NEW YORK, May 30, 2016 /PRNewswire/ -- Solid state (smart) transformers have application in several fields, such as traction locomotive, power distribution, electric vehicle charging station, alternative power generation, and many others. The others application segment includes power supply and distribution systems in shipping and aviation applications. The solid state transformer market for the alternative power generation application is expected to grow at the highest CAGR of 24.70% from 2017 to 2020.
The North America solid state transformer market is primarily driven by increasing emphasis on alternative energy production across the region. Alternative energy from solar, wind, tidal, and other sources is being adopted across the world. Another important factor driving the solid state transformer market is the huge investments in smart grids and energy systems. The development and implementation of smart grids across many countries offer a huge opportunity for the solid state transformer market.
The North America solid state transformer market is estimated to be valued at USD 17.53 million by 2017, growing at a CAGR of 22.55% from 2017 to 2020.
The North America solid state transformer market has been segmented on the basis of three categories, namely, country, application, and product. By product, the market has been further segmented into distribution, traction, and power. The distribution segment market, under the product category, is expected to account for the largest share of 90.2% of the North America solid state transformer market by 2017.
The geographical analysis of the North America solid state (smart) transformer market includes major countries of the region, namely, as the U.S., Canada, and Mexico. The U.S. solid state (smart) transformer market is expected to dominate the North American market by 2017 with an estimated share of 90% of the total market, followed by Canada at 7%.
The major players operational in the North America solid state transformer market are ABB Ltd. (Zurich, Switzerland), Schneider Electric SE (Rueil-Malmaison, France), Siemens AG (Munich, Germany), Mitsubishi Electric Corporation (Tokyo, Japan), General Electric Co. (Fairfield, C.T., U.S.), and Alstom SA (France). These companies adopted various developmental strategies, such as mergers & acquisitions and partnership, among others to achieve growth in the North America solid state (smart) transformer market.
Scope of the Report:
This report categorizes the North American market for solid state transformer on the basis of product, application, and geography.
Market Segmentation, by product:
The solid state transformer market has been segmented on the basis of product into distribution, traction, and power.
Market Segmentation, by Application:
The North America solid state transformer market has been segmented on the basis of application into traction locomotives, power distribution, electric vehicle charging stations, alternative power generation, and others.
Market Segmentation, by country:
The country analysis covers The U.S., Canada, and Mexico
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