Even though insufficient solid state transformer testing infrastructure and high cost are hampering the growth of the global market, several factors have been recognised as drivers of the solid state transformer market growth, including tidal energy, according to a report issued by Zion Market Research.
Large investments in smart grids and energy systems, as well as the increasing preference for renewable energy source are the major factors responsible for the growth of the global solid state transformer market. Furthermore, growing use of tidal energy for power generations and the increasing research and development (R&D) activities are further driving the market growth, the report says.
The market is dominated by Europe due to the high awareness among consumers for the adoption of solid state transformers. Europe would continue to dominate the market owing to the installed capacity of renewable energy sources for power generation. North America accounted for the largest market chunk in the global solid state transformer market and heavy investments in the field of research by the North American region is anticipated to drive the global market growth, the report with a market forecast by 2024 says.
Solid state transformer is used in major applications such as smart grids, offshore energy generation systems, as well as locomotive and other traction systems. The traditional transformers, which possess certain drawbacks such as performance degradation under system disruptions and overload, sensitivity to harmonics and voltage drop under load, are now being replaced by the solid state transformers.
Some of the major players in the global solid state transformer market are Alstom, Schneider Electric, Gridbridge, Maschinenfabrik Reinhausen and Varentec. Other key players influencing the global market are Eaton Corporation, Mitsubishi Electric Corporation, ABB, Siemens and General Electric (GE).