The global market is expected to garner $247.0 million by 2020, registering a CAGR of 46.6%. Power solid state transformers segment is estimated to occupy more than half of the market revenue by 2020. The North American market is anticipated to exhibit the highest CAGR of 49.3% during the forecast period.
The world solid state transformers market is driven by, increasing preference for renewable energy source, growing use of traction locomotives & electric vehicles and heavy investments in smart grids & energy systems. In addition, new renewable energy sources such as tidal energy for power generations have boosted research and development activities in the field of electric distribution network, further driving the market growth. However, high cost associated with solid state transformers and inadequate SST testing infrastructure, are expected to affect the market growth.
The report is analysed on the basis of potential as well as actual market for solid state transformers. Both the markets have been taken into consideration on the basis of increasing demand of renewable energy sources and SST in traction locomotives sector. The smart transformers technology is still evolving while the market is estimated to generate revenue from 2018.The report also highlights information pertaining to the past and existing opportunity revenues in the market. The rate of adoption of smart transformers would depend entirely upon the growing awareness and accessibility of this technology in future.
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The key companies operating in the world solid state transformers market include, ABB Ltd., Schneider Electric SE, General Electric Co., Siemens AG, Alstom SA, Mitsubishi Electric Corporation, Eaton Corporation plc (Cooper Power Systems), Gridbridge, Inc., Varentec, Inc. and Maschinenfabrik Reinhausen (MR), and others.
The world solid state transformers market is segmented into application, product and geography. The application segment includes alternative power generation, power grid, traction locomotives and electric vehicle charging stations. Alternative power generation is the highest revenue-generating segment on account of efficient electric generation technology through renewable energy sources. In addition, traction locomotives and power grids are other major applications boosting the growth of solid state transformers market. Associated benefits of solid state transformers, such as bidirectional power flow, input/output AC or DC power, enhanced power quality and reduced size & weight of transformers among others, would drive the growth of solid state transformers market globally.
North America and Europe, are expected to account for more than half of the overall market revenue during the study period. This is attributed to increasing demand for solid state transformers due to the overstated use of renewable energy as a preferred source of electricity generation and distribution.
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Solid State (Smart) Transformer Market by Company By Products,
Chapter 5: Solid State (Smart) Transformer Market by Application
Chapter 6: Solid State (Smart) Transformer Market by Geography
Chapter 7: Company Profiles
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This post was originally published on Trading Herald