Solid State Transformer Market Sales Revenue, Growth Factors, Future Trends, and Demand by Forecast to 2027 | Impact of COVID-19
Market Highlights:
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.
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.
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Key Players
Some of the prominent players in the global
solid state transformer market: ABB Ltd. (Ticker: ABBN) (Switzerland), Alstom
SA (Ticker: ALO) (France), Siemens AG (Ticker: SIE) (Germany), General Electric
Co. (U.S.), Schneider Electric SE (France), Mitsubishi Electric Corporation
(Japan), Cooper Power Systems (U.S.), Varentec, Inc. (U.S.), Amantys Limited
(U.K), and GridBridge (U.S.) among others.
Segments
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.
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