Solid State Transformers (SST) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $247.0 million by 2020, registering a CAGR of 46.6 percent. Power solid state transformers segment is estimated to occupy more than half of the market revenue by 2020. The North American market is anticipated to exhibit the highest CAGR of 49.3 percent during the forecast period.
“Power solid state transformers segment is projected to generate the highest revenue by 2020, attributed to its rising adoption rates, economical cost and high popularity across power grid infrastructures. However, traction solid state transformers, is expected be the fastest growing segment with a CAGR of 47.2 percent. Increasing electrification of trains, usage of electric vehicles, compatible size and high efficiency output of solid state transformers, are responsible for the growth of traction solid state transformers market” states Garima Chandra, Research Analyst, Energy & Power Research at AMR.
Solid state transformers (SST) are expected to be commercialized by 2018, and would grow at a CAGR of 46.6 percent during the forecast period. The major factors driving the market growth are shifting trends from conventional transformers to advanced solid state transformers or smart transformers and expanding traction locomotives in emerging economies. In addition, alternative power generation sources such as wind and solar energy would largely supplement the solid state transformers market growth.
Solid state transformers technology is poised to grow at a remarkable pace, owing to its associated benefits over traditional transformers such as compact size, efficiency, AC to DC conversion, bidirectional power flow and others. Moreover, implementation of SSTs is expected bring about shift in the way utility power is distributed, thereby making SST an integral part of future smart grid. In addition, growing demand of electric vehicles is anticipated to provide opportunities for the companies operating in the smart transformers market. However, factors such as high cost associated with smart transformers, unawareness among potential end users and inadequate solid state transformers testing infrastructure, are projected to hinder the market growth.
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