Solid State Transformer Market: By Product Type, By Voltage Level, By Application, By End- User and Region Forecast 2019-2030
Solid State Transformer Market: By Product Type, By Voltage Level, By Application, By End- User and Region Forecast 2019-2030
The solid-state transformer market size was valued at US$ 135.8 million in 2023 and is projected to reach US$ 309.7 million by 2030, at a CAGR of 11.8% from 2024-2030. The solid-state transformer (SST), also referred to as the smart transformer, is a sophisticated transformer that includes semiconductor components, control circuits, and a high-frequency transformer. Compared to standard transformers, SSTs improve power quality by managing voltage swings, lowering grid losses, and increasing supply reliability while protecting loads from power outages. They provide voltage conversion between alternating current (AC) and direct current (DC) at various voltage levels, making them suitable for a wide range of applications such as renewable energy generation, electric car charging, and power grids.
The smart transformer market is likely to increase significantly, especially with the anticipated commercialization of SSTs in 2018. A shift away from traditional transformers and growing deployment of SSTs are expected to boost market growth. Furthermore, advances in smart grid solutions, the growth of railway infrastructure in emerging nations, and the increased use of renewable energy sources such as wind and solar are all projected to drive SST adoption. The features of the technology, including as bidirectional power flow, efficient transmission, and AC-to-DC conversion, are adding to the need for SSTs.
Study Period
2024-2030Base Year
2023CAGR
11.8%Largest Market
Asia-PacificFastest Growing Market
Asia-Pacific
The worldwide electric car market is predicted to drive up demand for charging infrastructure, such as transformers and substations. Governments around the world are actively supporting the transition to e-mobility, with countries such as China and the United States providing financial incentives to encourage electric vehicle purchases. Government measures, such as fuel emission limits, play an important role in increasing electric car sales and affecting the auto sector. The necessity to replace aging power distribution systems is also expected to fuel the solid-state transformer industry. The growing demand for intelligent and upgraded power distribution infrastructure is likely to open numerous prospects for market advancement.
Furthermore, regulations to improve grid efficiency is expected to drive the adoption of smart transformers in the utility and energy industries. Solid-state transformers provide various advantages, such as efficient power transmission, bidirectional power flow, and AC-to-DC conversion, which are driving market expansion. For example, in June 2021, Snohomish County PUD announced intentions to extend its electric networks at existing substations. This involves equipment replacement, automation enhancements, and regular maintenance. The PUD also intends to replace aged poles, analyse and treat thousands of poles, and repair miles of aging underground wire, all of which are likely to boost solid-state transformer market revenue.
However, the solid-state transformer industry confronts many constraints that may limit its expansion. High installation costs remain a key obstacle to mainstream use. Furthermore, fluctuations in raw material prices might affect production costs, limiting market expansion. In addition, inadequate awareness and comprehension of the benefits of solid-state transformers, particularly in emerging economies, contributes to lower adoption rates. These issues, combined, limit the market's rapid expansion potential.
The Asia-Pacific solid-state transformer market is expected to expand at notable CAGR between 2024 and 2030, driven by increased investments in smart grid technologies and rising electricity demand, which is pushing greater investment in power infrastructure across the region. In addition, expansion is mostly due to the region's increased use of clean, green, and renewable energy sources. Numerous government projects focused on renewable energy, as well as increased investment in these initiatives, are driving up demand for solid-state transformers. China is expanding rapidly due to rising demand for smart grids and increased energy consumption, which contributes considerably to the region's market domination.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 135.8 million |
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Market Size in 2030 |
US$ 309.7 million |
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Market CAGR |
11.8% |
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By Product |
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By Voltage Level |
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By Application |
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By End User |
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By Region |
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The global solid-state transformer market size was valued at US$ 135.8 million in 2023 and is projected to grow at a CAGR of 11.8% from 2024-2030.
The global solid state transformer market is primarily driven by rising demand for solid state transformers, which offer a variety of services to smart grids such as reactive power compensation, power quality improvement, current limiting, voltage regulation, and so on, in comparison to conventional transformers.
The global use of electric cars (EVs) is increasing as people become more environmentally conscious and is likely to drive market expansion over the forecast period.
Asia-Pacific is estimated to largest share with the highest CAGR over the forecast period.
| 1.Executive Summary |
| 2.Global Solid State Transformer Market Introduction |
| 2.1.Global Solid State Transformer Market - Taxonomy |
| 2.2.Global Solid State Transformer Market - Definitions |
| 2.2.1.Product |
| 2.2.2.Voltage Level |
| 2.2.3.Application |
| 2.2.4.End User |
| 2.2.5.Region |
| 3.Global Solid State Transformer Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Solid State Transformer Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Solid State Transformer Market By Product, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Power SST |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Distribution SST |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Traction SST |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Solid State Transformer Market By Voltage Level, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. HV/MV |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. MV/LV |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Solid State Transformer Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Power Distribution |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Traction Locomotives |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Electric Vehicle Charging Stations |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Alternative Power Generation |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Digital Control Technologies |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Others |
| 7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 8.Global Solid State Transformer Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Transportation |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Energy |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Others |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 9.Global Solid State Transformer Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Power SST |
| 10.1.2.Distribution SST |
| 10.1.3.Traction SST |
| 10.2. Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.HV/MV |
| 10.2.2.MV/LV |
| 10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Power Distribution |
| 10.3.2.Traction Locomotives |
| 10.3.3.Electric Vehicle Charging Stations |
| 10.3.4.Alternative Power Generation |
| 10.3.5.Digital Control Technologies |
| 10.3.6.Others |
| 10.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Transportation |
| 10.4.2.Energy |
| 10.4.3.Others |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Power SST |
| 11.1.2.Distribution SST |
| 11.1.3.Traction SST |
| 11.2. Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.HV/MV |
| 11.2.2.MV/LV |
| 11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Power Distribution |
| 11.3.2.Traction Locomotives |
| 11.3.3.Electric Vehicle Charging Stations |
| 11.3.4.Alternative Power Generation |
| 11.3.5.Digital Control Technologies |
| 11.3.6.Others |
| 11.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Transportation |
| 11.4.2.Energy |
| 11.4.3.Others |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.Asia Pacific (APAC) Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Power SST |
| 12.1.2.Distribution SST |
| 12.1.3.Traction SST |
| 12.2. Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.HV/MV |
| 12.2.2.MV/LV |
| 12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Power Distribution |
| 12.3.2.Traction Locomotives |
| 12.3.3.Electric Vehicle Charging Stations |
| 12.3.4.Alternative Power Generation |
| 12.3.5.Digital Control Technologies |
| 12.3.6.Others |
| 12.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Transportation |
| 12.4.2.Energy |
| 12.4.3.Others |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Power SST |
| 13.1.2.Distribution SST |
| 13.1.3.Traction SST |
| 13.2. Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.HV/MV |
| 13.2.2.MV/LV |
| 13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Power Distribution |
| 13.3.2.Traction Locomotives |
| 13.3.3.Electric Vehicle Charging Stations |
| 13.3.4.Alternative Power Generation |
| 13.3.5.Digital Control Technologies |
| 13.3.6.Others |
| 13.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Transportation |
| 13.4.2.Energy |
| 13.4.3.Others |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 14.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.Power SST |
| 14.1.2.Distribution SST |
| 14.1.3.Traction SST |
| 14.2. Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.HV/MV |
| 14.2.2.MV/LV |
| 14.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Power Distribution |
| 14.3.2.Traction Locomotives |
| 14.3.3.Electric Vehicle Charging Stations |
| 14.3.4.Alternative Power Generation |
| 14.3.5.Digital Control Technologies |
| 14.3.6.Others |
| 14.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Transportation |
| 14.4.2.Energy |
| 14.4.3.Others |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.ABB Ltd |
| 15.2.2.Hitachi Ltd |
| 15.2.3.Kirloskar Electric Company Ltd |
| 15.2.4.Schneider Electric SE |
| 15.2.5.Siemens AG |
| 15.2.6.Synergy Transformers |
| 15.2.7.Alstom SA |
| 15.2.8.Eaton Corporation Plc |
| 15.2.9.Mitsubishi Electric Corporation |
| 15.2.10.Vollspark |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
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