Solid State Transformer Market Emerging Technologies, Market Segments, Landscape and Demand by Forecast to 2027 | Impact of COVID-19
Market Overview: As per the latest study by Market Research Future Reports (MRFR), the global solid state transformer market is estimated to value USD 392 million, thriving at a CAGR of 24% during the review period from 2017 to 2023. The rising emphasis on alternative energy production is the most significant factor driving the global solid state transformer market 2020. There has been a substantial investment in the energy systems and smart grid system, which has propelled the market at a global level. Besides, the increasing demand for electric vehicles is estimated to play an essential role in expanding the global solid-state transformer market. There has been a growth in demand for solid-state transformer applications across several sectors. Moreover, the development and innovations in technology are propelling the growth of the market. The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impedin