U.S. Solid State Transformer Market To Reach USD 133.9 Billion By 2032 Says DataHorizzon Research
Growing investment for energy-efficient devices to induce market demand in the U.S.
Fort Collins, Colorado, March 12, 2024 (GLOBE NEWSWIRE) -- The U.S. Solid State Transformer Market size was valued at USD 33.4 Billion in 2023 and is expected to have a market size of USD 133.9 Billion by 2032 with a CAGR of 16.7%.
A major factor propelling the growth of the solid state transformer market in the United States is the growing reliance on renewable energy sources for energy needs. The falling costs of solar and wind technology encourage the adoption of energy-efficient devices.
Fossil fuel usage is expected to peak in the upcoming years due in part to structural economic trends and an increased focus on sustainable energy technology. The International Energy Agency (IEA) projects that by 2030, the proportion of fossil fuels used to meet the world's energy needs will drop from 80% to 73%. Another renewable energy source that is growing quickly is geothermal energy. The United States is one of the top producers of geothermal electricity worldwide.
According to the U.S. Energy Information Administration, in 2022, the U.S. produced around 17 billion kilowatt hours of geothermal electricity from its geothermal power plants in seven states, accounting for around 0.4% of the total electricity generation. Renewables are expected to become cheaper than fossil fuel alternatives, and renewable power growth is anticipated to be high during the forecast period. According to the U.S. Department of Energy, the U.S. fulfills around 20% of its electricity needs through renewable energy sources. In 2022, U.S. renewable energy generation surpassed coal energy generation.
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Segmentation Overview:
The U.S. solid state transformer market has been segmented into product, voltage, component, and application. Based on product, the U.S. Solid State Transformer market segmentation comprises distribution, power, and traction solid states. The power solid state transformer segment held the largest market share in 2023. These transformers are installed at the ends of the high voltage transmission lines. These transformers are usually step-up or step-down transformers and transmit voltages up to 400 kV, 200 kV, 110 kV, 66 kV, and 33 kV.
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U.S. Solid State Transformer Market Report Highlights:
The U.S. solid state transformer market growth is anticipated at a CAGR of 16.7% by 2032.
Solid state transformers have emerged as one of the best energy alternatives in the U.S. Besides the growing demand for solid state transformers is expected to induce market demand.
Rising investments in smart grid technologies are also propelling market growth. Technologies such as smart meters and smart buildings are to encourage the implementation of smart grids.
Some prominent players in the U.S. solid state transformer market report include General Electric, Alstom, ABB, Siemens, Power Systems & Control Inc., Varentec Inc., Ermco, and SPX Transformer.
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U.S. Solid State Transformer Market Segmentation:
By Product: Distribution solid-state, power solid state, and traction sold state
By Voltage: HV/MV, MV/LV
By Component: Convertors, high-frequency transformers, switchers, and others.
By Application: Renewable power generation, automotive, power grids, traction locomotives, etc.
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