Pune, India -- (SBWIRE) -- 10/06/2015 -- According to a new market research report on the "Solid State Transformer Market by Product (Power, traction, & Distribution), Application (Alternative power generation, Electric vehicle charging stations, & others), & Geography (North America, Europe, Asia-Pacific, & RoW) - Forecast to 2020" The global solid state transformer market is expected to be valued at $105.3 Million in 2017 and is estimated to reach $204.3 Million by 2020, at an estimated CAGR of 24.72% from 2017 to 2020.

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A solid state transformer is a device which offers various benefits, along with performing the core task of a traditional transformer. Reactive power compensation, dual-power output (both AC and DC), and communication capabilities are some key benefits offered by a solid state transformer. Many companies and research institutions are doing research in this area and testing prototypes to befit them into a particular application. It is expected that the solid state transformer market would be commercialized by 2017 and exhibit impressive growth rate in the coming years.

The alternative power generation segment is expected to constitute as the largest application for the solid state transformer market in 2017 and is also expected to grow at the highest rate during the forecast period. Wind energy, solar energy, and tidal energy are the key areas under alternative power generation where solid state transformers are expected to be used. A solid state transformer is a lightweight and compact product compared to a traditional transformer, and this makes it more suitable product for offshore uses and this feature helps to keep the overall weight of the platform as low as possible. Furthermore, a solid state transformer improves the quality of power output from the wind turbine and eliminates the need of STATCOM in this process. Hence, many advantages offered by a solid state transformer in various field of alternative energy generation would lead its high adoption; therefore, this is expected to fuel the growth of this application in solid state transformer market. Electric vehicle charging stations, power distribution, traction locomotives are the next major applications of solid state transformers and expected to grow at a significant rate during the near future.

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Europe would be the largest market for the solid state transformer in 2017, and it is also expected to be the fastest-growing region, followed by North America which is also among the major regions that plays a significant role in the growth of the solid state transformer market. The growth of the solid state transformer market in North America would be largely driven by the U.S., which is expected to account for 90% of the total North American solid state transformer market in 2017. The Asia-Pacific market for solid state transformers is expected to be driven by Japan and China.

The report describes market dynamics that include the key drivers, restraints, challenges, and opportunities with respect to the solid state transformer market and forecasts the market till 2020. This global report provides a detailed view of the solid state transformer market across products, applications, and geographies. The report also profiles the prominent players in the solid state transformer market, along with their key growth strategies. The competitive landscape of the market analyzes a large number of players with their market share. The solid state transformer market is witnessing numerous collaborations and partnerships across the value chain, to cater to various industries in different geographies.

The major companies in the global solid state transformer market that have been included in this report are ABB Ltd. (Switzerland), Siemens AG (Germany), Alstom SA (France), and others.

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