The solid state transformer market is projected to witness a compound annual growth rate of 31.70% to reach to total market value of US$667.280 million by 2024, from US$127.861 million in 2018. With an increase in the use of distributed energy sources, solid state transformer is increasing finding application in smart grids for a better control and reliable operation due to its high load handling capacity and effective bidirectional flow. Increasing preference for renewable energy source, growing use of traction locomotives and electric vehicles, and burgeoning investments in smart grids and energy systems are some of the key factors driving the growth of the market.
The Solid State Transformer Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by product, application, and geography.
The solid state transformer market has been segmented based on product, application, and geography. By product, the market has been segmented as distributed, power and traction. By application, the market has been segmented as traction locomotives, power distribution, electric vehicle charging stations and alternative power generation..
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa (MEA), and the Asia Pacific regions.
Major players in solid state transformer market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in solid state transformer market.
The solid state transformer market has been segmented by product, application and geography.
Electric vehicle charging stations
Alternative power generation
Middle East and Africa