Solid State (Smart) Transformer Market to Grow up to $5,043.39 Million by 2020 Ascending CAGR to 82.3% - New Report by MarketsandMarkets
(PR Web Via Acquire Media NewsEdge) (PRWEB) April 21, 2013
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 MarketsandMarkets, 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, also known as power devices. These devices are used to convert the characteristics (magnitude or frequency of voltage and current) of electric power to match or befit a particular application. Thus, they work on the basis of interdisciplinary technology. Power electronics has reduced the size of solid state transformers significantly. Reduction in size has increased the user-ability and flexibility of the products thereof.
Solid state transformer has a capability to operate at higher frequency range. Its physical size and weight ratio to the legacy transformer is more than 1:100. Solid state transformers have many advantages as compared to traditional transformers. Some of them are bidirectional power flow, high efficiency, high power quality, high flexibility, and low maintenance cost.
The market segmentation revolves around the four major market parameters, namely components, applications, technology, and geography. Solid state transformers are being developed for some special applications like 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 Market has a very niche market. Solid State Transformer has high potential on the distribution side of electricity transmission. The distribution of solid state transformer market is in introductory phase, and expected to witness exponential growth in the next 2 to 3 years. Traction transformer offers a great market opportunity to the solid state transformers. It has already been tested successfully in a couple of places in Europe and U.S. As such, in near future, SST would be used in traction transformers on a major scale.
Commercialization for SST is low at present. However, it will take off within the next two years.
With the new generation of solid-state transformers still being developed by a range of companies, it is likely that we will see them rolling out in just a few years as part of pilot programs and trials. However, in the long term, those in the industry are confident about solid-state transformers to be a significant piece of the smart grid puzzle.
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