Solid State Transformers (SST) Market
APEJ Market Statistics
The Asia Pacific market excluding Japan's solid state transformer market is poised to capture the highest revenue of USD 344 million by the end of 2037. This growth of the market is set to be influenced by the rising urban population. For instance, according to UNICEF, Asia’s cities are rising significantly reaching over 55 percent of the population by 2030. Therefore, the need for energy is growing which is further increasing revenue for solid state transformer in this region.
The China market for solid state transformer is predicted to gather the highest market revenue of USD 0.155 billion by the end of 2037 on account of the rising demand for electricity.
There has been a growing installation of solar panels in Indian market leading to the market’s growth.
The market for solid state transformer in Indonesia country will hold notable growth in its revenue. This could be owing to the rising presence of key players.
European Market Analysis
The Europe solid state transformer market is projected to have a significant rise over the forecast period. This growth of the market in this region can be impelled by the growing investment in the cloud. Expenditure in Europe on public cloud services is anticipated to rise to over USD 123 million in 2024 and close to USD 222 million by 2027. Hence, this is further evaluated to benefit solid state transformer greatly.
The growth in the Germany country is expected to be influenced by the growing emphasis on net zero which has further boosted demand for sustainable energy.
The UK market for solid state transformer is also poised to rise in this region on account of the surging development of advanced SST equipment to satisfy a large number of customers.
The market in France for solid state transformer is also estimated to have notable growth in the market owing to the rise in population.
Author Credits: Dhruv Bhatia
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