Solid-State Transformers Market has been valued at US$ 100.9 million in the year 2021 and it is estimated to reach US$ 242.3 million by the year 2027, with a CAGR of 15.5% from 2022 to 2027. Solid-State Transformer is comprised of three primary parts: converter to produce high-frequency AC from input line frequency AC, isolation by a high-frequency transformer (HFT), and at last, converter to produce AC with line frequency from AC high frequency; these are the main factors that have considerably increased the demand for the Solid-State Transformer in the market, thereby driving the huge growth of the Solid-State Transformer market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Solid-State Transformer in the market are mainly due to the increased demand for active power control; thus, driving the demand for smart transformers. Moreover, solid-state transformers are used to effectively manage smart grids. Hence, growing investment and participation in the smart grid market will benefit the global solid-state transformer market in the long run. However, as solid-state transformers are not much commercialized, it presently has a high cost and low consumer awareness. Therefore, the adoption of SSTs is low in developing and underdeveloped economies. These factors are expected to hamper the global solid-state transformer market growth during the forecast period; these are the main factors that have considerably increased the demand for the Solid-State Transformer in the market, thereby driving the huge growth of the Solid-State Transformer market in the upcoming years

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The report is segmented as:

Solid-State Transformer Market is segmented on the basis of:

By Voltage Level (HV/MV, MV/LV),

By Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others)

Geographical Segmentation:

Solid-State Transformer Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and the rest of the world. North America has the dominant share in the Solid-State Transformer due to the Rise in EV sales coupled with public and private investments in charging infrastructure is conducive to the adoption of smart transformers and expanding the solid-state transformer market size these are the main factors that have considerably increased the demand for the Solid-State Transformer in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Solid-State Transformer Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Solid-State Transformer market growth. Due to covid-19 many companies have shut down and stopped their production which has decreased the availability of Solid-State Transformer. The government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Solid-State Transformer market growth.

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