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The market of solid-state transformer is projected to grow rapidly during the forecast period. The Power Electronics transformer and Solid State Transformer are updated modern network assets which consists multiple power Electronics converter levels with high or low frequency transformers. Using of Solid State Transformer have many benefits like these are highly reliable and robust, are not so much expensive, easy to operate. Majorty of transformers used to transition between AC and DC are Solid State Transformers and it helps in conversion of voltage.
The market for Solid State Transformer is projected to grow at a significant rate over the forecast period. The most dominant use of Solid State Transformer is Alternative Power Generation. Apart from these, the adoption of Renewable Energy is also bolstering the Solid State Transformer market globally. However, high initial implement costs and inadequate SST testing infrastructure are likely to Hinder the growth of Solid State Transformer market globally.
The growth of Solid State Transformer market can be largely rising due to the application of Electric Vehicles and increasing adoption of Renewable Energy Generation.
The Solid State Transformer market has been classified into two mediums. One of them is High Voltage/Medium and Low Voltage/Medium. The growth in Low Voltage/Medium can be attributed to the adoption of Electric Vehicles. The growing demand for EV’s is estimated to further complement growth for the development of Electric charging stations. Therefore the growth opportunities for MV/LV Solid State Transformer market. Moreover, MV/LV segment is instrumental in the application of Power production in photovoltaic systems, cogeneration systems, and other industrial applications.
The renewable power generation segment can be further segmented into the wind,solar and tidal power. The renewable power generation segment is projected to hold a significant share in the market over the forecast period. The increasing adoption of smart transformer based on SST technologies in EV’s and renewable energy stations for Electric flow controllability and DC connectivity is expected to drive demand over the forecast period.
Geographically, the distribution has been done in North America, South America, Europe, the Africa and the Asia Pacific. The North American region is expected to witness noteworthy growth in the market over the forecast period owing to increasing growth in the renewable energy capabilities in advanced power grid systems.
The market players are consistently participating in from of increased investment in R&D and are taking collaborative efforts for launching new products to expand their market share and achieve the growing end use requirements.