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.
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.
The Europe region holds the largest share of the market across the globe followed by North America, and Asia Pacific region. The region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of smart grid and energy systems is driving the growth of the solid state transformer market in the region. Also, the presence of established key players such as Siemens AG and Alstom SA is fuelling the market growth.
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Some of the prominent players in the global solid state transformer market are 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.
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.
The global solid state transformer market is segmented by component, product, and application. Based on the component, the market is segmented 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. The switches segment is further sub-segmented into power diodes, SIC power thyristors, insulated-gate bipolar transistors (IGBTS), and SIC power MOSFETs. Whereas, the others segment is further sub-segmented into high voltage inductors and high voltage resistors. Based on the product, the market is segmented into distribution solid state transformer, traction solid state transformer, and power solid state transformer. Whereas, based on application, the market is segmented into traction locomotives, power grid, electric vehicle (EV) charging stations, alternative power generation, and others.
The global solid state transformer market is studied under Asia Pacific, North America, Europe, and Rest of the World. Europe is estimated to account for the largest share of the market and is also expected to grow at the fastest rate during the forecast period. The growth of the market in Europe is attributed to technological advancements and increased adoption of solid-state transformer applications across various industry verticals.
- Technology Investors
- Research/Consultancy Firms
- Government Bodies
- Consulting Service Providers
- Raw material and manufacturing equipment suppliers
- Electronic Design Automation & Design Tool Vendors
- Integrated Device Manufacturers (IDMs)
- Intelligent Power Module Component Manufacturers
- Intelligent Power Module Original Equipment Manufacturers (OEMs)
- ODM and OEM Technology Solution Providers
- Assembly, Testing, & Packaging Vendors
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