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 potential benefits acquired by the Solid State Transformers compared to the conventional transformers, such as Bi-directional Electricity flow, higher load resonant capacity, efficient power management, and others are expected to drive the Solid State Transformer market growth. The rapid developments in the solar Photovoltaic and electric vehicles which run with the Direct Current source are utilizing smart transformers. The Solid State Transformers are used in all these emerging applications intensively. Hence these factors are considered as the major drivers of the Solid State Transformers industry.
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The development of smart power grids and circuits is a driver of growth in Solid State Transformer market Size. The adoption of smart power grids needs the support of a multi-benefit transformer system. The use of solid-state transformers has gone up in the inverter and converter circuits recently. The movement to adopt alternative sources of energy and power is a major driver of the Solid State Transformer market. The shift to sustainable energy sources requires the deployment of solid-state transformers, creating opportunities for Solid State Transformer market size expansion. Moreover, major power generation companies are now making investments in establishing smart power grids and supply systems. The deployment of solid-state transformers will thus increase in the coming years.
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.
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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