nearly USD 10 billion over the 2019 level, as there was a higher focus on the upgrading of rural power grids and the construction of distribution networks.
  • With the growing investment on distribution networks, the companies are now focusing on smart grids, which is likely to drive the demand for SST in the country during the forecast period.
  • As of February 2021, the total thermal installed capacity in India stood at 233.17 GW. Renewable, hydro, and nuclear energy installed capacity 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 has also raised the solar power generation capacity addition target five times 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.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Potential Market Size and Demand Forecast for Solid-State Transformers, in USD million, till 2026

4.3 Recent Trends and Developments

4.4 Market Dynamics

4.4.1 Drivers

4.4.2 Restraints

4.5 Supply Chain Analysis

4.6 Industry Attractiveness - Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Application - (Qualitative Analysis Only)

5.1.1 Smart Gird

5.1.2 Traction

5.1.3 Other Applications

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 List of Major Research Institutions and Companies Involved in the Solid-State Transformer (SST) Market

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/acnbdm

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