Solid State Transformer Market is projected to grow at a healthy CAGR
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Solid State Transformers Market – which is forecasted from 2020 to 2027”.
The prime factors propelling the growth of the solid-state transformer Market are the rising adoption of renewable energy sources, and the growing use of traction locomotives
As per the report, the Solid State Transformer Market is expected to grow rapidly during the forecast period.
The Solid-state Transformer (SST) which is also called Power Electronic Transformer (PET) is a modern network device that combines high or low-frequency transformers with several power electronic converter stages. This modern network device has a number of advantages over conventional transformers, which include being more robust and reliable, efficient in use, and relatively less expensive.
The market for solid-state transformers is expanding, which may be largely attributed to the increasing use of electric vehicles and increased investments in renewable energy sources. Additional factors propelling expansion in the worldwide solid-state transformer market include the increasing usage of renewable energy sources like solar and wind energy as well as traction locomotives. Additionally, in addition to the increased use of renewable energy sources, it is predicted that the market for solid-state transformers will continue to expand due to the aging transmission and distribution infrastructure which is another determinant that is expected to strengthen the growth of the solid-state transformer market during the forecast period.
By product type, the market has been classified based on high voltage/medium voltage, and medium voltage/ low voltage. The growing adoption of electrochemical sensors in several regions is anticipated to drive the growth of the market.
On the basis of application, the classification has been done into Power grids, traction locomotives, renewable power generation, and electric vehicle charging stations.
Geographically, the Asia-Pacific region is witnessing lucrative growth opportunities owing to the large electricity demand in countries like China and India due to its growing population. Henceforth, it is expected that the rising electricity demand from this region is anticipated to propel the market for solid-state transformers in this region.
Covid-19 had a severe impact on the solid-state transformer market. The SST market was hit by the lockdown and transportation restrictions in countries to stop the spread of the virus, which resulted in the lack of raw materials needed to make electric equipment.
As a part of the report, the major players operating in the Solid-State transformer Market, that have been covered are Hitachi ABB Power Grids, Schneider Electric SE, Siemens AG, Mitsubhi Electric Corporation, General Electric Company, Eaton Corporation, Electric Research and Manufacturing Cooperative, Inc. (ERMCO), Alstom SA, TBEA Co., Ltd, and SPX Transformer Solutions, Inc (Acquired by Prolec GE).
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/solid-state-transformer-market
This analytics report segments the Solid State transformer market on the following basis:
- By Voltage
- High Voltage/Medium Voltage
- Medium Voltage/Low Voltage
- By Application
- Power Grids
- Traction Locomotives
- Renewable Power Generation
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
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