Solid State Transformer Market To Exhibit Growth Rate Due To Rising Implementations Of Renewable Energy Sources Till 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, solid state (smart) transformer (SST) market is expected to reach a valuation of USD 531.5 million by 2025. Steady shift from traditional transformers and growing inclination towards implementation of SST due to its benefits are expected to propel the market growth during the forecast period (from 2018 to 2025).

According to a report published by Grand View Research, Inc.; the solid state (smart) transformer (SST) market is expected to reach a valuation of USD 531.5 million by 2025. Steady shift from traditional transformers and growing inclination towards implementation of SST due to its benefits are expected to propel the market growth during the forecast period (from 2018 to 2025). Developments in smart grid solutions and increased government investments in the implementation of power grid can also boost the market expansion. In addition, rising implementations of renewable energy sources like solar and wind energy are also expected to drive the product demand in the coming years.

Benefits offered by SSTs such as AC to DC conversion, efficient power transmission, and bidirectional power flow are also expected to increase their adoption in the coming years. These advantages also boost the demand in energy generation systems used in offshore drilling applications and transport infrastructure. These transformers enable on-demand power, which helps enhance the power distribution efficiency. Growing government investments to increase the implementation of smart grid systems for better efficiency of power distribution would help spur the market development.

Full Research Report On Solid State Transformer Market Analysis:

U.S. solid state (smart) transformer market, by product, 2014 - 2025 (USD Million)

Moreover, high penetration of semiconductors based on Gallium Nitride (GaN) and Silicon Carbide (SiC) with high current and voltage ratings is likely to support the commercialization of these transformers. The global solid state transformer market can be segmented on the basis of product, component, application, end-use, and region. As per product, the market can be divided into distribution solid state transformer, power solid state transformer, and traction solid state transformer. Based on component, the market can be categorized into converters, switches, high-frequency transformers, and others.

High-frequency transformer segment is expected to be the fastest-growing segment and is expected to grow at a CAGR of 24.2 % over the forecast period. As per application, the market can be split into power distribution, alternative power generation, electric vehicle charging stations, traction locomotives, and others. On the basis of end-use, the market can be classified into energy, transportation, and others. Transportation segment is anticipated to witness the highest growth rate of 25.1 % from 2018 to 2025. This growth is attributed to the rapid development of transport infrastructure in various emerging regions of Asia Pacific. Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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Europe solid state (smart) transformer market, by end-use, 2016 (%)

In 2016, Europe captured the largest market share and is expected to have a rapid growth at a CAGR of 23.8 % during the forecast period due to the presence of major companies. Moreover, growing adoption of renewable energy sources and increasing government investment in smart grid technologies are also projected to drive the region’s expansion. The North America regional market for SSTs is likely to show a significant growth in the coming years due to the strong presence of key market participants and rising adoption of renewable energy sources.

Asia Pacific is expected to have a substantial growth in the years to come. Emerging countries such as Japan and China, in particular, are expected to be the major contributor toward the market development. This is mainly due to the existence of local companies that manufacture SST components including fuses, switches, converters, etc. at competitive prices. This is likely to encourage global companies to outsource their manufacturing activities in the region. Prominent companies operating in the market include ABB Ltd.; Siemens AG; Varentec, Inc.; Schneider Electric SE; and Mitsubishi Electric Corporation.

The major market participants mostly include big players in the power and energy sector and are mainly focused on retaining their market share. Most companies invest in the R&D activities to develop highly efficient and reliable products. For instance, Siemens AG recently introduced digital transformer called Sensformer. It combines physics and information while ensuring digital intelligence for transformers. Since transformers are sited at crucial nodes of the power grid, they are perfect sensors for grid conditions containing information related to energy flow. The information received through this system can be used to derive conclusions regarding power grid in order to improve flexibility and operation of the entire grid.

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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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