The Solid State Transformer Market deals with the development of a hybrid version of powerful semiconductor segments, control circuitry and regular enhanced frequency transformers. Such a solid state transformer is utilized to give extra adaptability in energy distribution, which helps in seamless conversion between AC and DC.
The Solid State Transformer Market growth is driven by rapidly growing reliance on clean or green energy, rising utilization of electric vehicles, and large investment in smart grid networks. Also, new sustainable power sources like wind energy have shifted the area of research and interest towards the field of cutting-edge solid state transformer design, transformer efficiency and distribution systems.
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Scope & Regional Forecast of the Solid State Transformer Market
On the other hand, the high cost associated with such transformer types and the lack of SST transformer testing equipment or protocols are anticipated to hinder the development of the Solid State Transformer Market. Elective power era is the most prevailing utilization of strong state transformers driving the market development. But those obstacles are unlikely to dent the popularity of the state transformer as falling prices of renewable sources of energy like solar and rising usage of traction locomotives improve the future growth prospects of the Solid State Transformer Market.
As far as the geographical aspect is concerned, the Asia-Pacific region is expected to retain the highest share in the Solid State Transformer Market even beyond the end of the forecast period. The current key solid state transformer producers are expected to place significant resources into this region as the conditions are conducive for manufacturing. Organizations working in this market are planning to expand their investment in R&D so as to raise transformer efficiency to their theoretical limits and will keep on doing so till the end of the forecast period at the very least.
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Segmentations & Key Players Involved in the Solid State Transformer Market
According to IndustryARC findings, the Solid State Transformer Market can be broken down into various segmentations on the basis of –
- Component: Converters, Switches and High-frequency Transformers.
- Product: Distribution Solid State Transformer, Traction Solid State Transformer and Power Solid State Transformer.
- Process Application: Traction locomotive, Power Grid, EV Charging Stations and Power Generation.
- Geography: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Solid State Transformer Market according to IndustryARC are as follows:
- Cooper Power Systems
- General Electric Co
- Gridbridge, Inc.
- Mitsubishi Electric Corporation
- Schneider Electric
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