Solid State Transformer Market Scenario
As per the latest study by Market Research Future Reports (MRFR), the global Solid State Transformer Market is estimated to value USD 392 million, thriving at a CAGR of 24% during the review period from 2017 to 2023. The rising emphasis on alternative energy production is the most significant factor driving the global Solid State Transformer Market 2020. There has been a substantial investment in the energy systems and smart grid system, which has propelled the market at a global level. Besides, the increasing demand for electric vehicles is estimated to play an essential role in expanding the global Solid State Transformer Market. There has been a growth in demand for solid-state transformer applications across several sectors. Moreover, the development and innovations in technology are propelling the growth of the market.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
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The worldwide Solid State Transformer Market can be segmented on the basis of application, component, product, and region.
Based on application, the worldwide Solid State Transformer Market can be segmented into the traction power grid, electric vehicle (E.V.) charging stations, locomotives, alternative power generation, and others.
Based on components, the worldwide Solid State Transformer Market can be segmented into switches, converters, high-frequency transformers, and others. The converters segment is further sub-divided into A.C. to D.C. converters, D.C. to A.C. converters, D.C. to D.C. converters, and A.C. to A.C. converters. The switches segment is further sub-divided into power diodes, insulated-gate bipolar transistors (IGBTS), SIC power thyristors, and SIC power MOSFETs.
Based on the product, the worldwide Solid State Transformer Market can be segmented on the basis of region. The worldwide Solid State Transformer Market can be segmented into the Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The regional study of Asia Pacific, North America, Europe, and the Rest of the World (RoW) has been performed. As per the analysis, the Europe market is likely to dominate the market. It is estimated to acquire the largest market share during the forecast period. Also, it has been estimated to grow at the fastest speed during the assessment period. The region is technically advanced and has adopted the solid-state transformer at a fast pace, which has resulted in Europe’s domination. Moreover, Europe has the presence of several established players, which provides an upper hand to the region. The second position is attained by North America. It is a technically-equipped nation that allows the region to expand considerably. Among all nations, the U.S. plays the most significant role in expanding the market. The other countries which make a significant contribution are Mexico and Canada. The Asia-Pacific region is the third most lucrative market. China, Japan, and India make the most significant contribution to expanding the market. In RoW, the market slow but steady. Middle East & Africa is expanding at a slow rate due to a lack of education, technological development, lack of awareness, and political instability.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics
The market players of the worldwide Solid State Transformer Market are Alstom SA (France), Siemens AG (Germany), Schneider Electric S.E. (France), ABB Ltd. (Switzerland), General Electric Co. (U.S.), Varentec, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (U.S.), Amantys Limited (U.K), GridBridge (U.S.), and a few others.