• 出版社/出版日：Mordor Intelligence / 2021年7月31日
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The potential market size of the solid-state transformer was estimated to be USD 5.09 million in 2019, and is expected to reach USD 6.59 million by 2026, at a CAGR of 5.71% during 2019-2026. In 2020 and Q1 of 2021, the solid-state transformer market in the countries such as United States and Canada, etc. has been impacted by the COVID-19 pandemic. During the pandemic, several transmission, as well as renewable projects have been delayed causing a decrease in demand for transformers. Factors such as increasing integration of renewable energy in power generation mix combined with increasing investment in smart grid technologies is expected to drive the market during the forecast period. Also, technical advantages of solid-state transformers over conventional transformers are also expected to drive the market. However, performace constraints such as high cost, reliability, etc. is expected to restrain the solid-state transformer growth during the forecast period.
- As the smart grid investments in recent years remain focused on hardwares such as digital substations, smart meters, etc. smart grid application segment is expected to dominate the solid-state transformer market during the forecast period.
- Reduction in price due to mass production, large manufacturers investing in R&D along with technological advancements are expected to create immense opportunities for the solid-state transformer market in the coming years.
- Asia-Pacific is expected to be the largest and fastest growing market during the forecast period, with majority of the demand coming from countries like China, India, and Japan, etc.
Key Market Trends
Smart Grid Application to Dominate the Market
- Smart grid is an electricity network/grid enabling a two-way flow of electricity and data. The concept of smart grid accelerated in last two decades and have now became an essential part in the digital transformation of electricity sector. Because of their flexibility to be of modular construction, enabling bi-directional power flow and their deployment in both AC and DC grids, the solid-state transformers are preferred more over conventional transformers in smart grids.
- The three-stage solid-state transformers are typically designed for the purposes of smart grid applications in which it has bidirectional power flow to transfer power from Low Voltage to High Voltage.
- In recent times, the modernization of the grid to accommodate power flows, serve reliability needs, and meet future projected usage is leading to the incorporation of electronic intelligence capabilities for power control purposes and operations monitoring, which is driving the smart grid technologies such as solid-state transformers.
- For instance, in December 2020, GridWise Alliance in United States launched its comprehensive Policy Framework for Grid Investments in Economic Recovery, which specifically outlines the need for USD 50 billion in federal spending for grid modernization. Several such grid modernization plans are expected to increase the demands of the Solid-state transformers in smart grids during the forecast period.
- Furthermore, the major companies and countries are becoming more involved in the technological advancement and development of new and more efficient Solid-state transformers to be used for grid applications. For instance, in March 2021, Hitachi ABB Power Grids and Nanyang Technological University, under Singapore Government’s flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system, collaborated to work together for the advance developments in Solid-state Transformer (SST) technology.
- Therefore, based on the above-mentioned factors, smart grid application segment is expected to dominate the solid-state transformer market during the forecast period.
Asia-pacific to Dominate the Market
- Asia-Pacific is expected to be the largest and fastest growing market, owing to the increasing investment in smart grid technology and the increasing demand for electricity leading to increasing investment in power infrastructure all over the region.
- China is the world’s largest market for power transmission and distribution (T&D) and is also poised to become a significant consumer of smart grid technology, supported by its policy to reduce carbon emission and commitment to green development. In 2020, the public utility State Grid of China invested around of USD 65 billion, with ultra-high voltage (UHV) projects accounting for 40% of the total investment. However, investment in China’s transmission decreased by nearly USD 10 billion over the 2019 level, as there was a higher focus on the upgrading of rural power grids and the construction of distribution networks.
- With the growing investment on distribution networks, the companies are now focusing on smart grids, which is likely to drive the demand for SST in the country during the forecast period.
- As of February 2021, the total thermal installed capacity in India stood at 233.17 GW. Renewable, hydro, and nuclear energy installed capacity totaled 91.15 GW, 46.20 GW, and 6.78 GW, respectively. The Government plans to double the share of installed electricity generation capacity of renewable energy to 40% by 2030. India has also raised the solar power generation capacity addition target five times to 114 GW by 2022. The Government is preparing a ‘rent a roof’ policy for supporting its target of generating 40 GW of power through solar rooftop projects by 2022. The peak power demand in the country stood at 170.83 GW in FY20.
- Furthermore, the Government of India has set a target to install 227 GW of renewable energy capacity by FY22. As of June 2019, the Government launched USD 5 billion of transmission-line tenders. The investment in the low and medium voltage transmission lines is likely to provide opportunity for SST deployment during the forecast period.
- Therefore, based on the above-mentioned factors, Asia-Pacific is expected to be the largest and fastest growing market during the forecast period.
The solid-state transformer market is consolidated with very few companies and research institutes operating in the market.
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1.1 Scope of the Study
1.2 Market Definition and Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Potential Market Size and Demand Forecast for Solid-State Transformers, in USD million, till 2026
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.5 Supply Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Application – (Qualitative Analysis Only)
5.1.1 Smart Gird
5.1.3 Other Applications
5.2.1 North America
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 List of Major Research Institutions and Companies Involved in the Solid-State Transformer (SST) Market
7 MARKET OPPORTUNITIES AND FUTURE TRENDS