Global solid-state transformer market to reach USD 495 million by 2024
Zion Market Research has published a report titled “Solid-state Transformer Market by Product (Distribution Solid-state Transformer, Traction Solid-state Transformer, and Power Solid-state Transformer), by Component (Converters, Switches, High-Frequency Transformers, and Others), and by Application (Electric Vehicle (EV) Charging Stations, Traction Locomotives, Alternative Power Generation, Power (Distribution) Grid, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’.
According to the report, the global solid-state transformer market was valued around $105 million in 2017 and is expected to reach approximately $495 million by 2024, at a CAGR of slightly above 24.8% between 2018 and 2024.
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.
The solid-state transformer market is likely to be fueled by the increase in the use of traction locomotives and electric vehicles, the rising priority of renewable energy source, and hefty investments in smart grids and energy systems in the future.
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.
Significant players of the global solid-state transformer market covered by the report are Cooper Power Systems, Siemens AG, ABB Ltd., General Electric Co., Alstom SA, Schneider Electric, and Mitsubishi Electric Corporation, among others.
Source: Globe Newswire