The global solid state (smart) transformers market is projected to grow considerably over the forecast period. This solid state transformer provides various advantages, along with carrying out the fundamental task of a customary transformer. It has multiple stages which include a high-frequency transformer, the input stage, and the output stage. The output stage can be organized depending on the factualness and requirements of the load. Due to this, these transformers offer the output in both forms of current (DC and AC). Hence, there is no requirement for an extra AC to DC converter which thereby reduces the cost of the system.
Various advantages offered by a solid state (smart) transformer includes dual power output (both AC and DC), communication capabilities and reactive power compensation. They are also used to provide extra flexibility for controlling power distribution networks. Although the solid state (smart) transformer price is comparatively higher than its rational equivalent, it has been predicted that the utilization of a smart transformer in electricity distribution network will enhance the overall productivity of the system by around 8%-10%. A large number of research institutes and companies are performing research activities in this area and are testing samples to make it suitable for a particular application.
The solid state (smart) transformer tailor to a huge variety of applications, ranging from traction locomotives to alternative power generation, electric industries, and power grid. The foremost use of solid state (smart) transformers which drive the overall market includes alternative power generation. Other factors driving the market are growing adoption of renewable power sources, such as solar energy and wind, and traction locomotives.
The global solid state transformer is majorly driven by factors such as increasing use of electric vehicles & traction engines, growing preference for renewable energy sources and massive capitalization for smart energy & grid systems. Adding to it, new sources of renewable energy including tidal energy for generating power have fueled research & development initiatives in the electric distribution network field, which, in turn, is expected to drive further the global smart transformer market. Installations of renewable energy generation capacities, investments in distribution infrastructure & power transmission and energy storage capacity contribute to the factors boosting the demand in the global market.
However, high cost related to the solid state (smart) transformers is expected to impact the overall growth of the market negatively. Another factor that may obstruct the solid state transformers market growth is insufficient solid state transformers testing infrastructure. Producers are increasingly being engaged in research & development activities to bring these transformers into commercial deployment and installation. These type of transformers are anticipated to substitute gradually the currently being used distribution transformers.
Product and application have segmented the overall solid state transformers market. The application sector consists of a power grid, electric vehicle charging stations, alternative power generation, and traction locomotives. Over the past few years, alternative power generation segment generated the highest revenue owing to its effective electric generation technique through energy sources. The various benefits offered by these applications consist of input/output AC or DC power, reduced weight and size of transformers, bi-directional flow and better quality of power.
Europe accounted for the largest regional segment of the global solid state (smart) transformers. The huge demand in this region can be attributed to the growing number of installations of the renewable sources of energy such as wind energy and solar energy. Europe is projected to be a prominent market for electric vehicles and electrical vehicle charging stations. Hence, the increase in the installations of charging stations for electrical vehicles is expected to boost further the overall market demand.
North American market for solid state transformers is estimated to witness the highest growth rate over the next eight years. This market growth is mainly driven by the U.S., which is anticipated to hold over 90% of the North American market share over the forecast period.
The major industry participants in the venture to release their products on solid state transformers technology include Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Gridbridge, Inc., Maschinenfabrik Reinhausen, ABB Ltd., General Electric Co., Alstom SA, Eaton Corporation plc (Cooper Power Systems), Varentec, Inc. Other key players operating in the market include Bombardier, Inc., SPX Transformers, Duke Energy, Selco, Gridco Systems, CREE, Inc., Infineon Technologies, Avago Technologies Limited, Plasmatechnics, Inc., and STMicroelectronics.
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