The Solid State Transformers (SST) market was valued at $77 Million in 2018 and is projected to reach $330 Million by 2025, at a CAGR of 23.0% during the forecast period according to The Market Report.
The study analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.
Solid state transformer is also known as power electronic transformer (EPT). Compared with the conventional transformer, EPT has many advantages. EPT's outstanding feature is that the original current can be achieved, the side voltage and power of flexible control.
The market of solid state transformers is expected to be driven by the adoption of solid state transformers and demand for alternative power generation, traction locomotives, and power distribution in addition to the electrical vehicle charging stations.
EPT applied to the power system will improve the power quality and system stability to achieve a flexible transmission and power market power flow under real-time control. Proponents of solid-state transformers are not suggesting a rip-and-replace strategy for existing transformers.
The strategy for the introduction of solid-state transformers will be centered around strategic benefits related to the 'green circuit' of the future, rolling out devices on feeders with high PV penetration and EV load.
This report presents the worldwide Solid State Transformers (SST) market size (value, production and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type and application. The manufacturers covered in this report are ABB, Siemens, and General electri and the regions analyzed are North America, Asia-Pacific, Europe, Central & South America, and Middle East & Africa.
Source: The Market Reports