Solid State Transformer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Global Solid State Transformer Market: Overview
Applications for the products and solutions offered in the global solid state transformer market include alternative power generation, power distribution, research, photovoltaic system, traction locomotives, electric vehicle charging, and unified power quality controller or UPQC, among others. Solutions in the global solid state transformer market are considered to be modern network devices that connect various power electronics converter stages along with a high or medium frequency transformer. Rise in the energy demand throughout the world as well as limitations of fossil fuels are driving the demand for renewable energy sources. This trend is positively influencing the growth in the global solid state transformer market.
The corporate survey report provides an overall snapshot of different essential factors that may create barriers as well as growth opportunities for the development of the global solid state transformer market over 2020 to 2030 i.e. the forecast period. It offers information regarding the influence of various major and leading trends as well as recent market developments to gather information about the demand dynamics in the global solid state transformer market during the forecast years. It also throws light on the key segments in the global solid state transformer market and examines them thoroughly to gather information about their performance trajectory over the forecast years i.e. 2020 to 2030.
Global Solid State Transformer Market: Major Trends and Drivers
Rising investments in electric vehicle industry as well as increasing global demand for electric vehicles is anticipated to heighten the demand for electric vehicle charging infrastructure. This trend is anticipated to favour the expansion of the global solid state transformer market in coming years. Furthermore, early adoption of products and solutions in the global solid state transformer market in alternative power generation industries such as wind, tidal, and solar energy is also a major contributor for the development of the global solid state transformer market.
Moreover, in line with increasing investments by various governmental organizations across the world, increase in the demand for smart electrical grids is also motivating the sales in the global solid state transformer market. On the other hand, high initial cost associated with production as well as installation of solid state transformers may hinder the development in the global solid state transformer market in coming years. However, compact size and higher operational capabilities of these devices may drive the adoption of these products in the global solid state transformer market in the next few years. This trend is expected to bolster the development in the global solid state transformer market in coming years.
Global Solid State Transformer Market: Key Players and Notable Developments
Players and manufacturers in the global solid state transformer market are carefully examined in order to gain knowledge regarding their financial overview, company profiles, product offerings, and revenue generation over the forecast period. Some of the major and incumbent vendors in the global solid state transformer market include Eaton Corporation PLC, Mitsubishi Electric Corporation, Siemens AG, Synergy Transformers, ERMCO, ABB, General Electric, Schneider Electric SE, Kirloskar Electric Company, SPX Transformers Solutions Inc., and Alstom AS, among others. Players in the global solid state transformer market are engaged in research and development activities in order to develop and construct low cost products in order to capture a larger consumer base.
Some other strategies incorporated by the vendors in the global solid state transformer market include acquisitions and strategic partnerships. For example, a major supplier of power quality products, Tripp Lite, was acquired by the Eaton Corporation PLC in March of 2021. Nanyang technological University of Singapore, a research institute partnered with Hitachi ABB for a government led smart grid development project in March of 2021.
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