The Global Solid State Smart Transformers Market size is expected to grow at a CAGR of 8.4% during the period 2021-2028. The major drivers for this growth are an increase in demand from transportation and energy applications and a reduction in cost per wattage incurred by inverter manufacturers.
Solid State Transformers (SSTs) are the most efficient and commercially viable solution for power quality improvement. They offer a combination of high efficiency, low harmonic distortion, compact size, and fast response to supply voltage fluctuations or unexpected load changes.
On the basis of Types, the market is segmented into Type I and Type II.
Type I solid-state transformers are used for converting power at one voltage level to another. It is done by changing the physical arrangement of electrical components, instead of using magnetic coils and switching devices.
A Type II Solid State Transformer is a type of transformer that uses the semiconductor device instead of an iron core to transfer and transform power. Unlike other types, it does not include any mercury-based components which make them safer and more sustainable.
On the basis of Application, the market is segmented into Energy, Transportation, Others.
Solid State Transformer (SST) has become a pivotal part of smart grids and renewables integration. The SST is also considered an essential component for demand-side management, peak shaving, voltage support, and power quality improvement in the energy sector.
Solid State Transformers have a wide range of uses in Transportation. An electric car requires an inverter to convert the DC power supplied by batteries into AC current, which is used for running electrical appliances and charging batteries. The process can be energy-efficient if it involves a Solid State Transformer as opposed to traditional Smart Inverters that use IGBTs or MOSFETs. A number of other products such as battery chargers, UPS systems, etc., also utilize Solid State Transformers as they require accurate voltage regulation without any losses during transmission from one device to another.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America is set to be leading the SST Market as compared to other regions due to increasing penetration rates across various end-user industries such as transportation, industrial & commercial buildings, healthcare facilities, etc.; there will also be an increase in investments related to smart grid development within this region along with developing infrastructure projects on account of changing demographics among others factors are likely to create significant opportunities for the SST Market in this region.
The key driving factors for the growth of this market are the increasing demand for efficient power distribution networks and steady growth in the electric vehicle market. In addition, as smart grids are becoming increasingly prevalent around the globe, this major factor will also drive solid-state transformer sales going forward.
Up Market Research published a new report titled “Solid State Smart Transformers Market research report which is segmented by Types (Type I, Type II), By Applications (Energy, Transportation, Others), By Players/Companies ABB, General Electric, Alstom, Mitsubishi Electric, Siemens, Schneider Electric, Cooper Power Systems, Varentec, Amantys Limited, GridBridge”.
|Report Attributes||Report Details|
|Report Title||Solid State Smart Transformers Market Research Report|
|By Type||Type I, Type II|
|By Application||Energy, Transportation, Others|
|By Companies||ABB, General Electric, Alstom, Mitsubishi Electric, Siemens, Schneider Electric, Cooper Power Systems, Varentec, Amantys Limited, GridBridge|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||233|
|Number of Tables & Figures||164|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Type I, Type II and By Application Energy, Transportation, Others.
Some of the companies that are profiled in this report are:
Solid State Smart Transformers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Solid State Smart Transformers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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