The Solid-State Transformer Market-The Rising Demand from the End-User Segment

The solid-state transformer market is evaluated at US$158.820 million for 2020 and is projected to grow rapidly during the forecast period.

When linked to the electricity grid, solid-state transformers manage voltage changes independently. Voltage data may be relayed to the smart grid, and remedial measures can be carried out remotely. Alternative energy generation, such as solar panels and wind turbines needs a well-designed power supply. The growing use of renewable energy sources like solar and renewable power, as well as the extensive usage of traction locomotives, are important drivers driving development in the worldwide solid-state transformer market. Furthermore, in addition to the increased use of renewable energy sources, the aging transmission and distribution infrastructure is expected to drive development in the solid-state transformer market. The increasing usage of these other sources of energy is expected to propel the solid-state transformers market forward. Furthermore, As the global electric vehicle industry expands, so will the requirement for charging infrastructures such as transformers and substations. Global governments are embracing e-mobility. Electric car sales are influenced by government regulations such as fuel pollution requirements. The worldwide market for electric cars is expanding, and existing infrastructure must be upgraded to accommodate more modern technology. Therefore, solid-state transformers are required in electric cars. Several research institutions are investigating the use of solid-state transformers in fast-charging stations. 

Hitachi ABB Power Grids, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, General Electric Company, Eaton Corporation, Electric Research and Manufacturing Cooperative, Inc. (ERMCO), Alstom SA, TBEA Co., Ltd, SPX Transformer Solutions, Inc. (Acquired by Prolec GE), and others are a few key major players in the market of Screenless Displays.

Eaton Corporation is a worldwide power management corporation formed in the United States with headquarters located in Dublin, Ireland, and a subsidiary administrative base in Beachwood, Ohio, with 2021 revenues of $19.63 billion. The US Department of Energy granted Eaton $4.9 million in 2021 for a program to lower the cost and complexity of establishing direct-current rapid electric car charging infrastructure. Eaton developed and tested a compact solution for DC quick charging network throughout the three-year initiative, which is expected to cut costs by 65% through advances in power converters, grid connector technology, and setup time. Eaton developed a distinctive solid-state transformer design and flexible chargers to enable this new EVCI system. This has allowed for direct connection to the utility's medium-voltage distribution system, obviating the need for extra power conversion equipment and related commissioning. For more information on Solid State Transformer Market click on the link www.knowledge-sourcing.com/report/solid-state-transformer-market

Hitachi ABB Power Grids is a Japanese multinational firm based in Chiyoda, Tokyo, Japan. It is the parent corporation of the Hitachi Group and was once a member of the Nissan zaibatsu, DKB Group, and Fuyo Group of enterprises until DKB and Fuji Bank combined to become the Mizuho Financial Group. In March 2021, Hitachi ABB Power Grids and Nanyang Technological Institution, Singapore, a prominent research-intensive university, will collaborate on the improvement of solid-state transformer technology. The initiative is overseen by the Energy Research Institute and sponsored by the Singapore National Research Foundation. It was part of Singapore's flagship Energy Grid 2.0 effort, which intended to design the next-generation grid system and revolutionize energy management through the integration of different energy sources into a more effective, safe, and robust integrated network.

Siemens AG is a German multinational corporation firm based in Munich and the largest advanced manufacturing enterprise in Europe, with branch offices across the world. The company has extended its product range by partnering with other market-related firms which have boosted the market’s growth for the upcoming years. For instance, Siemens Energy and Casa dos Ventos, one of Brazil's pioneers and largest investors in wind project development, inked a memorandum of agreement in 2019 for the delivery of Latin America's first Sensformer Advanced, digitalized power transformers. These transformers are currently operational in the Rio do Vento wind turbine expansion substation, technologically connected to a unique and secure online platform, as of November 2021.