New York, USA, Oct. 12, 2020 (GLOBE NEWSWIRE) -- A new report published by Research Dive reveals that the global solid state transformer market is projected to surpass $1,246.4 million by 2027, rising at a CAGR of 26.0% from 2020 to 2027. This report presents detailed information on the current scenario and future growth of the market. This report is a meticulous research study delivering thorough market insights for new entrants, shareholders, market players, investors, stakeholders, etc. and attain a leading position in the global industry.
Factors Impacting the Market Growth
According to the report, the growing development of highly advanced technologies in the renewable energy generation systems is majorly contributing to the growth of the global solid state transformer (SST) industry. Furthermore, rising applications of solid state transformers in the electricity transmission and distribution systems for effective optimization of power grids is estimated to unlock rewarding growth opportunities for the global market in the near future. However, higher costs involved in the installation of solid state transformers is likely to hinder the market growth. On the other hand, speedy developments in the electric vehicle industry are estimated to bring in massive investment opportunities for the solid state transformer industry players. The report segments the solid state transformer market into product, application, and region.
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Power Solid State Segment to Show Tremendous Growth during the Forecast Period
By product, the report further bifurcates the market into distribution solid state, power solid state, and traction solid state transformers. Among these, the power solid state segment is likely to show largest growth during the estimated period. This is mainly due to widespread usage of power solid state transformers for numerous transformer applications like distribution systems monitoring, voltage regulation, voltage transformation, and others
Alternative Power Generation Segment to Lead the Market during the Forecast Period
By application, the report divides the market into electric vehicle charging stations, power grid, traction locomotives, and alternative power generation. Among these, the alternative power generation segment acquired nearly 56.0% of the revenue share and is likely to dominate the global market with a CAGR of 25.7% during the forecast period. This mainly owing to extensive use of SST systems in alternative power generation applications for avoiding air pollution.
European Region to Dominate the Market
The report evaluates the global solid state transformer market across several regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the European region has led the global market share in the recent years by acquiring nearly 36.8% of the revenue share and is anticipated to continue to hold its lead position in the forecast timeframe. This is mainly owing to growing adoption of SST systems in top European countries including the UK, France, Germany, and others.
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Foremost Players in the Solid State Transformer (SST) Market
The report offers a list of global key players in the solid state transformer market and discloses some of their strategies and developments. The key players profiled in the report are:
- Varentec, Inc.
- Siemens
- Schneider Electric
- Mitsubishi Electric Corporation
- GRIDBRIDGE
- General Electric
- MASCHINENFABRIK REINHAUSEN GMBH
- ABB
- Eaton
The report offers several strategies and tactics of the leading players functioning in the market such as latest strategic moves & developments, financial performance, product portfolio, and SWOT analysis.
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