According to the market research report “Solid State (Smart) Transformer Market – Global Forecast & Analysis (2012 – 2020) By Application (Smart Grid, Traction Locomotives, Electric Vehicle Charging Stations, Others), Component (Switches, High frequency Transformers, Converters, Others) & Geography” published by MarketsandMarket, the total solid state transformers applications market is expected to reach $ 5,043.39 million at a CAGR of 82.3% from 2012 to 2020.
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Solid state transformers are mainly made up of power electronics-based components used to convert the magnitude or frequency of voltage and current of electric power to match or befit a particular application. Power electronics has reduced the size of solid state transformers significantly increasing the user-ability and flexibility of the products.
Solid state transformers can operate at higher frequency range and have many advantages as compared to traditional transformers. Their physical size and weight ratio to the legacy transformer is more than 1:100. They are developed for applications in power grids, traction locomotives, electric charging stations, and others. The most notable application of solid state transformers is distribution system in the power grid. Solid State Transformer has high potential in the distribution side of electricity transmission.
Solid state transformer market is expected to grow in the next 2 to 3 years especially within traction transformer industry.
The new generation of solid state transformers is still in the development stage, however those in the industry are confident that the commercialisation will take off within the next two years and play a significant role in the smart grid.
Source: The Greenville Advocate