Zion Market Research, the market research group announced the analysis report titled ‘Solid State Transformer Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Global Solid State Transformer Market: Overview
Traditional transformers increased the complexity of electrical power grids. In order to overcome this complexity, it became necessary to adopt newer technologies. Traditional transformers ensure reliable operation and better control over the power grid. It is also one of the fundamental components of power distribution system. But this system possesses certain drawbacks such as performance degradation under system disruptions and overload, sensitivity to harmonics and voltage drop under load. To deal with these disadvantages supply of quality power is a major concern. Solid state transformer is the key supporter for a power grid. It offers resourceful bi-directional power flow; provides better control over the system and also has high load handling capacity. Solid state transformer is used in major applications such as smart grids, offshore energy generation systems, and locomotive & other traction systems. The traditional transformers are now being replaced by the solid state transformers.
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Global Solid State Transformer Market: Growth Factors
Large investments in smart grids & energy systems and the increasing preference for renewable energy source are the major factors responsible for the growth of the global solid state transformer market. Increasing use of electric vehicles and traction locomotives boost the global market. Growing use of tidal energy for power generations and the increasing research & development activities are further driving the market growth. However, insufficient solid state transformers testing infrastructure and high cost is hampering the global solid state transformer market growth.
Global Solid State Transformer Market: Segmentation
The global solid state transformer market is classified on the basis of components which include switches, converters, high-frequency transformers and others. On the basis of applications, the global market is fragmented into electric vehicle charging stations, power distribution, alternative power generation, traction locomotives and others. Moreover, the global solid state transformer market is categorized based on its products as power solid state transformer, distribution solid state transformer and traction solid state transformer. Of these, power solid state transformer is the dominant segment across the world.
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Global Solid State Transformer Market: Regional Analysis
Solid state transformer market is dominated by Europe due to the high awareness among consumers for the adoption of solid state transformers. Europe would continue to dominate the market owing to the installed capacity of renewable energy sources for power generation. North America accounted for the largest market chunk in the global solid state transformer market. Heavy investments in the field of research by the North American region anticipate driving the global market growth. Asia-Pacific is emerging as economically stable country owing to growing urbanization in this region.
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Global Solid State Transformer Market: Competitive Players
Some of the major players in the global solid state transformer market are Alstom SA, Schneider Electric SE, Gridbridge, Inc., Maschinenfabrik Reinhausen and Varentec, Inc. Other key players influencing the global market are Eaton Corporation Plc, Mitsubishi Electric Corporation, ABB Ltd., Siemens AG and General Electric Co.
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