The report of Global Solid State Transformer Market by Product (Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer), Component (Converters, High-frequency Transformers, Switches, Others), Application (Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, Others), End-use (Energy, Transportation, Others), and Region (North America, Asia Pacific, Europe, South America, Middle East & Africa) is expected to reach US$ XX Mn by 2026, at a CAGR of XX% during a forecast period.
Rising demands for efficient power supply and low-cost electricity is one of the major factors driving the adoption of the solid-state transformers market. Additionally, the growing installations of renewable energy sources, as well as smart grids across the globe, is also driving the growth in the solid-state transformers market. On the other hand, higher initial costs of implementations coupled with the dearth of expertise on the solid-state transformers would act as a major barricade to the growth of the solid-state transformers market. Increasing application of the solid-state transformers in the data centers coupled with larger data center deployments across the globe is expected to provide steady opportunities to the players functioning in the solid-state transformers market.
Based on the product, the power SST segment was dominant, holding 42.99% share of the global market, in terms of revenue, in 2018. Though, the traction SST segment is expected to grow at the maximum CAGR of XX% throughout the forecast period. This growth can be attributed to the increasing penetration of the solid-state transformers in the traction locomotive sector.
Power transformers are composed to generate the highest revenue throughout the forecast period. However, traction transformer would emerge as the fastest-growing segment throughout the analysis period, on account of the growing demand of the solid-state transformers in the traction locomotives sector.
Geographically, Europe would continue to dominate the market during the forecast period, on account of installed capacity of renewable energy sources for power generation, high awareness among the consumers for the adoption of the solid-state transformers and substantial investment in the field of research. However, North America is expected to be the fastest-growing market, with a CAGR of XX%.
Key players operating the Global Solid State Transformer Market are 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).
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the global solid state transformer market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global solid state transformer market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global solid state transformer market positioning of competitors.
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