The
global solid state smart transformers market is projected
to attain USD 531.5 million by 2025, according to a new study by Grand View
Research, Inc. The growing investments in smart grid are presumed to stimulate
the market growth over the next eight years.
The
need for efficient power supply and low-cost electricity is significantly
encouraging power companies to develop the solid-state transformer technology.
The technology is anticipated to be commercialized by 2018 and is expected to
pave way for large-scale adoption of SSTs for renewable energy distribution and
smart grid systems.
Government
investments for increasing the implementation of smart grid systems are further
expected to drive the demand for SSTs over the forecast period. These
transformers comprise features such as bidirectional power supply and
lightweight and hence, are expected to improve the efficiency of power
distribution.
The
benefits of SSTs are encouraging their use in transport infrastructure and
energy generation systems used in offshore oil drilling. These transformers
provide on-demand power that increases the power distribution efficiency.
Furthermore, they are anticipated to enable customers to adopt self-sustaining
renewable energy sources such as solar and wind energy.
The
industry players comprise mainly big players in the power & energy industry
and are mainly focused on retaining their market share. Furthermore, these
companies have a multi-regional presence and witness stiff competition.
Investing in technologies that would increase their market share is the main
area of focus for the companies. Thus, they are largely involved in development
of SST technology.
Solid
state (smart) transformers are expected to be largely adopted in developed
economies, such as Europe and North America, post commercialization. These economies
are expected to be followed by developing economies such as Asia Pacific, Latin
America, and MEA.
Browse full
research report on Solid State Transformers Market: www.grandviewresearch.com/industry-analysis/solid-state-smart-transformer-market
Further key
findings from the report suggest:
- High-frequency
transformer is expected to be the fastest growing component segment,
growing at a CAGR of 24.2% over the next eight years, owing to its power
output characteristics when used in different combinations
- Regions
such as Europe and North America are expected to be the early adopters of
solid state transformers, owing to the increasing adoption of renewable
energy sources
- Europe
is presumed to be the fastest-growing regional market and is expected to
reach USD 259.0 million by 2025, owing to high investments in smart grid
technologies
- Transportation
is expected to be the fastest growing end use segment, registering a CAGR
of 25.1% from 2017 to 2025, owing to the large-scale development of
transport infrastructure in developing regions such as Asia Pacific
- The key
industry participants include ABB Ltd., General Electric, Alstom,
Mitsubishi Electric Corporation, Siemens AG, Schneider Electric SE, Cooper
Power Systems, Varentec, Inc., Amantys Limited, and GridBridge, among
others
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global solid state smart
transformers market based on product, technology, application, end-use, and
region:
Solid State
(Smart) Transformer Product Scope (Revenue, USD Million; 2014 - 2025)
- Distribution
Solid State Transformer
- Power
Solid State Transformer
- Traction
Solid State Transformer
Solid State
(Smart) Transformer Component Scope (Revenue, USD Million; 2014 - 2025)
- Converters
- High-frequency
Transformers
- Switches
- Others
Solid State
(Smart) Transformer Application Scope (Revenue, USD Million; 2014 - 2025)
- Alternative
Power Generation
- Electric
Vehicle Charging Stations
- Power
Distribution
- Traction
Locomotives
- Others
Solid State
(Smart) Transformer End-use Scope (Revenue, USD Million; 2014 - 2025)
- Energy
- Transportation
- Others
Solid State
(Smart) Transformer Regional Scope (Revenue, USD Million; 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- MEA
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-solid-state-smart-transformer-market
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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