Acumen Research and Consulting, recently published report “Solid State Transformer Market – Global Industry Analysis, Market Size, and Forecast, 2018 - 2025”.
LOS ANGELES, May 02, 2019 (GLOBE NEWSWIRE) -- The Global Solid State Transformer Market size is expected to reach USD 891.12 Million by the end of year 2026. The market is estimated to grow at a CAGR of 21.9% over the forecast period 2019-2026.
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Solid state transformer is a rising technology that can convey the bi-directional power stream and receptive power remuneration in the power dissemination frameworks. Power age, transmission, and appropriation are the three principal constituents of the cutting edge power framework, in which the solid-state transformer assumes a noteworthy job in adaptable tasks. Also, they are generally embraced in different applications, which would encourage the smooth change from AC to DC and DC to AC, other than voltage transformation. Organizations working in this market are searching for rising interests in R&D which further empowers to convey progressively productive solid-state transformers, subsequently improving the growth during the figure time frame. The requirement for proficient power supply and minimal effort power is essentially promising power organizations to build up the solid-state transformer technology. The technology is foreseen to be popularized by 2026 and is relied upon to clear path for huge scale reception of SSTs for sustainable power source conveyance and savvy network frameworks.
The global solid state transformer market is segmented into product, component, application, and region. On the basis of product, the global market is segmented into distribution SST, traction SST, and power SST. On the basis of component, the global market is segmented into converters, switches, high-frequency transformers, and others. On the basis of application, the global market is segmented into alternative power generation, traction locomotives, power distribution, electric vehicle charging, and others (UPQC, etc.). On the basis of geography, the global market is segment into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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The smart transformer market is attempted to pick up footing over the estimated time frame as these transformers are required to be popularized by 2026. The progressive move from conventional transformers and rising tendency towards the usage of SST is dared to push the business growth. Besides, the developing headways in brilliant network arrangements are relied upon to encourage the selection of SSTs over the figure time frame. Different components that are foreseen to drive the business growth are developing railroad foundation in creating regions and execution of sustainable power sources, for example, wind and solar vitality. The business is ready to develop at a critical pace, attributable to the favorable circumstances given by SSTs. Advantages, for example, bidirectional power stream, productive power transmission, and AC to DC change are required to additionally push the interest for SST.
The power solid state transformer fragment overwhelmed the market in the recent past and is projected to continue its dominance over the forecast period. These SSTs are practical and subsequently, are relied upon to observe higher reception in creating regions, for example, the Asia Pacific and Latin America. Highlights, for example, bidirectional supply are relied upon to upgrade the power circulation proficiency of these transformers, which is foreseen to additionally drive their appropriation.
The traction SST is assessed to enroll a substantial CAGR from 2018 to 2026 and is the quickest developing item portion. The improvement of railroad foundation in creating regions is relied upon to invigorate the interest for footing SSTs. Moreover, highlights, for example, minimal structure and lightweight are ventured to drive their selection over the conjecture time frame.
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Converter created the most noteworthy income in 2016 and was esteemed at USD 48.6 million. Converters structure the center parts and are utilized for assembling SSTs. In addition, the uses of the transformers can be expanded utilizing distinctive setups of converters. Besides, the utilization of various setups improves the power supply effectiveness and increment the working existence of the SSTs.
Europe is foreseen to hold the most extreme offer of the worldwide market during the gauge time frame. The market in the region is anticipated to extend at the greatest CAGR during the gauge time frame. In 2018, Europe represented 35.79% offer of the worldwide solid state transformer market. This is inferable from countless sustainable power sources and high interests in innovative work exercises in the region.
The business players involve predominantly enormous players in the power and vitality industry and are principally centered on holding their market share. Besides, these organizations have a multi-regional nearness and witness the firm challenge. Putting resources into technologies that would build their market share is the principal territory of the center for the organizations. Therefore, they are to a great extent engaged with the advancement of SST technology.
Major companies contributing the global solid state transformer market are Varentec, Inc., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Gridbridge, Inc., General Electric Co., Eaton, Amantys Limited, Alstom SA, and ABB Ltd.
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