Solid state transformer market expected to reach $ 1.14 B by 2027
By Chaitali Gawande: solid state transformer market is expected to reach the value of $ 1.14 B by 2027, expanding at a CAGR of 21.7 % from 2019 to 2027.
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By Chaitali Gawande
Summary: “Solid state transformer market is expected to reach the value of $ 1.14 B by 2027, expanding at a CAGR of 21.7 % from 2019 to 2027, growing number of installations of renewable energy sources and smart grids is projected to drive the global solid state transformer market”.
According to a new research report published by Transparency Market Research (TMR), the global solid state transformer market is expected to reach value of $ 1.14 B by 2027, expanding at a CAGR of 21.7 % from 2019 to 2027. According to the report, the global market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, Europe is projected to continue to lead the global market, with the market in the region expanding at a CAGR of 23.4 % between 2019 and 2027.
The global solid-state transformer market has witnessed strong growth over the last decade. One of the major drivers of the market is the rising demand for SST for use in high-speed trains and high-power electric locomotives. High-speed trains and high-power electric locomotives offer several advantages such as greater transport capacity, higher speed, reduced emissions, and energy saving.
Furthermore, new types of high-speed traction drive systems required for high-speed trains and high-power electric locomotives use an inverter unit, a solid-state transformer, a traction motor, and other key components in order to increase the system efficiency. Furthermore, solid state transformers used in high-speed traction drive systems with a high-power, high-frequency, and LLC-resonant converters, are useful to reduce volume and weight. SSTs also improve grid-side power quality. All these advantages are expected to increase deployment of SST-based traction systems in the near future. This, in turn, would drive the global market for solid state transformer during the forecast period.
The global solid-state transformer market has been broadly segmented in terms of product, component, application, and region. Based on product, the market has been divided into distribution SST, traction SST, and power SST. The power SST segment was dominant, holding 42.95 % share of the global market, in terms of revenue, in 2018. However, the traction SST segment is anticipated to expand at the maximum CAGR of 22.6 % during the forecast period. This growth can be attributed to increasing penetration of solid-state transformers in the traction locomotive sector. In terms of component, the global solid-state transformer market has been classified into converters, switches, high-frequency transformers, and others.