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. The majority of the developed countries have migrated from conventional energy generation methods to renewable energy generation methods as an endeavor of reducing the carbon footprint. The Solid State Transformers were utilized in the power grids that are connected to the renewable power sources and the power transmission systems. These Solid State Transformers increase the overall efficiency of the power transmission systems as well. Such factors are propelling the overall growth of the Solid State Transformer market.
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Another opportunity for growth for the Solid State Transformer market is the creation of electrically powered vehicles. Major automobile producers are experimenting with creating advanced electric vehicles for public use. As electric cars and scooters become ready to hit the roads, the solid-state transformer sector will surely gain an impetus of growth. Given all these factors, the Solid State Transformer market is set for healthy growth trends in the forecast period. The CAGR for the Solid State Transformer market will cross the 15 percent mark in the next few years. Given the many drivers and growth opportunities, the solid-state transformer market will expand and increase revenue in the future.
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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