Global Solid State Transformers Reach As High As 1.1 Billion USD By 2028 From About 100 Million USD In 2018
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The market for solid state transformers is forecasted to be commercialized by end of 2017 or beginning of 2018 according to our investigation. The market scale, which is regarded quite promising, is estimated to reach as high as 1.1 Billion USD by 2028 from about 100 Million USD in 2018, to grow at a CAGR of 23% for the forecasted period.
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.
Currently, Europe and North America are the most active regions in the research and development of solid state transformers, leading by several traditional transformer vendors such as ABB, GE, Siemens and others. The European market is expected to account for the largest market share, followed by North America and the Asia-Pacific. The growth of the European market is expected to fuel by increasing installed capacity of renewable energy sources such as solar and wind energy. Europe is a prominent market for electric vehicle and the growth of electric vehicle charging stations further offers a huge growth opportunity for the solid state transformer market in this region.
No wonder that solid state transformer is breakthrough technology, and it has huge imagination potential for the industry. But what should not be forgotten is that solid state transformer will not replace conventional transformer, without enough necessity. 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 center around strategic benefits related to the 'green circuit' of the future, rolling out devices on feeders with high PV penetration and EV load.