Global solid state transformer market to surpass $1.254 B
A new report published by Research Dive reveals that the global solid state transformer market is projected to surpass $1.25 B by 2027, rising at a CAGR of 26 % from 2020 to 2027.
According to the report, the growing development of highly advanced technologies in the renewable energy generation systems is majorly contributing to the growth of the global solid state transformer industry (SST). Furthermore, rising applications of solid state transformers in the electricity transmission and distribution systems for effective optimisation of power grids is estimated to unlock rewarding growth opportunities for the global market in the near future.
By product, the report further bifurcates the market into distribution solid state, power solid state, and traction solid state transformers.
By application, the report divides the market into electric vehicle charging stations, power grid, traction locomotives, and alternative power generation. Among these, the alternative power generation segment acquired nearly 56 % of the revenue share and is likely to dominate the global market with a CAGR of 25.7 % during the forecast period.
The report evaluates the global solid state transformer market across several regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the European region has led the global market share in the recent years by acquiring nearly 36.8 % of the revenue share and is anticipated to continue to hold its lead position in the forecast timeframe. This is mainly owing to growing adoption of SST systems in top European countries including the UK, France, Germany, and others.
The key players profiled in the report are: Varentec, Inc., Siemens, Schneider Electric, Mitsubishi Electric Corporation, Gridbridge, General Electric, Maschinenfabrik Reinhausen GMBH, ABB and Eaton.
Source: Globe Newswire