The global solid state transformer market shall witness a noteworthy growth in forecast period owing to rising adoption of electric vehicles and SST systems in renewable energy generation stations. Europe to dominate the global industry by 2027
NEW YORK, Sept. 2, 2020 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Solid State Transformer (SST) Market, by Product (Distribution Solid State, Power Solid State, Traction Solid State), Application (Electric Vehicle Charging Stations, Power Grid, Traction Locomotives, Alternative Power Generation), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″
The global solid state transformer market accounted for US$ 176.0 million in 2019 and is projected to reach up to US$ 1,246.4 million by 2027, exhibiting a CAGR of 26.0% from 2020 to 2027.
Download Sample Report [75 pages] of Solid State Transformer Market at https://www.researchdive.com/download-sample/350
Market Dynamics
The growing adoption of advanced SST systems in the renewable energy generation stations and electric vehicle is a significant factor expected to drive the growth of the global solid state transformer market over the forecast period. In addition, numerous benefits of SST systems such as higher load resonant capacity, most effective in power management, bi-directional electricity flow, etc. is another factor projected to bolster the market growth by 2027. Moreover, the growing trend towards adoption of electric vehicle (EV) and the favorable initiatives by government to support EV industry is likely to create lucrative growth opportunities in the SST market. However, high investment costs in the initial phase for the production of SSTs is expected to be a major threat for the market growth in the coming future.
COVID-19 Impact on the Industry
The COVID-19 crisis has adversely affected the global solid state transformer market due to the unavailability of raw materials in the pandemic for manufacturing of electrical equipment. Besides, transportation of finished equipment and products has been effected drastically, which is estimated to impact the solid state transformer market negatively. However, the significant players of the market are implementing several business growth strategies to sustain in the pandemic.
Download COVID-19 IMPACT ANALYSIS ON Solid State Transformer (SST) Market
Key segment findings of the market:
The global solid state transformer market is segmented on the basis of Product, Application, and Region.
Among product, the power solid state segment is estimated to hold a significant market size by 2027 owing to wide-ranging utilization of power SSTs for multiple transformer applications such as distribution systems, voltage transformation, etc.
Among application, the alternative power generation segment is projected to grow at a considerable rate during the forecast period owing to extensive usage of SST systems for alternative power generation application.
Regionally, Europe is predicted to play a dominant role in the global SST market by 2027 due to the increasing consumption of power in major European countries.
Top Key Players of the Solid Stat Transformer Industry
The major players operating in the global solid state transformer market include
- Eaton
- Schneider Electric
- MASCHINENFABRIK REINHAUSEN GMBH
- Siemens
- Varentec, Inc.
- GRIDBRIDGE
- ABB
- General Electric
- Mitsubishi Electric Corporation.
These market players are adopting several growth strategies such as partnerships & collaboration, R&D activities and novel product service launches to strengthen their position in the global market.
The report summarizes various aspects such as financial performance, SWOT analysis, recent strategic moves & developments and product portfolio of all these key players functioning in the global market. Download Top Companies Development Strategies Summary Report [75 pages]
More about Solid State Transformer:
Solid-State Transformer: An Effective Alternative to Traditional Transformers
Global Solid State Transformer Market to Grow Enormously by 2027 Owing to Advanced Product Launches
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