Demand for Solid State Transformer Market to be Fueled by Rapid Shift in Consumer Perception and Increasing Awareness

Solid state transformer (SST), also known as power electronic transformer is a modern device that offers harmonics reduction, reactive power, bi-directional power flow, and many others. This transformer is utilized to replace traditional transformers in alternating current (AC) electric power distribution channels. The SST also provide an option for direct current (DC) output of required magnitude.

Typically, the solid state transformer converts incoming voltage into high-frequency AC with the use of a power electronic-based converter and feeds to the primary side of a high-frequency transformer. Similarly, an opposite procedure is performed on the secondary side of a high-frequency transformer to get the desired DC or AC or both kinds of output for the supply to load. Thus, the power transfer at a high-frequency leads to reduction in size of the transformer as well as weight.

Access to Free Sample Report of Solid State Transformer Market (Including Full TOC, tables & Figure) Here! @ https://www.researchdive.com/download-sample/350

COVID-19 Impact on the Global Industry
The global solid state transformer market is projected to witness a negative impact due to the COVID-19 pandemic. This is mainly due to the unavailability of raw materials owing to lockdown imposed in China to avert the spread of the deadly coronavirus. China is the major hub of supplying raw materials all across the globe. In addition, the transport of raw materials is slow growth during the pandemic due to lack of availability of working professionals, which is expected to affect the SST market in a bad way.

However, the key players of the global industry are employing business growth tactics to sustain in the COVID-19 pandemic. For instance, in July 2020, a global leader in transformers market, Schneider Electric has been selected by the Egyptian Electricity Holding Company to build next-generation smart grid networks systems in Egypt to establish four control centers for optimizing and monitoring the country’s electrical network systems. The aim of this agreement is to guarantee efficient, safe, and reliable electricity supply for industries and customers.

Key Developments in the Global Market
The major industry players are adopting several growth strategies such as involved in R&D developments, technological advancements, collaborations, and novel product launches to strengthen their position in the overall market, which is subsequently supporting the solid state transformer market to grow at a significant pace.

Speak to our Expertise before buying Solid State Transformer Market Report@ https://www.researchdive.com/connect-to-analyst/350

For instance, In September 2017, Siemens introduced to the market its new railway transformer namely, “Tractronic Thinity”, which will ensure interference-free rail traffic by feeding power to trains. The company claims that Tractronic Thinity is more lightweight as compared to previous models. The 24 Mireo trains are scheduled to start functioning on the Freiburg – Offenburg – Basel / Neuchâtel (Switzerland) line, and also in the Kaiserstuhl region from Freiburg to Breisach / Endingen.

In April 2018, ABB, announced the launch of ‘ABB Ability Power Transformer’ at the Hanover Fair in Germany. According to the company, it is the first-ever integrated solution for digitally-enabled power transformers that provides intelligence to increase reliability, optimize operating costs & maintenance, and manage the asset more efficiently.

Forecast Analysis of the Solid State Transformer Market
Global solid state transformer market is projected to observe a robust growth over the forecast period due to rapidly increasing electric vehicles all across the globe. The favorable government initiatives to help electric industry is predicted to play a significant role in creating enormous growth opportunities in the global market. However, high expenditure for the production of SST systems is a major factor predicted to hamper the market growth in the near future.

The rising adoption of smart transformers SST-based technologies in the renewable energy generation stations for DC connectivity and electricity flow controllability is a major factor expected to boost the growth of the global solid state transformer market by 2027. Research Dive in its published report estimates that the SST market will grow at a CAGR of 26.0% during the forecast period. European region is projected to subjugate the global solid state transformer market throughout the forecast period owing to rising demand for SST systems to efficiently manage energy sources and the growth in power consumption in major countries of the region. The key players functioning in the global industry include Siemens, GRIDBRIDGE, Schneider Electric, ABB, General Electric, Varentec, Inc., MASCHINENFABRIK REINHAUSEN GMBH, Eaton, and Mitsubishi Electric Corporation.

Request for Solid State Transformer Market Report Customization & Get 10% Discount on this Report@ https://www.researchdive.com/request-for-customization/350

Contact us:
Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
+1 (917) 444-1262 (US)
Toll Free: +1-888-961-4454
E-mail: support@researchdive.com
LinkedIn: https://www.linkedin.com/company/research-dive/
Twitter: https://twitter.com/ResearchDive
Facebook: https://www.facebook.com/Research-Dive-1385542314927521
Blog: https://www.researchdive.com/blog

About Us
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.