Solid-state transformer market worth $241 Mn by 2030: Report

“China and India are the frontier markets for solid-state transformers in the APAC region”

The solid-state transformer market size is expected to grow from US$ 100 million in 2024 to US$ 241 million by 2030 and is expected to grow at a CAGR of 15.8% from 2024 to 2030, finds a new market research report by MarketsandMarkets. It said, the key factors driving the growth of the market include growing alternative energy sector, increasing investments in smart grids and energy systems.

Voltage level-wise, HV/MV segment to capture larger market size
According to the report, the HV/MV segment is expected to account for the larger share of the global solid-state transformer market in 2024. The growth of the HV/MV segment of the solid-state transformer market can be attributed to the increased adoption of these transformers in renewable power generation applications. The typical applications of HV/MV solid-state transformers are offshore wind turbines with HVDC/MVAC configurations. HV/MV solid-state transformers with these configurations have a lower weight/volume ratio than passive transformers, making them cost-effective. Moreover, they are easier to replace and have a lower cost of transportation than standard HV transformers.

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