Market Research Future published a research report on “Solid State Transformer Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global solid state transformer market is projected to witness a rapid growth during the forecast period owing to increasing demand for solid-state transformer solutions. Moreover, increasing demand for solid-state transformers due to the overstated use of renewable energy as a preferred source of electricity generation and distribution is one major factor driving the growth of solid state transformer market.
The global Solid State Transformer Market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Europe market is expected to witness significant growth and hold the largest share of the global market during the forecast period. Germany and U.K are anticipated to drive the growth of the solid state transformer market in Europe region owing to the presence of a large number of established key players such as ABB Ltd., Alstom SA, Siemens AG, Schneider Electric SE, and Amantys Limited among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, the region also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to increasing demand for solid-state transformers owing to the use of renewable energy as a preferred source of generation and distribution of energy.
The global solid state transformer market is projected to reach USD 392 million at a CAGR of over 24% by the end of the forecast period 2017-2023.
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Some of the prominent players in the global solid state transformer market: ABB Ltd. (Switzerland), Alstom SA (France), Siemens AG (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.
The global solid state transformer market is segmented by component, product, and application. Based on the component, the market is segmented into converters, switches, high-frequency transformers, and others. The converters segment is further sub-segmented into AC to DC converters, DC to AC converters, DC to DC converters and AC to AC converters. The switches segment is further sub-segmented into power diodes, SIC power thyristors, insulated-gate bipolar transistors (IGBTS), and SIC power MOSFETs. Whereas, the others segment is further sub-segmented into high voltage inductors and high voltage resistors. Based on the product, the market is segmented into distribution solid state transformer, traction solid state transformer, and power solid state transformer. Whereas, based on application, the market is segmented into traction locomotives, power grid, electric vehicle (EV) charging stations, alternative power generation, and others.
Europe is estimated to account for the largest share of the market and is also projected to grow at the fastest rate during the forecast period. The market in Europe is witnessing rapid growth due to advancements in technology and rise in demand for solid state transformer solutions across different industry verticals in this region. Europe is expected to be the highest revenue generating region globally in solid-state transformers market by the end of forecast period. A higher level of awareness among the end users regarding the adoption of solid-state transformers is another major factor driving the growth of solid state transformer market in the region.
Europe is followed by North America and Asia Pacific. The growth in North America region will largely be driven by U.S. owing to the presence of key established players such as General Electric Co., Cooper Power Systems, Varentec, Inc., and GridBridge (U.S.) in the region. Also, U.S. accounts for almost 90% of the total share of the solid state transformer market in North America region. Moreover, Asia Pacific ranks third and the growth in the region is driven by countries like China and Japan.
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