Solid State Transformer market
Investments in smart grid & energy system may solidify the Global Solid State Transformer Market, making it worth US $ 392 mn by 2023
A solid state transformer not only performs the core task of a transformer, but it also offers various other benefits. Market Research Future (MRFR) has published and released a research report about the global solid state transformer market that forecasts massive surge for this market with 24% CAGR for this market between 2017 and 2023. In terms of cash, this market is expected to be worth the US $ 392 mn by 2023.
The major factors driving the growth of solid state transformer market include the growth of the electric vehicle market, huge investments in the smart grid & energy systems, and increasing emphasis on alternative energy production across the world.
The global solid state transformer market has been segmented on the basis of application, component, product, and lastly, region. Based on application, the market has been segmented into alternative power generation, electric vehicle (EV) charging stations, power grid, traction locomotives, and others. On the basis of product, the market has been segmented into distribution solid state transformer, power solid state transformer, and traction solid state transformer.
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The component-based segmentation segments the market into converters, high-frequency transformers, switches, and others. The converters have been sub-segmented into alternating current (AC) to AC converters, AC to direct current (DC) converters, DC to AC converters, and DC to DC converters. Switches have been sub-segmented into insulated-gate bipolar transistors (IGBTS), power diodes, Silicon Carbide (SiC) power thyristors, and SIC power metal-oxide semiconductor field-effect transistors (MOSFETs). The “others” covers high voltage inductors and high voltage resistors.
The regional segmentation of the global solid state transformer market segments the market into continent-based regional markets known as Asia Pacific, North America, Europe, and rest of the world (RoW). Not only Europe has been anticipated to hold the largest share of the market during the forecast period, but it is also expected to grow at the fastest rate. The reasons for the growth of the European market include a higher level of awareness among the end users, increased adoption of solid-state transformer applications across various industry verticals and various technological advancements. The most important country-specific markets in Europe include France, Germany, Italy, Spain, and the United Kingdom (UK).
After Europe, North America is the biggest regional market, primarily due to technological advancement being higher than Europe and the presence of many key market players in this region. The United States of America (USA) alone dominates 90% of the North American market. Other crucial country-specific markets in this region are Canada and Mexico. The Asia Pacific is the third significant market because growing urbanization and industrialization are not equal in all countries. With China and Japan being primary country-specific markets in this region, India, followed by the rest of Asia Pacific region, is another significant market in this region.
The RoW segment covers Latin America and Middle East & Africa (MEA) region. In Latin America, Argentina and Brazil have strong economies, and they might emerge as big markets in the future. In the MEA region, the market is slow but steady. The reasons for slow market growth in the MEA region are lack of education, lack of awareness, lack of technological development, and political instability.
The key players in the global solid state transformer market include ABB Ltd. (Switzerland), Alstom SA (France), Amantys Limited (UK), Cooper Power Systems (USA), General Electric Co. (USA), GridBridge (USA), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), and Varentec Inc. (USA).