Europe Solid State Transformer Market Size Likely to Grow at a CAGR of 15.7% By 2033

As per the current market research conducted by the CMI Team, the Europe Solid State Transformer Market size is expected to record a CAGR of 15.7% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 35.8 Million. By 2032, the valuation is anticipated to reach USD 133.0 Million.

Europe Solid State Transformer Market: Growth Factors and Dynamics

• Renewable Energy Integration: One of the key growth factors for the Europe Solid State Transformer (SST) market is the increasing focus on renewable energy integration. As European countries strive to transition to cleaner and more sustainable energy sources, there is a growing demand for advanced technologies like solid-state transformers that can efficiently integrate renewable energy into existing power grids. SSTs play a crucial role in enhancing the reliability and flexibility of power distribution systems, making them well-suited for accommodating the intermittent nature of renewable energy sources such as solar and wind.

• Grid Modernization Initiatives: Europe is actively engaged in modernizing its power grid infrastructure to meet the evolving energy landscape. Solid-state transformers offer several advantages over traditional transformers, including better controllability, higher efficiency, and enhanced power quality.

• Energy Efficiency and Environmental Sustainability: The emphasis on energy efficiency and environmental sustainability is driving the adoption of solid-state transformers in Europe. SSTs are known for their higher energy efficiency compared to traditional transformers, leading to reduced energy losses during power transmission. Additionally, the environmental benefits of using SSTs, such as lower greenhouse gas emissions and reduced environmental impact, align with the region’s commitment to sustainable development and combating climate change.

• Increasing Demand for Electric Vehicles (EVs): The growing popularity of electric vehicles in Europe is contributing to the demand for solid-state transformers. SSTs play a crucial role in EV charging infrastructure by providing efficient and compact solutions for power conversion and distribution.

• Technological Advancements: Ongoing advancements in solid-state transformer technology are propelling market growth. Innovations such as improved power density, higher voltage capabilities, and enhanced control features are making SSTs more attractive for various applications. Manufacturers and research institutions in Europe are investing in research and development to push the technological boundaries of solid-state transformers, leading to the introduction of more efficient and versatile solutions.

• Government Support and Incentives: Government support and incentives, including subsidies and favorable regulatory frameworks, are playing a pivotal role in the growth of the solid-state transformer market in Europe. Various European countries are implementing policies that encourage the deployment of advanced technologies in the energy sector, and solid-state transformers are benefiting from these initiatives. Financial incentives and regulatory support create a conducive environment for businesses and utilities to invest in and adopt solid-state transformer solutions, thereby driving market growth.

Europe Solid State Transformer Market: Partnership and Acquisitions

• In 2021, Eaton received a $4.9 million grant from the US Department of Energy to streamline the installation of DC fast electric vehicle charging infrastructure (EVCI). Eaton plans to develop a specialized solid-state transformer design and compact chargers on a small skid, aiming to expedite installation, minimize equipment requirements, and reduce deployment costs.

• In 2021, Prolec GE successfully acquired SPX Transformer Solutions, renowned for its Waukesha® transformers and services. This strategic move positions Prolec GE to meet the expanding needs of the Americas market, offering an extended range of innovative and sustainable solutions for efficient electrical energy delivery.

Report Scope

Europe Solid State Transformer Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Europe Solid State Transformer Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Supply Chain Disruptions: The COVID-19 pandemic led to significant disruptions in global supply chains, affecting the manufacturing and distribution of various products, including solid-state transformers. Delays in the supply of key components and materials, as well as restrictions on international trade, impacted the production capabilities of companies operating in the solid-state transformer market in Europe.

• Project Delays and Postponements: The economic uncertainties and lockdown measures imposed during the pandemic resulted in project delays and postponements across different industries. Many infrastructure projects, including those related to the deployment of solid-state transformers in energy systems and grid modernization, faced setbacks. This contributed to a temporary slowdown in the adoption of solid-state transformers in the European market.

• Resilience in Supply Chain Management: Companies in the solid-state transformer market have focused on enhancing the resilience of their supply chains. This involves diversifying suppliers, implementing robust risk management strategies, and adopting technologies like predictive analytics to anticipate and mitigate potential disruptions.

• Accelerated Digitalization and Remote Services: The pandemic accelerated the adoption of digital technologies and remote services. Solid-state transformer manufacturers and service providers in Europe have embraced digitalization to streamline operations, monitor equipment remotely, and offer virtual support services.

• Government Stimulus Packages and Incentives: Governments in Europe have introduced stimulus packages and incentives to revive economic activities post-COVID-19. These measures include financial support for infrastructure projects, renewable energy initiatives, and technology development.

• Increased Emphasis on Resilient Energy Infrastructure: The pandemic highlighted the importance of resilient and reliable energy infrastructure. As a result, there is an increased emphasis on strengthening and modernizing the energy grid. Solid-state transformers, with their advanced features and capabilities, are well-positioned to play a crucial role in building a more resilient and adaptive energy infrastructure. Investments in grid modernization projects are expected to drive the demand for solid-state transformers in Europe.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Europe Solid State Transformer Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Europe Solid State Transformer Market:

• Hitachi Ltd.
• CREE Inc.
• Varentec Inc.
• Gridbridge Inc.
• Maschinenfabrik Reinhausen GmbH
• Qualcomm Technologies Inc.
• SPX Transformer Solutions Inc.
• Starfish Energy Pty Ltd.
• AEG Power Solutions B.V.
• ABB Ltd.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• Mitsubishi Electric Corporation
• Eaton Corporation plc
• Others

The Europe Solid State Transformer Market is segmented as follows:

By Type

• Distribution Solid State Transformer
• Power Solid State Transformer
• Traction Solid State Transformer

By Component

• Converters
• High-frequency Transformers
• Switches
• Others

By Application

• Alternative Power Generation
• Electric Vehicle Charging Stations
• Power Distribution
• Traction Locomotives

By End-use

• Energy
• Transportation
• Others

Regional Coverage:

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe