Growth within the solid state transformer market is expected to be momentous over the next eight years, with the industry expected to increase at a compound annual growth rate (CAGR) of 82.3%, to be worth a market value of $5,043.39 million by 2020.
The solid state transformer market is currently in an introductory phase, but in a couple of years, it is expected to experience high growth due to its advantages. Solid state transformer has a capability to operate at higher frequency range. Its physical size and weight ratio to the legacy transformer is more than 1:100.
The market segmentation revolves around four major market parameters, namely; components, applications, product, and geography.
The more modern solid state transformers are quite flexible. They use diodes and transistors and other semiconductor-based devices (power electronics); which, unlike the transistors used in computer chips, are engineered for handling high power levels and happen to be fast switching.
In response to signals from home or utility, they can change the voltage and other characteristics of the power they generate. They can put out either DC or AC power, or take in DC and AC power from wind turbines and solar panels and change the frequency and voltage to what is needed for the grid.
Furthermore, they have processors and communications' hardware built in, thereby allowing them to communicate with utility operators, the other smart transformers, and consumers.
Some of the major players set to unleash their latest technologies on the solid state transformer market are ABB (Switzerland), Siemens AG (Germany), and Alstom (France). The leading components manufacturing companies in the field of solid state transformer technology are CREE Inc (U.S.), STMicroelectronics (U.S.), Infineon Technologies (Germany) and Mitsubishi Electric Corporation (Japan).
For more information on the soild state transformer market, see the latest research: Solid State Transformer Market
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