Investment in energy-efficient devices increases to stimulate market demand in the US
FORT COLLINS, Colo., March 12, 2024 (Globe Newswire) — The US solid state transformer market size was valued at USD 33.4 billion in 2023 and is expected to reach USD 133.9 billion by 2032, at a CAGR of 16.7%.
A major factor driving the growth of solid state transformer market The United States is increasingly relying on renewable energy sources for its energy needs. The falling cost of solar and wind power generation is driving the adoption of energy-efficient equipment.
Due to structural economic trends and increased focus on sustainable energy technologies, fossil fuel usage is expected to peak in the coming years. The International Energy Agency (IEA) predicts that by 2030, the share of fossil fuels used to meet global energy needs will fall from 80% to 73%. Another rapidly growing renewable energy source is geothermal energy. The United States is one of the world's leading geothermal power producers.
According to the U.S. Energy Information Administration, geothermal power generation in the United States in 2022 was approximately 17 billion kilowatt hours from geothermal power plants in seven states, accounting for about 0.4% of total electricity generation. Renewable energy is expected to be cheaper than fossil fuel alternatives and growth in renewable electricity is expected to be high during the forecast period. According to the U.S. Department of Energy, the United States meets about 20% of its electricity needs from renewable energy sources. In 2022, renewable energy generation in the United States will exceed coal energy generation.
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Segmentation overview:
of US solid state transformer market is subdivided into Products, voltages, components and applications. Based on product, the US solid state transformer market segmentation consists of power distribution, power, and traction solid state. The power solid-state transformer segment captured the largest market share in 2023. These transformers are installed at the end of high-voltage power lines. These transformers are typically step-up or step-down transformers and carry voltages up to 400 kV, 200 kV, 110 kV, 66 kV, and 33 kV.
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Highlights of the US Solid State Transformer Market Report:
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Prominent players in the US 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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US Solid State Transformer Market Segmentation:
By product: Solid state for power distribution, solid state for power, solid state for traction
By voltage: HV/MV, MV/LV
By component: converters, high frequency transformers, switchers, etc.
By application: Renewable power generation, cars, power grids, locomotives, etc.
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