Solid State Transformer Market
Solid state transformer (SST), also known as power electronic transformer (EPT), is a kind of power transformation technology that works on electromagnetic induction principle. SST is fundamentally a combination of high-frequency power conversion technology with control circuitry. These devices are highly effective and efficient in maintaining the magnitude of current, voltage, or frequency based on specific requirements of different applications.
The global solid state transformer market is likely to be fuelled by the rising awareness about alternative energy generation across the globe in the years ahead. The hefty funding of smart grids and energy systems is anticipated to play a major role in steering the progress of the global solid state transformer market in the upcoming years. The alternative power generation is the most commanding application of solid state transformers, which is projected to further fuel the growth of the solid state transformer market in the future. However, the high initial cost required for manufacturing and installation of solid state transformers and inadequate solid-state transformers testing infrastructure facility and the need for large scale commercial deployment of solid state transformers might hinder the evolution of the solid state transformer market on a global scale in the future.
The solid state transformer market is segmented into product, component, and application. By product, this market includes power solid state transformer, traction solid state transformer, and distribution solid state transformer. By component, the solid state transformer market is classified into high-frequency transformers, converters, switches, and others. By application, the market includes electric vehicle charging, charging stations, traction locomotives, and alternative power generation.
By region, the global solid state transformer market includes North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The North American solid state transformer market is likely to hold a substantial share globally in the years ahead, owing to the increasing significance of alternative energy production across the region. The European solid state transformer market is estimated to grow moderately in the future, owing to the rise in the installation of products generating renewable energy, such as solar and wind energy. The Asia Pacific region is estimated to register the highest rate of growth in the future, due to the increasing application of smart grids.
Some significant players of the global solid state transformer market are Cooper Power Systems, Siemens AG, ABB Ltd., General Electric Co., Alstom SA, Schneider Electric, and Mitsubishi Electric Corporation, among others.