The global solid state transformer market is projected to witness a rapid growth during the forecast period owing to increasing demand for solid-state transformer solutions. Moreover, increasing demand for solid-state transformers due to the overstated use of renewable energy as a preferred source of electricity generation and distribution is one major factor driving the growth of solid state transformer market.
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The global solid state transformer market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Europe market is expected to witness significant growth and hold the largest share of the global market during the forecast period. Germany and U.K are anticipated to drive the growth of the solid state transformer market in Europe region owing to the presence of a large number of established key players such as ABB Ltd., Alstom SA, Siemens AG, Schneider Electric SE, and Amantys Limited among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, the region also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to increasing demand for solid-state transformers owing to the use of renewable energy as a preferred source of generation and distribution of energy
Solid State Transformer Market Key Players:
Some of the prominent players in the global solid state transformer market: ABB Ltd. (Switzerland), Alstom SA (France), Siemens AG (Germany), General Electric Co. (U.S.), Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (U.S.), Varentec, Inc. (U.S.), Amantys Limited (U.K), and GridBridge (U.S.) among others.
Solid State Transformer Market Segmentation
The global solid state transformer market is segmented on the basis of the component, product, and application. The component segment is classified into converters, switches, high-frequency transformers, and others. The converters segment is further sub-segmented into AC to DC converters, DC to AC converters, DC to DC converters and AC to AC converters.
Market Research Analysis
Europe is estimated to account for the largest share of the market and is also projected to grow at the fastest rate during the forecast period. The market in Europe is witnessing rapid growth due to advancements in technology and rise in demand for solid state transformer solutions across different industry verticals in this region. Europe is expected to be the highest revenue generating region globally in solid-state transformers market by the end of forecast period. A higher level of awareness among the end users regarding the adoption of solid-state transformers is another major factor driving the growth of solid state transformer market in the region.
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