Status : Published | Published On : Jan, 2024 | Report Code : VRSME9052 | Industry : Semiconductor & Electronics | Available Format : | Page : 161 |
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 achieves the core task of a transformer along with proposing numerous benefits. 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. Solid-state transformers are progressively being unified into smart grid systems and are most frequently used in both converter and inverter circuits. Major characteristics driving the expansion of the solid-state transformer industry are the increasing importance of substitute energy production across the world and huge investments in the smart grid and energy systems. Similarly, the growth of the electric vehicle market is expected to drive the growth of the global solid-state transformer market.
The 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.
The effect of COVID-19 associated loss factors differs on the nature of the business, product portfolio, company size, and its supply chain dependence. However, several governments across the world are helping businesses to improve the loss, which can discharge much of the stress businesses might suffer post-pandemic. As the pandemic has reached its end in several regions, industries are anticipated to raise their production with improved planning, which can drive the demand for energy. This is expected to produce new opportunities for the solid-state transformer market in the post-COVID-19 period.
Market Segmentation
Insight by Component Outlook
Based on the component outlook, the global solid-state transformer market is spread into converters and switches. Converters produced the highest revenue in 2019. Converters form the core components and are used for emerging SSTs. Additionally, the applications of the transformers can be enlarged using different formations of converters. Furthermore, the use of different formations helps recover the power supply efficiency and increases the functioning life of the SSTs.
Insight by Product Outlook
Based on the product, the global solid-state transformer market is characterized into distribution transformer, traction transformer, power transformer. Traction solid-state transformers are likely to grow at the highest CAGR during the forecast period. This is due to the significant shift from conventional transformers to innovative solid-state transformers and increasing traction locomotives in emerging economies. The growth can be credited to the acceptance of the transformers for power generation using non-conventional energy sources such as wind, solar and tidal energy. Wind energy is a key sponsor to the power produced through alternate sources of energy, while, APAC region is a leader in the domain. The growing adoption of these alternate energy sources is anticipated to further growth in the solid-state transformers market.
Insight by Application Outlook
Based on the application, the global solid-state transformer market is separated into alternative power generation, electric vehicle charging stations, power distribution, traction locomotives, others. The power distribution segment holds the major market share. The reasons that can be credited to the use of SSTs for power distribution are determined by their benefits, such as power distribution efficiency, over conventional transformers. Furthermore, technological production in the smart grid technology is likely to surge the use of SSTs for power distribution applications.
Insight by End-User Outlook
Based on the end-user, the global Solid State Transformer Market is characterized Energy, Transportation, Others. The Energy segment is likely to grow at the highest CAGR during the forecast period.
The improvements in renewable energy generation are expected to positively influence the demand for solid-state transformers. The transformers are involved in dropping the costs involved in electricity generation and this is further likely to propel the industry growth over the forecast period.
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
The concept of the smart grid enhanced in the last two decades and has now become an important part of the digital transformation of the electricity segment. Major corporations and countries are becoming more tangled in the technological improvement and development of novel and more effective solid-state transformers to be used for grid applications. For instance, Hitachi ABB Power Grids and Nanyang Technological University, underneath Singapore Government's flagship Energy Grid 2.0 initiative intended at determining the next-generation grid system, cooperated to work organized for the advanced developments in solid-state transformer (SST) expertise.
Growth Drivers
The market is expected to experience significant growth during the forecast period due to factors such as the increasing integration of renewable energy in the power generation mix and the rising investment in smart grid technology. Solid-state transformers offer technical advantages over conventional transformers, further contributing to the market's growth. An example of this trend is the launch of GridWise Alliance's comprehensive Policy Framework for Grid Investments in Economic Recovery in December 2020, which calls for a federal spending of USD 50 billion to transform the grid. These grid innovation initiatives are expected to boost the demand for solid-state transformers in smart grids throughout the forecast period.
Challenges
Some of the major challenges hindering the growth of the global solid-state transformers market are high growth and maintenance costs and lack of magnetic separation and other operational challenges. Strong vendor rivalry results in declining profit margin per vendor, which in turn, hampers the growth of the solid-state transformers market.
Opportunities
Due to increasing investment in electric vehicles, solid-state transformers get profitable opportunities over the forecast period. The Asia Pacific is severely capitalizing on the development of electronic vehicles. This is generating lucrative opportunities for MV/LV solid-state transformers in the region. These vehicles are already obtaining a substantial share in the global automotive sector and are estimated to replace combustion engine vehicles in the forecast period.
Geographic Overview
Asia-Pacific is expected to be the largest and fastest-growing market, due to the increasing investment in smart grid technology and the growing demand for electricity leading to rising in investment in power infrastructure all over the region.
China is the world’s leading market for power transmission and distribution (T&D) and is also composed to become a significant consumer of smart grid technology, maintained by its policy to lessen carbon emissions and obligation to green development. In 2020, the public utility State Grid of China capitalized around USD 65 billion, with ultra-high voltage (UHV) plans accounting for 40% of the total investment. However, investment in China’s transmission was reduced by nearly USD 10 billion over the 2019 level, as there was a progressive focus on the upgrading of rural power grids and the construction of distribution networks.
The development of the solid-state transformers market in North America is credited with rising in the acceptance of renewable power generation and EV charging stations and power grids in this region. Also, the factors such as improved power distribution efficiency, continuous technological progressions, and government investments in smart grids are endorsing the growth of the U.S. solid-state transformers market.
Competitive Insight
The Solid State Transformer Market is consolidated with very few companies and research institutes operating in the market.
In December 2019, STMicroelectronics associated with Schneider Electric on carbon impartiality and co-development of energy-efficient solutions. According to this partnership, STMicroelectronics delivers various energy-efficient components to Schneider Electric for use in diverse speed drives, building management systems, power monitoring systems, and uninterruptible power supply (UPS) systems.
Some of the key players operating in the pressure sensor market: 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.
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
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Component
1.2.2. By Product
1.2.3. By Application
1.2.4. By End-Use Industry
1.2.5. By Region
1.3. Research Phases
1.4. Limitations
1.5. Market Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
3.3.3. Market Share Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Component
5.1.1. Converters
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.1.2. Switches
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.2. By Product
5.2.1. Distribution Transformer
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. Traction Transformer
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.3.3. Power Transformer
5.2.3.1. Market Definition
5.2.3.2. Market Estimation and Forecast to 2030
5.3. By Application
5.3.1. Alternative Power Generation
5.3.1.1. Market Definition
5.3.1.2. Market Estimation and Forecast to 2030
5.3.2. Electric Vehicle Charging Stations
5.3.2.1. Market Definition
5.3.2.2. Market Estimation and Forecast to 2030
5.3.3. Power Distribution
5.3.3.1. Market Definition
5.3.3.2. Market Estimation and Forecast to 2030
5.3.4. Traction Locomotives
5.3.4.1. Market Definition
5.3.4.2. Market Estimation and Forecast to 2030
5.3.5. Others
5.3.5.1. Market Definition
5.3.5.2. Market Estimation and Forecast to 2030
5.4. By End-Use Industry
5.4.1. Energy
5.4.1.1. Market Definition
5.4.1.2. Market Estimation and Forecast to 2030
5.4.2. Transportation
5.4.2.1. Market Definition
5.4.2.2. Market Estimation and Forecast to 2030
5.4.3. Others
5.4.3.1. Market Definition
5.4.3.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Component
6.2. By Product
6.3. By Application
6.4. By End-Use Industry
6.5. By Country
6.5.1. U.S. Market Estimate and Forecast
6.5.2. Canada Market Estimate and Forecast
6.5.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Component
7.2. By Product
7.3. By Application
7.4. By End-Use Industry
7.5. By Country
7.5.1. Germany Market Estimate and Forecast
7.5.2. France Market Estimate and Forecast
7.5.3. U.K. Market Estimate and Forecast
7.5.4. Italy Market Estimate and Forecast
7.5.5. Spain Market Estimate and Forecast
7.5.6. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Component
8.2. By Product
8.3. By Application
8.4. By End-Use Industry
8.5. By Country
8.5.1. China Market Estimate and Forecast
8.5.2. Japan Market Estimate and Forecast
8.5.3. India Market Estimate and Forecast
8.5.4. South Korea Market Estimate and Forecast
8.5.5. Singapore Market Estimate and Forecast
8.5.6. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Component
9.2. By Product
9.3. By Application
9.4. By End-Use Industry
9.5. By Country
9.5.1. Brazil Market Estimate and Forecast
9.5.2. Saudi Arabia Market Estimate and Forecast
9.5.3. South Africa Market Estimate and Forecast
9.5.4. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. ABB
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Eaton Corporation plc.
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. General Electric
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. Mitsubishi Electric Corporation
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. Schneider Electric SE
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. Siemens AG
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. Kirloskar Electric Company
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Synergy Transformers
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. SPX Transformers Solutions Inc.
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. ERMCO.
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
10.11. Alstom SA
10.11.1. Snapshot
10.11.2. Overview
10.11.3. Offerings
10.11.4. Financial Insight
10.11.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 5 Global Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 6 Global Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 7 Global Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 8 Global Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 9 Global Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 10 Global Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 11 Global Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 12 Global Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 13 Global Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 14 North America Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 15 North America Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 16 North America Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 17 North America Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 18 North America Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 19 North America Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 20 North America Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 21 North America Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 22 North America Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 23 North America Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 24 Europe Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 25 Europe Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 26 Europe Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 27 Europe Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 28 Europe Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 29 Europe Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 30 Europe Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 31 Europe Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 32 Europe Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 33 Europe Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 34 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 35 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 36 Asia-Pacific Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 37 Asia-Pacific Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 38 Asia-Pacific Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 39 Asia-Pacific Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 40 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 41 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 42 Asia-Pacific Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 43 Asia-Pacific Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 44 RoW Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 45 RoW Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 46 RoW Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 47 RoW Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 48 RoW Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 49 RoW Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 50 RoW Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 51 RoW Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 52 RoW Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 53 RoW Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 54 Snapshot - ABB
Table 55 Snapshot - Eaton Corporation
Table 56 Snapshot - General Electric
Table 57 Snapshot - Mitsubishi Electric Corporation
Table 58 Snapshot - Schneider Electric SE
Table 59 Snapshot - Siemens AG
Table 60 Snapshot - Kirloskar Electric Company
Table 61 Snapshot - Synergy Transformers
Table 62 Snapshot - SPX Transformers Solutions Inc.
Table 63 Snapshot - ERMCO
Table 64 Snapshot - Alstom SA
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Solid State Transformer Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Solid State Transformer Market Highlight
Figure 12 Global Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 13 Global Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 14 Global Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 15 Global Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 16 Global Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 17 North America Solid State Transformer Market Highlight
Figure 18 North America Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 19 North America Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 20 North America Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 21 North America Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 22 North America Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 23 Europe Solid State Transformer Market Highlight
Figure 24 Europe Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 25 Europe Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 26 Europe Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 27 Europe Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 28 Europe Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 29 Asia-Pacific Solid State Transformer Market Highlight
Figure 30 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 31 Asia-Pacific Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 32 Asia-Pacific Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 33 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 34 Asia-Pacific Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 35 RoW Solid State Transformer Market Highlight
Figure 36 RoW Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 37 RoW Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 38 RoW Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 39 RoW Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 40 RoW Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Global Solid State Transformer Market Coverage
Component Insight and Forecast 2025-2030
Product Insight and Forecast 2025-2030
Application Insight and Forecast 2025-2030
End-User Insight and Forecast 2025-2030
Geographical Segmentation
Solid State Transformer Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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Solid State Transformer Market