Solid state transformer is an emerging technology that can deliver the bi-directional power flow and reactive power compensation in the power distribution systems. Power generation, transmission, and distribution are the three main constituents of the modern power system, in which the solid-state transformer plays a major role for flexible operations. In addition, they are widely adopted in various applications, which would facilitate the smooth transition from AC to DC and DC to AC, besides voltage conversion. Companies operating in this market are looking for rising investments in R&D which further enables to deliver more efficient solid-state transformers, thus enhancing the growth during the forecast period.
Solid State Transformer market has been segmented by components, configurations, products, and end user industry. Based on the components the market is segmented into converters, switches, high-frequency transformers, and others. On the basis of configurations, the market is classified into single stage SST, 2-stage with LVDC link, 2-stage with HVDC link, three stage SST, and others. By products, the market is classified into distribution, traction, and power solid state transformer. In terms of applications, the market is distrusted into traction locomotive, power grid, and others.
Increasing demand for infiltration of renewable energy will likely to propel the solid-state transformers market during the forecast period. Moreover, increasing emphasis for renewable energy source, and growing use of traction locomotives & electric vehicles for public transport are also among the factor which are attributing to the growth in the market. However, high cost of solid state transformers and inadequate testing infrastructure are expected to hamper the market growth.
The overall market is also presented from the perspective of different geographic regions and the key countries in each region. The APAC region will continue to be a dominant market during the forecast period. The current vendors operating in the market will be investing in the APAC region as the number of manufacturing industries are high in the region, thus creating the demand for solid state transformers globally.
Sample Companies Profiled in this Report are:
- ABB Ltd.
- Alstom SA
- Amantys Limited
- Eaton Corporation PLC
- General Electric Co.
The methodology for estimating the solid-state transformer market involved demand in the various industries. The segmentations have been cross-mapped extensively to understand various market dynamics. Simultaneously, the companies involved at integration and distribution level were also studied from the perspective of their services, geographical presence, annual turnover and few other parameters to substantiate the estimations. All these estimations were further validated through primary research and industry experts.