Solid State Transformer Market Size, Trends and Insights By Type (Power SSTs, Distribution SSTs, Traction SSTs), By Application (Power Distribution, Renewable Power Generation, Electric Vehicle Charging Stations, Traction Locomotives), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Eaton Corporation
- Power Systems & Controls Inc
- Alstom SA
- Others
Reports Description
In our research report on the Global Solid State Transformer Market, the market was valued at USD 70 million in 2021 and is projected to account for around USD 240 million by 2030. The estimated CAGR is approximately 16% between 2022 and 2030. The report further provides an overview of drivers, restraints, and opportunities present in the Solid State Transformer market. Moreover, the report examines the global competitive analysis for the Solid State Transformer market.
The key purpose of the Global Solid State Transformer Market report is to deliver industry investors, company leaders, private equity companies, and stakeholders with comprehensive information facilitating them to make informed strategic decisions concerning the chances in the Solid State Transformer market throughout the world.
Solid State Transformer Market: Overview
SSTs are composed of high-power semiconductors, high-frequency transformers, and control circuits. It is also known as a smart transformer or an intelligent universal transformer. Smart transformers provide greater control flexibility in power distribution networks, enabling seamless AC-DC and DC-AC conversions as required. It is now used for various purposes, such as alternative energy generation, the power grid, traction trains, and the electric industry.
When connected to the power grid, SSTs control voltage fluctuations independently. Voltage data can be connected to the smart grid, and corrective actions can be performed remotely. Alternative energy generation, including wind turbines and solar panels, requires a well-designed power supply.
Solid State Transformer Market: COVID–19 Impact Analysis
At the beginning of 2020, the COVID-19 epidemic had disrupted nearly every industry, interrupting all industrial and commercial activities globally. Global lockdowns were levied as a result of the pandemic, resulting in massive losses in production and sales in industries such as automotive, consumer electronics, aviation, pharmaceuticals, and oil & gas. COVID-19 has had a significant impact on the market for SSTs. Several manufacturers experienced shipment delays for weeks from China and other countries.
COVID-19 has varying effects depending on the type of business, product range, firm size, and dependence on a supply chain. However, many governments across the globe are assisting businesses in recapturing their losses, which can help mitigate a lot of the stress that businesses may feel during a pandemic. As the pandemic nears its end in various regions of the globe, businesses are expected to intensify output with better planning, and increasing energy demand. It is expected to provide fresh opportunities for the global Solid State Transformer market in the next few years.
Solid State Transformer Market: Growth Drivers
Surging use of advanced systems in renewable energy generation systems
In the coming years, the growing trend of incorporating SSTs in electricity D&T systems for efficient power system optimization will likely provide ample growth opportunities for the global SSTs market. This anticipated growth is caused by the growing use of smart transformers based on SST technologies in EVs and renewable energy production stations for electricity flow controllability as well as DC connectivity. Furthermore, SST systems have significant advantages, including increased load resonant capacity, most effective power management, bi-directional electricity flow, and numerous other advantages. These factors propel the increased use of SSTs in power generation systems, influencing market growth in the coming years.
Emerging new solid state and power electronics trends
Compared to traditional transformer technology, SST technology is in its infancy; periodic improvements in several design aspects will enhance the functionality and life expectancy cycle of SSTs. Because they consist of numerous high-powered power electronic components, any progress in these areas will aid the SST market over the coming years.
Solid State Transformer Market: Segmentation Analysis
In our research scope, the Solid State Transformer market is segmented into type and application. Based on type, the Power Solid-State Transformer is the dominant segment in the global Solid-State Transformer market, with a CAGR of over 15% expected during the projected period.
The alarming rate of greenhouse gas emissions and the steadily increasing use of nonrenewable energy sources, including coal, uranium, oil, and other fossil fuels, are expected to speed up the implementation of Solid State Transformers in power grids. Power transformer demand is also increasing as a consequence of increased industrialization and modernization, strengthening the global Solid State Transformers market. Further, by application, Renewable Power Generation led the Solid-State Transformers market in 2021, with a CAGR of over 17% expected during 2022-2030.
The surging demand for and need for alternative power generation systems, as well as the global expansion of renewable energy markets, are expected to boost the need for Solid State Transformers. Solid-state distribution transformers are more reliable and cost-effective than line-frequency transformers, and their usage in power distribution applications is expected to grow.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 70 Million |
| Projected Market Size in 2030 | USD 240 Million |
| CAGR Growth Rate | 16% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Eaton Corporation, Power Systems & Controls Inc, Alstom SA, General Electric Company, Red Box Aviation, Varentec Inc, Schneider Electric, Siemens AG, Vollspark, Hitachi ABB, and Others |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Solid State Transformer market is estimated to grow annually at a CAGR of around 16% over the forecast period (2022-2030).
- In terms of revenue, the Solid State Transformer market size was valued at around USD 70 million in 2021 and is projected to reach USD 240 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, the Power Solid State Transformer segment was predicted to show a held market share in the year 2021.
- Based on application segmentation, the Renewable Power Generation segment was the leading revenue-generating category in 2021.
- On the basis of region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- June 2022:Alstom, a leader in smart and sustainable mobility, received a contract to supply 20 Traxx DC3 electric locomotives, known as E.494 in Italy, to GTS Rail, a Bari-based company that specializes in intermodal rail freight transport.
- June 2022: GE and Continuum Green Energy Pvt Ltd announced the financial close of GE Energy Financial Services’ acquisition of a 49 percent stake in Continuum’s 148.5 megawatts (MW) Morjar onshore wind project in Gujarat, India.
Regional Landscape
Asia-Pacific is the largest revenue contributor to the Solid State Transformer market. The numerous infrastructure initiatives encouraged by developing nations to boost essential demand for commercial trade offer significant room for growth in this region’s Solid State Transformer market. Compared to other countries, China is the most important contributor to the market. Japan and India are gradually expanding their markets.
The North American Solid-State Transformers market is expected to grow steadily. Demand for SSTs in North America is expected to be stimulated by an increase in renewable energy generation and new metro projects, as well as the construction and deployment of smart grids in the US and Canada. The US is the region’s primary market.
Competitive Landscape
Major players operating in the Solid State Transformer market are focused on implementing manifold marketing strategies to gain market share. Further, other key strategies implemented include mergers, acquisitions, and collaborations, for gaining a competitive edge in the Solid State Transformer market.
An in-depth investment analysis has been performed, providing forecast and prevailing opportunities for the market participants. The market report focuses on significant characteristics of the market that comprise historic data, present market revenues, PEST analysis, technological investments, and competitive analysis in the related industry.
The global solid state transformer market is segmented as follows:
- By Product Scope
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
- By Component Scope
- Converters
- High-frequency Transformers
- Switches
- Others
- By Application Scope
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- By End-use Scope
- Energy
- Transportation
- Others
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Solid State Transformer Market, (2022 – 2030) (USD Million)
- 2.2 Global Solid State Transformer Market: Snapshot
- Chapter 3. Global Solid State Transformer Market – Industry Analysis
- 3.1 Solid State Transformer Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Surging use of advanced systems in renewable energy generation
- 3.2.2 Emerging New Solid State and Power Electronics Trends
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Application
- Chapter 4. Global Solid State Transformer Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Solid State Transformer Market: Company Market Share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Solid State Transformer Market – Type Analysis
- 5.1 Global Solid State Transformer Market Overview: By Type
- 5.1.1 Global Solid State Transformer Market Share, By Type, 2021 and 2030
- 5.2 Power SSTs
- 5.2.1 Global Solid State Transformer Market by Power SSTs, 2022 – 2030 (USD Million)
- 5.3 Distribution SSTs
- 5.3.1 Global Solid State Transformer Market by Distribution SSTs, 2022 – 2030 (USD Million)
- 5.4 Traction SSTs
- 5.4.1 Global Solid State Transformer Market by Traction SSTs, 2022 – 2030 (USD Million)
- 5.1 Global Solid State Transformer Market Overview: By Type
- Chapter 6. Global Solid State Transformer Market – Application Analysis
- 6.1 Global Solid State Transformer Market Overview: By Application
- 6.1.1 Global Solid State Transformer Market Share, By Application, 2021 and 2030
- 6.2 Power Distribution
- 6.2.1 Global Solid State Transformer Market by Power Distribution, 2022 – 2030 (USD Million)
- 6.3 Renewable Power Generation
- 6.3.1 Global Solid State Transformer Market by Renewable Power Generation, 2022 – 2030 (USD Million)
- 6.4 Electric Vehicle Charging Stations
- 6.4.1 Global Solid State Transformer Market by Electric Vehicle Charging Stations, 2022 – 2030 (USD Million)
- 6.5 Traction Locomotives
- 6.5.1 Global Solid State Transformer Market by Traction Locomotives, 2022 – 2030 (USD Million)
- 6.1 Global Solid State Transformer Market Overview: By Application
- Chapter 7. Solid State Transformer Market – Regional Analysis
- 7.1 Global Solid State Transformer Market Regional Overview
- 7.2 Global Solid State Transformer Market Share, by Region, 2021 & 2030 (USD Million)
- 7.3. North America
- 7.3.1 North America Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.3.1.1 North America Solid State Transformer Market, by Country, 2022 – 2030 (USD Million)
- 7.3.1 North America Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4 North America Solid State Transformer Market, by Type, 2022 – 2030
- 7.4.1 North America Solid State Transformer Market, by Type, 2022 – 2030 (USD Million)
- 7.5 North America Solid State Transformer Market, by Application, 2022 – 2030
- 7.5.1 North America Solid State Transformer Market, by Application, 2022 – 2030 (USD Million)
- 7.4. Europe
- 7.4.2 Europe Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4.2.1 Europe Solid State Transformer Market, by Country, 2022 – 2030 (USD Million)
- 7.4.2 Europe Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4 Europe Solid State Transformer Market, by Type, 2022 – 2030
- 7.4.1 Europe Solid State Transformer Market, by Type, 2022 – 2030 (USD Million)
- 7.5 Europe Solid State Transformer Market, by Application, 2022 – 2030
- 7.5.1 Europe Solid State Transformer Market, by Application, 2022 – 2030 (USD Million)
- 7.5. Asia Pacific
- 7.5.3 Asia Pacific Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.5.3.1 Asia Pacific Solid State Transformer Market, by Country, 2022 – 2030 (USD Million)
- 7.5.3 Asia Pacific Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4 Asia Pacific Solid State Transformer Market, by Type, 2022 – 2030
- 7.4.1 Asia Pacific Solid State Transformer Market, by Type, 2022 – 2030 (USD Million)
- 7.5 Asia Pacific Solid State Transformer Market, by Application, 2022 – 2030
- 7.5.1 Asia Pacific Solid State Transformer Market, by Application, 2022 – 2030 (USD Million)
- 7.6. Latin America
- 7.6.4 Latin America Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.6.4.1 Latin America Solid State Transformer Market, by Country, 2022 – 2030 (USD Million)
- 7.6.4 Latin America Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4 Latin America Solid State Transformer Market, by Type, 2022 – 2030
- 7.4.1 Latin America Solid State Transformer Market, by Type, 2022 – 2030 (USD Million)
- 7.5 Latin America Solid State Transformer Market, by Application, 2022 – 2030
- 7.5.1 Latin America Solid State Transformer Market, by Application, 2022 – 2030 (USD Million)
- 7.7. The Middle-East and Africa
- 7.7.5 The Middle-East and Africa Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.7.5.1 The Middle-East and Africa Solid State Transformer Market, by Country, 2022 – 2030 (USD Million)
- 7.7.5 The Middle-East and Africa Solid State Transformer Market, 2022 – 2030 (USD Million)
- 7.4 The Middle-East and Africa Solid State Transformer Market, by Type, 2022 – 2030
- 7.4.1 The Middle-East and Africa Solid State Transformer Market, by Type, 2022 – 2030 (USD Million)
- 7.5 The Middle-East and Africa Solid State Transformer Market, by Application, 2022 – 2030
- 7.5.1 The Middle-East and Africa Solid State Transformer Market, by Application, 2022 – 2030 (USD Million)
- Chapter 8. Company Profiles
- 8.1 Eaton Corporation
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Power Systems & Controls Inc
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Alstom SA
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 General Electric Company
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Red Box Aviation
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Varentec Inc
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Schneider Electric
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Siemens AG
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Vollspark
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Hitachi ABB
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.1 Eaton Corporation
List Of Figures
Figures 1 to 21
List Of Tables
Tables 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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List of the prominent players in the global Solid State Transformer market:
FAQs
“Asia-Pacific” region will lead the global Solid-State Transformer market during the forecast period 2022 to 2030.
The growing trend of incorporating SSTs in electricity D&T systems for efficient power system optimization will likely provide ample growth opportunities for the global SSTs market in coming years.
The key players operating in the Solid-State Transformer market are Eaton Corporation, Power Systems & Controls Inc, Alstom SA, General Electric Company, Red Box Aviation, Varentec Inc, Schneider Electric, Siemens AG, Vollspark, Hitachi ABB, and Others.
The global Solid-State Transformer market is expanding growth with a CAGR of approximately 16% during the forecast period (2022 to 2030).
The global Solid-State Transformer market size was valued at USD 70 million in 2021 and it is projected to reach around USD 240 million by 2030.