Solid state Transformers (SST) Market Report, published by Allied Market Research, forecasts that 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.
Solid state transformers (SST) are expected to be commercialized by 2018, and would grow at a CAGR of 46.6% during the forecast period. The major factors driving the market growth are shifting trends from conventional transformers to advanced solid state transformers or smart transformers and expanding traction locomotives in emerging economies. In addition, alternative power generation sources such as wind and solar energy would largely supplement the solid state transformers market growth.
Solid state transformers technology is poised to grow at a remarkable pace, owing to its associated benefits over traditional transformers such as compact size, efficiency, AC to DC conversion, bidirectional power flow and others. Moreover, implementation of SSTs is expected bring about shift in the way utility power is distributed, thereby making SST an integral part of future smart grid. In addition, growing demand of electric vehicles is anticipated to provide opportunities for the companies operating in the smart transformers market. However, factors such as high cost associated with smart transformers, unawareness among potential end users and inadequate solid state transformers testing infrastructure, are projected to hinder the market growth.
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.
The key companies profiled in this report 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. Maschinenfabrik Reinhausen (MR), and others. In order to stay competitive in the market, these market players are adopting different strategies such as acquisition, merger, partnership, product launch and business expansion. In an instance, Mitsubishi Electric Corporation has a strong presence in the Asian market, especially in Japan. Mitsubishi is offering a wide range of products, which are used across various sectors such as automobile, energy, manufacturing, among others. Moreover, Japan is a major revenue-generating region for the company. Therefore, company is majorly dependent on the Japanese market for its revenue. Company is offering its noble products for Japan market and expanding in other countries as well.
Key Findings of Solid State Transformers Market:
- Traction solid state transformers is projected to be the fastest growing segment with a CAGR of 47.2% during the forecast period.
- Power solid state transformers would continue to lead the market throughout the study period.
- Alternative power generation application segment is projected to be the highest revenue generating segment by 2018.
- Electric vehicle charging stations application segment is estimated to register the highest CAGR of 49.2%.
- Europe is expected to be the highest revenue generating segment in global solid state transformers market share by 2020.
- The qualitative data in Solid State Transformers report aims on the market dynamics, trends, and developments in the Solid State Transformers industry while the quantitative data provides information of the Solid State Transformers market size in terms of revenue.