The solid-state (smart) transformer market is expected to grow significantly with a CAGR of 16.9% from 2021 to 2028.

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Solid-state electric power transformers had the largest market share in 2020 due to factors such as rapid penetration, economic costs, and increased product awareness in the electric power industry. In addition, solid transformers for traction are expected to be installed in locomotives and electric vehicles, so the fastest growth is expected at an annual rate of 17.7%. In 2020, the renewable energy power generation sector had the largest market share. Wind power and solar panels to generate renewable energy require smart transformers for better power management. However, during the forecast period of the solid-state transformer market, the charging field of electric vehicles will grow at the fastest CAGR of 21.5%. In addition, increased sales of electric vehicles and public and private investment in charging infrastructure are driving the adoption of smart transformers. Overview by region By region, we analyze North America, Europe, Asia Pacific, South America, and the Middle East / Africa. By region, we analyze the solid transformer market in the order of North America, Europe, Asia Pacific, and LAMEA. Europe will have the largest share of the solid-state transformer market in 2020. This is due to the large introduction of renewable energies such as wind and solar in major European countries. These countries are also making significant contributions to the global electric vehicle market. The Asia Pacific region is expected to grow fastest with a CAGR of 18.6%. This rapid growth is due to the investment in the electricity industry by Asia-Pacific countries such as China, India, Japan and Australia. Competitive analysis. Leading companies in the solid-state transformer industry include Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems & Controls Inc., Red Box Aviation, Schneider Electric, Siemens AG, Valentec Inc. and Vollspark. The impact of Covid-19 on the global market for solid-state transformers Most industries have been inoperable during this pandemic. Lockdowns in different countries have hit the operations of various distribution companies and affected their financial position. This has reduced the demand for transformers. The primary use of solid-state transformers is renewable energy power generation, which is also heavily affected by pandemics. The pandemic has had a negative impact on the demand for renewable energy generation. The pandemic has negatively impacted the demand for renewable energy generation. Globally complete or partial lockdowns have disrupted the supply chain, delayed project construction and had a direct impact on the commissioning of renewable energy power projects. In the global solar cell industry, more than 40% of the supply chain depends on supply from China and other Southeast Asian countries. China is known as the source of this pandemic and is the country most affected by COVID-19 in terms of material supply and transportation. These factors are impacting the growth of the global solid-state transformer market. Key Results of This Survey Please request a free sample page before purchasing the report: https://reportocean.com/industry-verticals/sample-request?report_id=AMR1784 About us: We are in the industry The best market research reporting provider. Report Ocean believes in providing quality reports to its clients to reach their top and bottom line goals of increasing market share in today's competitive environment. Report Ocean is a "one-stop solution" for individuals, organizations and industries looking for innovative market research reports. * The following is special information limited to media personnel. Please refrain from disclosing information on personal SNS etc.

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