Solid State Transformer Market 2019 Top Companies Overview, Current Trends, Acquisition, Growth Factors, Regional Analysis, And Industry Forecast To 2023
According to Market Research Future Analysis, the global solid state transformer market is estimated to generate revenue of approximately USD 392 million by 2023 growing at a CAGR of 24% during the forecast period 2019-2023.
Pune, India – September 27, 2019 /MarketersMedia/ —
Global Solid State Transformer Market Research Report: By Component (Converters, Switches), by Product (Distribution Transformer, Traction Transformer, Power Transformer), by Application (Traction Locomotives, EV Charging Stations) by Forecast till 2023
Market Highlights:
Solid state transformer market is estimated to exhibit high growth potential during the forecast period owing to increasing demand for solid-state transformer applications across various industry verticals. Additionally, innovations and advancements in technology and increasing market for smart grid systems and solutions is adding fuel to the growth of the solid state transformer market. Smart transformers are expected to make grid systems cleaner and flexible and hence will help in driving the growth of global Solid State Transformer Market.
ABB Ltd., Alstom SA, Siemens AG, General Electric Co., Schneider Electric SE, and Mitsubishi Electric Corporation some of the leading players in the market. The solid state transformer market is also witnessing numerous partnerships and collaborations across the value chain in order to cater to increasing demands across various industries in different regions. ABB Ltd. is a huge manufacturer of transformers on a global level and offers both liquid-filled and dry-type transformers. The company also offers a wide range of power and distribution transformers which are designed to grant reliability, durability, and efficiency required in industrial and commercial applications. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. The increasing push towards the application of solid-state transformers across different industry verticals is one major factor driving the growth of solid state transformer market.
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Solid State Transformer Market Key Players:
Some of the key players in the market: ABB Ltd. (Switzerland), Alstom SA (France), Siemens AG (Germany), General Electric Co. (U.S.), Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (U.S.), Varentec, Inc. (U.S.), Amantys Limited (U.K), and GridBridge (U.S.) among others.
Regional Analysis:
The global solid state transformer market is studied under Asia Pacific, North America, Europe, and Rest of the World. Europe is estimated to account for the largest share of the market and is also expected to grow at the fastest rate during the forecast period. The growth of the market in Europe is attributed to technological advancements and increased adoption of solid-state transformer applications across various industry verticals.
Solid State Transformer Market Segmentation:
The global solid state transformer market is segmented by component, product, and application. The application segment is classified into traction locomotives, power grid, electric vehicle (EV) charging stations, alternative power generation, and others. The traction locomotives sub-segment is expected to grow at the highest rate during the forecast period in global solid state transformer market. However, the lack of awareness regarding the benefits of solid state transformer applications and high initial cost incurred in the installation of solid-state transformers are major factors that could cause hindrance in the growth of global solid state transformer market. Also, the trade-off between efficiency, reliability, and ultra-high voltage application of solid state transformers could possess as a major challenge in the growth of solid state transformer market and may hamper the market growth.
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Intended Audience:
• Technology Investors
• Research/Consultancy Firms
• Government Bodies
• Consulting Service Providers
• Raw material and manufacturing equipment suppliers
• Electronic Design Automation & Design Tool Vendors
• Integrated Device Manufacturers (IDMs)
• Intelligent Power Module Component Manufacturers
• Intelligent Power Module Original Equipment Manufacturers (OEMs)
• ODM and OEM Technology Solution Providers
• Assembly, Testing, & Packaging Vendors
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Source: MarketersMedia
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