Market Forecast by Countries (Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe), By Product (Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer), By Application (Renewable Power Generation, Elecrtic Vehicle Charging Stations, Power Distribution, Traction Locomotives, Others), By Voltage Level (HV/MV, MV/LV), By Components (Converters, Switches, High-frequency Transformers, Others) And Competitive Landscape
Product Code: ETC184927 | Publication Date: May 2021 | Updated Date: Mar 2024 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Report Name | Europe Solid State Transformer Market |
Forecast period | 2024-2030 |
CAGR | 7.5% |
Growing Sector | Renewable energy Integration |
Europe Solid State Transformer Market report thoroughly covers the market by countries, by product, by application, by voltage level, and by components. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Europe solid state transformers market (SST) is poised for significant growth, driven by the increasing adoption of renewable energy sources, such as solar and wind power, and the modernization of the power grid. The development of eco-friendly and sustainable solid-state transformers. Manufacturers are increasingly focusing on reducing the environmental impact of their products by using greener materials and production processes. This trend aligns with Europe's commitment to combat climate change and reduce carbon emissions.
According to 6Wresearch, the Europe Solid State Transformer Market size is projected to reach at a CAGR of 7.5% during the forecast period 2024-2030. The growth of the solid-state transformer market in Europe is the increasing demand for renewable energy sources. Countries in Europe have set ambitious targets to reduce their carbon footprint and transition towards cleaner forms of energy. This has led to a significant increase in renewable energy installations, creating a need for advanced power distribution and management systems. Solid-state transformers can efficiently convert and distribute electricity from renewable sources, making them an essential component in achieving these targets. The Europe solid-state transformer industry is witnessing several trends that are shaping its growth. One notable trend is the increasing use of SSTs in smart grids. The rise of digitalization and Internet of Things (IoT) has led to the development of smart grid systems, which require advanced power management solutions. SSTs offer enhanced monitoring and control capabilities, making them a perfect fit for these applications.
Governments across Europe are implementing various initiatives and policies to support the adoption of solid-state transformers (SSTs), aiming to boost the integration of renewable energy sources and enhance the efficiency of power distribution networks. These initiatives include subsidies for clean energy technologies, grants for research and development in smart grid technologies, and regulations encouraging the use of energy-efficient solutions in industrial and public sectors.
The Europe SST market is characterized by the presence of several key players who are driving innovation and growth in the sector. Companies like Siemens AG, ABB Ltd., and Schneider Electric are at the forefront, developing advanced SST solutions that cater to the diverse needs of the modern power grid.
The Europe Solid State Transformer Market growth is projected to boost in the future, influenced by the ongoing shift towards renewable energy sources, the proliferation of electric vehicles, and the increasing demand for smart grid technologies. As the technology matures and costs continue to decline, SSTs are expected to play a pivotal role in Europe's energy transformation, offering improved efficiency, reliability, and flexibility in power distribution.
According to Dhaval, Research Manager, 6Wresearch, the France is leading in the market, driven by the advancements and adoption of SST technologies. The UK's focus on innovative energy solutions and France's ambitious renewable energy targets have made them important markets for SST development.
Based on the application, renewable power generation is increasing the Europe Solid State Transformer Market share. This surge is attributed to the European Union's stringent renewable energy targets and the rising integration of renewable resources, such as wind and solar, into the power grid.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Europe Solid State Transformer Market Overview |
3.1 Europe Regional Macro Economic Indicators |
3.2 Europe Solid State Transformer Market Revenues & Volume, 2020 & 2030F |
3.3 Europe Solid State Transformer Market - Industry Life Cycle |
3.4 Europe Solid State Transformer Market - Porter's Five Forces |
3.5 Europe Solid State Transformer Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Europe Solid State Transformer Market Revenues & Volume Share, By Form, 2020 & 2030F |
3.7 Europe Solid State Transformer Market Revenues & Volume Share, By Form, 2020 & 2030F |
3.8 Europe Solid State Transformer Market Revenues & Volume Share, By Voltage Level, 2020 & 2030F |
3.9 Europe Solid State Transformer Market Revenues & Volume Share, By Components, 2020 & 2030F |
4 Europe Solid State Transformer Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Europe Solid State Transformer Market Trends |
6 Europe Solid State Transformer Market, 2020 - 2030 |
6.1 Europe Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
6.2 Europe Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
6.3 Europe Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
6.4 Europe Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
7 Germany Solid State Transformer Market, 2020 - 2030 |
7.1 Germany Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
7.2 Germany Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
7.3 Germany Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
7.4 Germany Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
8 United Kingdom Solid State Transformer Market, 2020 - 2030 |
8.1 United Kingdom Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
8.2 United Kingdom Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
8.3 United Kingdom Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
8.4 United Kingdom Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
9 France Solid State Transformer Market, 2020 - 2030 |
9.1 France Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
9.2 France Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
9.3 France Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
9.4 France Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
10 Italy Solid State Transformer Market, 2020 - 2030 |
10.1 Italy Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
10.2 Italy Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
10.3 Italy Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
10.4 Italy Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
11 Russia Solid State Transformer Market, 2020 - 2030 |
11.1 Russia Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
11.2 Russia Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
11.3 Russia Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
11.4 Russia Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
12 Spain Solid State Transformer Market, 2020 - 2030 |
12.1 Spain Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
12.2 Spain Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
12.3 Spain Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
12.4 Spain Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
13 Rest of Europe Solid State Transformer Market, 2020 - 2030 |
13.1 Rest of Europe Solid State Transformer Market, Revenues & Volume, By Product, 2020 - 2030 |
13.2 Rest of Europe Solid State Transformer Market, Revenues & Volume, By Application, 2020 - 2030 |
13.3 Rest of Europe Solid State Transformer Market, Revenues & Volume, By Voltage Level, 2020 - 2030 |
13.4 Rest of Europe Solid State Transformer Market, Revenues & Volume, By Components, 2020 - 2030 |
14 Europe Solid State Transformer Market Key Performance Indicators |
15 Europe Solid State Transformer Market - Opportunity Assessment |
15.1 Europe Solid State Transformer Market Opportunity Assessment, By Countries, 2020 & 2030F |
15.2 Europe Solid State Transformer Market Opportunity Assessment, By Product, 2020 & 2030F |
15.3 Europe Solid State Transformer Market Opportunity Assessment, By Application, 2020 & 2030F |
15.4 Europe Solid State Transformer Market Opportunity Assessment, By Voltage Level, 2020 & 2030F |
15.5 Europe Solid State Transformer Market Opportunity Assessment, By Components, 2020 & 2030F |
16 Europe Solid State Transformer Market - Competitive Landscape |
16.1 Europe Solid State Transformer Market Revenue Share, By Companies, 2023 |
16.2 Europe Solid State Transformer Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Company Profiles |
18 Recommendations |
19 Disclaimer |