| Status : Published | Published On : Jan, 2024 | Report Code : VRSME9052 | Industry : Semiconductor & Electronics | Available Format :
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Page : 161 |
Global Solid State Transformer Market – Analysis and Forecast (2025-2030)
Industry Insight by Component (Converters and Switches), by Product (Distribution Transformer, Traction Transformer, Power Transformer), by Application (Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, Others), by End Users (Energy, Transportation, Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The Global Solid State Transformer Market is poised for substantial growth, with an estimated value of USD 0.15 billion in 2023 projected to reach USD 0.48 billion by 2030. This growth is expected to be driven by a robust compound annual growth rate (CAGR) of 12% during the forecast period of 2025-2030.
A solid-state transformer typically refers to the array of semiconductor components that consumes high power to offer high frequency. These devices usually have a more complex and effective circuitry that offers flexible control over the power distribution systems. Solid-state transformers are increasingly being integrated into smart grid systems and are widely used in inverter as well as in converter circuitry. It is an assembly of high power-driven semiconductor components that offer conservative high-frequency transformers and control circuitry which is used to deliver a high level of flexible control to power distribution systems.
COVID-19 has a massive impact on the power electronics industry. Numerous manufacturers observed shipment interruptions for five or more weeks from China and other countries.
Market Segmentation
Insight by Component
The global solid-state transformer market is divided by its components into converters and switches segments. Out of these two major segmentations, the converters segment is expected to contribute a larger share of the market during the forecast period due to its widespread use as the core component in developing these transformers. Also, different formation of converters widens its applicability, improve it efficiency in power supply, and enhance its functional life.
Insight by Product
According to the product type, the global solid-state transformer market is divided into distribution transformer, traction transformer, and power transformer segments. Out of these segments, the traction solid-state transformer segment is expected to grow at a faster rate during the forecast period due to the growing shift from traditional transformers to more efficient and innovative solid-state transformers, and the growth of traction locomotives in developing countries, higher adoption of these transformers in non-conventional power generation using renewable energy sources such as solar, wind, and tidal energy.
Insight by Application
The global solid-state transformer market is also divided by its diverse applications into substitute power generation, power distribution, electric vehicle charging stations, traction locomotives, and other segments. Out of these segments, the power distribution segment contributes the larger market share due to the higher use of these transformers for higher efficiency and technological developments in smart grid technology.
Insight by End-User
The global solid-state transformer market has different end users and is divided accordingly into energy, transportation, and other segments. Among them, the energy segment is expected to grow more during the forecast period due to the developments in the production of renewable energy and reduced costs in electricity production.
Insight by Voltage Level
The global solid-state transformer market is also divided by different voltage levels into MV/LV and HV/MV segments, where the latter is supposed to contribute a larger share to the market and grow at a higher CAGR due to widespread adoption and use in offshore wind turbines for configuring HVDC/MVAC due to the economic benefits. On the other hand, the MV/LV segment is also expected to grow quite significantly during this period due to the rise in demand for electric vehicles all over the globe because it promotes the development of EV charging stations that need these specific types of transformers.
Global Solid State Transformer Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 0.15 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 0.48 Billion |
|
Growth Rate |
12% |
|
Segments Covered in the Report |
By Component, By Product, and By Application, By End-User. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
There is a growing adoption of the smart grid concept which has promoted digital transformation of late in the electricity segment. Also, major players in the market and several countries are now more focused on improving the technologies involved to develop more effective solid-state transformers that can be used for a diverse range of grid applications.
Growth Drivers
The global solid-state transformer market growth is driven by the growing integration of renewable energy into the power generation mix. It is also attributed to the higher investments in smart grid technology. In addition, the technical benefits offered by these transformers contribute to the market expansion. Also, significant innovation initiatives in grid systems boost the demand and the market growth as a result.
Challenges
The major hindrance to the growth of the global solid-state transformer market is the high cost of maintenance. Also, lack of magnetic separation, operational issues, and stiff competition among the vendors hinder the market growth due to lower profits.
Opportunities
The higher investments in the electric vehicle segments are presenting new growth opportunities for the global solid-state transformer market, especially in the Asia-Pacific region, capitalizing on the MV/LV solid-state transformers.
Geographic Overview
The North American market will grow significantly due to the growing adoption of renewable power generation along with the increase in the number of power grids and EV charging stations in the region. Other factors, such as higher government investments in smart grids, higher efficiency in power distribution, and continual tech developments, are also promoting market expansion.
The market in the Asia-Pacific region will also grow at a higher CAGR during the forecast period due to higher investment in smart grid technology and an increase in electricity demand, which promotes higher investments in power infrastructure.
Competitive Insight
The Solid State Transformer Market is consolidated with very few companies and research institutes operating in the market.
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. ABB's operations are organized into four global business areas, which in turn are made of 21 divisions.
Eaton Corporation plc is an Irish/American multinational power management company, founded in the United States and incorporated in Dublin, Ireland, with a primary administrative center in Beachwood, Ohio. The key services offered are Engineering, IT, financial, knowledge and shared support services.
Some of the key players operating in the pressure sensor market are ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, Alstom SA, and among others.
Recent Developments by Key Players
ABB's innovative PixelPaint technology has been selected by Mahindra & Mahindra for its new electric vehicle paint facility. The technology, which uses an award-winning paint head similar to an inkjet printer
Mitsubishi Electric Corporation has entered into a strategic partnership with Nexperia B.V. to develop silicon carbide (SiC) power semiconductors for the power electronics market. Mitsubishi Electric will leverage its wide-bandgap semiconductor technologies to develop and supply SiC MOSFET chips that Nexperia will use to develop SiC discrete.
The Solid State Transformer Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Component
- Converters
- Switches
- By Product
- Distribution Transformer
- Traction Transformer
- Power Transformer
- By Application
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
- Others
- By End-User
- Energy
- Transportation
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Solid State Transformer Market