Solid State Transformer Market 2018 Global Outlook, Research, Trends and Forecast to 2023

Solid state transformer market is estimated to exhibit high growth potential during the forecast period owing to increasing demand for solid-state transformer applications across various industry verticals. Additionally, innovations and advancements in technology and increasing market for smart grid systems and solutions is adding fuel to the growth of the solid state transformer market. Smart transformers are expected to make grid systems cleaner and flexible and hence will help in driving the growth of global 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.

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Solid State Transformer Market Segments:

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.

Solid State Transformer Market Key Players:

Some of the key players in the 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.

Regional Analysis:

The global solid state transformer market is studied under Asia Pacific, North America, Europe, and Rest of the World. Europe is estimated to account for the largest share of the market, and is also expected to grow at the fastest rate during the forecast period. The growth of the market in Europe is attributed to technological advancements and increased adoption of solid-state transformer applications across various industry verticals.

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