Solid State Transformer Market - Overview
The global Solid State Transformer Market is predicted to touch USD
392 million at a whopping 24% CAGR between 2017- 2023, states the recent Market
Research Future (MRFR) analysis. Solid state transformer (SST) or smart
transformer, simply put, is a merge of high-powered semiconductor components, conventional
high frequency transformers, and control circuitry. Alternative power
generation, power grid, traction locomotives, and others are some of the
applications of the solid state transformer.
Various factors are propelling the global solid
state transformer market share. According to the recent MRFR report, such
factors include the burgeoning demand for these solutions, overstated use of
renewable energy, growing railway infrastructure, especially in developing
regions, implementation of solar and wind energy, awareness about the different
benefits of solid state transformers such as conversion of AC to DC, efficient
power transmission, solid state transformer for energy efficiency enhancement,
and bi-directional power flow, increasing investments on renewable energy
generation sources, and demand for electric charge vehicles.
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On the contrary, high cost, inadequate testing
infrastructure, and the impact of the on-going COVID-19 pandemic may impede the
global solid state transformer market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental
analysis of the global solid state transformer market based on application,
product, and component.
By component, the global solid state transformer
market is segmented into high-frequency transformers, switches, converters, and
others. The converters segment is again segmented into AC to AC converters, DC
to AC converters, DC to DC converters, and AC to DC converters. Of these, the
converters segment will lead the market over the forecast period.
By product, the global solid state transformer
market is segmented into power solid state transformers, traction solid state
transformers, and distribution solid state transformers. Of these, the solid
state transformers product segment will dominate the market over the forecast
period.
By application, the global solid state transformer
market is segmented into alternative power generation, electric vehicle
charging stations, power grid, traction locomotives, electric vehicle charging
stations and others. Of these, the power grid application segment will command
the largest share in the market over the forecast period.
Regional Analysis
Based on the region, the global solid state
transformer market report covers the recent trends and growth opportunities
across the Asia Pacific (APAC), North America, Europe, & the Rest of the
World (RoW).
Of these, Europe will dominate the solid state
transformer market over the forecast period. Constant advancements in
technology, growing demand for solid state transformer solutions across various
industry verticals, and growing awareness among end users about the benefits of
using these transformers are adding to the global solid state transformer
market growth in the region. Germany, France, and the UK hold the utmost share
in the market.
The global solid state transformer market in North
America is predicted to have sound growth over the forecast period. The
presence of multiple key players in the US, rising investments in power
distribution systems, and rapid growth in renewable energy generation
capabilities are adding to the global solid state transformer market growth in
this region. The United States possess a maximum share in the market.
The global solid state transformer market in the
APAC region is predicted to have healthy growth over the forecast period. The
presence of local manufacturers making SST components like fuses, switches, and
converters is adding to the global solid state transformer market growth in the
region.
The global solid state transformer market in the
Rest of the World is predicted to have steady growth over the forecast period.
Key Players
Leading contenders profiled in the global solid
state transformer market report include GridBridge (U.S.), Amantys Limited
(U.K), Varentec, Inc. (U.S.), Cooper Power Systems (U.S.), Mitsubishi Electric
Corporation (Japan), Schneider Electric SE (France), General Electric Co.
(U.S.), Siemens AG (Germany), Alstom SA (France), and ABB Ltd. (Switzerland).
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