Solid State (Smart) Transformer Market Size, Share, Growth, Trends and Forecasts, 2016 To 2024

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The global solid state (smart) transformers market is projected to grow considerably over the forecast period. This solid state transformer provides various advantages, along with carrying out the fundamental task of a customary transformer. It has multiple stages which include a high-frequency transformer, the input stage, and the output stage. The output stage can be organized depending on the factualness and requirements of the load. Due to this, these transformers offer the output in both forms of current (DC and AC). Hence, there is no requirement for an extra AC to DC converter which thereby reduces the cost of the system.

Various advantages offered by a solid state (smart) transformer includes dual power output (both AC and DC), communication capabilities and reactive power compensation. They are also used to provide extra flexibility for controlling power distribution networks. Although the solid state (smart) transformer price is comparatively higher than its rational equivalent, it has been predicted that the utilization of a smart transformer in electricity distribution network will enhance the overall productivity of the system by around 8%-10%. A large number of research institutes and companies are performing research activities in this area and are testing samples to make it suitable for a particular application.

The solid state (smart) transformer tailor to a huge variety of applications, ranging from traction locomotives to alternative power generation, electric industries, and power grid. The foremost use of solid state (smart) transformers which drive the overall market includes alternative power generation. Other factors driving the market are growing adoption of renewable power sources, such as solar energy and wind, and traction locomotives.

The global solid state transformer is majorly driven by factors such as increasing use of electric vehicles & traction engines, growing preference for renewable energy sources and massive capitalization for smart energy & grid systems. Adding to it, new sources of renewable energy including tidal energy for generating power have fueled research & development initiatives in the electric distribution network field, which, in turn, is expected to drive further the global smart transformer market. Installations of renewable energy generation capacities, investments in distribution infrastructure & power transmission and energy storage capacity contribute to the factors boosting the demand in the global market.

However, high cost related to the solid state (smart) transformers is expected to impact the overall growth of the market negatively. Another factor that may obstruct the solid state transformers market growth is insufficient solid state transformers testing infrastructure. Producers are increasingly being engaged in research & development activities to bring these transformers into commercial deployment and installation. These type of transformers are anticipated to substitute gradually the currently being used distribution transformers.

Read more: http://www.grandviewresearch.com/industry-analysis/solid-state-smart-transformer-market

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