At 16% CAGR, Global Solid-State Transformer Market Size & Share to Surpass US$ 240 Mn By 2030, Forecast Report By CMI
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According to the study, The?Global Solid-State Transformer Market?was estimated at USD 70 million in 2021 and is anticipated to reach around USD 240 million by 2030, growing at a CAGR of roughly 16% between 2022 and 2030.
?Overview:
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Growth Drivers:
In the coming years, the growing trend of incorporating SSTs in electricity D&T systems for efficient power system optimization will likely provide ample growth opportunities for the global SSTs market. This anticipated growth is caused by the growing use of smart transformers based on SST technologies in EVs and renewable energy production stations for electricity flow controllability as well as dc connectivity. Furthermore, SST systems have significant advantages, including increased load resonant capacity, most effective power management, bi-directional electricity flow, and numerous other advantages. These factors propel the increased use of SSTs in power generation systems, influencing market growth in the coming years.
The Global Solid-State Transformer Market was estimated at USD 70 million in 2021 and is anticipated to reach around USD 240 million by 2030, growing at a CAGR of roughly 16% between 2022 and 2030.