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Oct 8, 2020 9:00 AM ET

Solid State Transformer Market Is Expected To Reach Around USD 495 Million Globally By 2024

iCrowd Newswire - Oct 8, 2020

Zion Market Research has published a new report titled “Solid State Transformer Market by Product (Distribution Solid State Transformer, Traction Solid State Transformer, and Power Solid State Transformer), by Component (Converters, Switches, High-Frequency Transformers, and Others), and by Application (Electric Vehicle (EV) Charging Stations, Traction Locomotives, Alternative Power Generation, Power (Distribution) Grid, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global solid state transformer market was valued around USD 105 million in 2017 and is expected to reach approximately USD 495 million by 2024, at a CAGR of slightly above 24.8%between 2018 and 2024.

Solid state transformer (SST), also known as power electronic transformer (EPT), is a kind of power transformation technology that works on electromagnetic induction principle. SST is fundamentally a combination of high-frequency power conversion technology with control circuitry. These devices are highly effective and efficient in maintaining the magnitude of current, voltage, or frequency based on specific requirements of different applications.

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Global Solid State Transformer Market

The solid state transformer market is likely to be fuelled by the increase in the use of traction locomotives and electric vehicles, the rising priority of renewable energy source, and hefty investments in smart grids and energy systems in the future. The solid state transformer market was commercialized by 2017 and valued at nearly USD 105 million. It has been projected that the application of solid state transformer in the electricity distribution network is likely to grow the overall productivity by 8—10%. The alternative power generation is the most commanding application of solid state transformers, which is projected to further fuel the growth of the solid state transformer market in the future. However, the high initial cost required for manufacturing and installation of solid state transformers and inadequate solid-state transformers testing infrastructure facility might hinder the evolution of the solid state transformer market on a global scale in the future.

The solid state transformer market is segmented into product, component, and application. By product, this market includes power solid state transformer, traction solid state transformer, and distribution solid state transformer. By component, the solid state transformer market is classified into high-frequency transformers, converters, switches, and others. By application, the market includes electric vehicle charging, charging stations, traction locomotives, and alternative power generation.

By region, the global solid state transformer market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American solid state transformer market is likely to hold a substantial share globally in the years ahead, owing to the increasing significance of alternative energy production across the region. The Asia Pacific region is estimated to register the highest rate of growth in the future, due to the increasing application of smart grids. The European solid state transformer market is estimated to grow moderately in the future, owing to the rise in the installation of products generating renewable energy, such as solar and wind energy.

Some significant players of the global solid state transformer market are Cooper Power Systems, Siemens AG, ABB Ltd., General Electric Co., Alstom SA, Schneider Electric, and Mitsubishi Electric Corporation, among others.

This report segments the global solid state transformer market into:

Solid State Transformer Market: Product Analysis

Solid State Transformer Market: Component Analysis

Solid State Transformer Market: Application Analysis

Solid State Transformer Market: Regional Analysis

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Keywords:    Solid State Transformer Market

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