The Solid-State Transformer Market Size is anticipated to increase from USD 100 million in 2024 to USD 241 million by 2030, growing at a CAGR of 15.8% over that time. Growing investments in smart grids and energy systems, as well as the alternative energy industry, are some of the main reasons propelling the market's expansion.

In terms of voltage level, the HV/MV segment is anticipated to account for a greater share of the global solid-state transformer market in 2024.

In terms of market share, the HV/MV category is anticipated to dominate the global solid-state transformer market in 2024. The rising use of these transformers in applications for renewable power generation is responsible for the expansion of the HV/MV segment of the solid-state transformer market. HV/MV solid-state transformers are frequently used in offshore wind turbines with MVAC/HVDC systems. These versions of HV/MV solid-state transformers are less expensive than passive transformers due to their reduced weight/volume ratio. In addition, they cost less to carry and are simpler to replace than traditional HV transformers.

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"Renewable electricity generation will see the highest growth rate from 2024 to 2030, according to applications."

The anticipated early use of these transformers for power generation from wind, solar, and tidal energy can be credited with the expansion of the solid-state transformer market's renewable power generating segment. Alternative energy sources for power generation include the sun, wind, and tides; they have the ability to meet the world's growing energy needs while also lowering carbon emissions. APAC is a leader in this area, and wind energy is a major component of the power produced from alternative sources of energy. An induction generator and a wind turbine are typically connected in a wind energy farm to transform mechanical energy into electrical energy. A step-up transformer then sends the generated electricity to STATCOMs. After that, a grid receives it. The voltage level is raised by the step-up transformer, and the power factor of the electricity produced is enhanced by the STATCOM. Solid-state transformers can be used to replace both step-up transformers and STATCOMs with greater reactive power compensation, even if conventional systems (STATCOMs and step-up transformers) are more affordable options. It is anticipated that this would result in a rise in the use of solid-state transformers for the generation of wind energy.

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From 2024 to 2030, APAC will experience the highest CAGR.

The Solid-State Transformer Market is anticipated to grow at the greatest rate during the projected period in APAC, which is also anticipated to have the largest market share. Numerous APAC nations' planned investments in energy infrastructure and technology, as well as the expansion of the wind power industry, are projected to present the Solid-State Transformer Market with sizable potential opportunities. The frontier markets for solid-state transformers in the APAC region are China and India, where the constant expansion of infrastructure for electric car charging stations and renewable energy sources following COVID-19 is anticipated to fuel the market's rapid expansion.

Key Players

Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), and SPX Transformer Solutions (US) are major participants in the solid-state transformer market.

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