Global Solid State Transformer Market 2025 – 2034

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 2025-2034.

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

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 (2025-2034).
• 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