A new market research report titled "Global Solid-State Transformers Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023" has been added to Research and Markets' offering.
According to the report, the global solid-state transformers market is anticipated to grow with an attractive CAGR of 24.75% during the forecast period.
Some of the major drivers that boost the market growth include a growing use of traction locomotives and electric vehicles, huge investments in smart grids and energy systems, increasing electricity production, growth in industrialization and increasing preference for renewable energy sources.
Growth of the electric vehicle (EV) market and the allied infrastructure is expected to create opportunities which will impact the overall solid-state transformers market.
Currently, Europe is the largest market share for solid-state transformers market due to its prominent market for electric vehicles and electric vehicle charging ports and a huge demand of installations of the renewable sources of energy for power generation. Apart from this, North America is the most significant high growth market due to huge investments in the smart grids and energy systems.
The key manufacturing companies engaged in the solid-state transformers market include Schneider Electric SE, Alstom SA, Maschinenfabrik Reinhausen, Gridbridge, Inc., and Varentec, Inc., but also Mitsubishi Electric Corporation, Eaton Corporation Plc, ABB Ltd., Crompton Greaves, General Electric Co. and Siemens AG.