The Solid-State Transformer Market size was valued at USD 85.3 million in 2023 and is expected to grow to USD 279.6 million by 2031 and grow at a CAGR of 16% over the forecast period of 2024-2031.
The solid-state transformer is a smart transformer that converts electrical energy by using semiconductor devices. A solid-state transformer (SST) is comprised of a conventional high-frequency transformer, high-powered semiconductor devices, and a control circuit that helps to provide a high level of flexible control to power distribution networks.
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The solid-state transformer can step up or step down the AC voltage and also allow two-way power flow. This type of transformer has the ability to control the voltage and current. It is more complex than the conventional converter but it is small in size and more profitable than conventional transformers.
Nowadays solid-state transformer is an emerging technology in the power transformer market because of their low weight, low volume, various potential functions, and fault isolation. The SST replaces the 50/60 Hz power traditional transformer with the high-frequency transformer by using the AC-AC conversion technique. The SST first change the 50/60 Hz AC voltage to the tens of kilohertz frequency and then this high-frequency voltage is stepped down/stepped down by this high-frequency transformer.
Due to the COVID-19 pandemic, the solid-state transformer market faced a severe impact in terms of market share and revenue. Due to stringent rules and regulations by the government such as strict lockdowns and social distancing, the manufacturing of components of the solid-state transformers was disrupted. The shortage of labor and supply chain disruption further impacted the market of solid-state transformers. During the pandemic investment in the power and energy sector has reduced which severely affected the transformer market but after the pandemic, there is an increase in the investment by the government in the renewable energy sector which increases the demand for the solid-state transformer market significantly.
Drivers
Growing adoption of the renewable energy sources
Increase in the number of electrical vehicles
Use of solid-state transformer over traditional converter
Increase in the usage of electricity in houses, public institutions, and businesses
The solid-state transformer is an upgraded smart grid that reduces the use of energy by providing real-time information on monitoring and feedback and helps to reduce greenhouse gas emissions. This application of solid-state transformers helps to protect the environment and increases the adoption of renewable energy sources which drives the solid-state transformer market. Along with this modernization of the transformer market from the traditional transformer to the smart transformer also helps to propel the market.
Restrain
High cost associated with the installation of solid-state transformer
Fluctuating raw material prices
Less awareness regarding the product
Opportunities
Increasing investment in the smart power grid
Challenges
High maintenance cost
High initial investment and high operational and maintenance costs of the solid-state transformer increase the financial burden on the government. These factors limit the adoption of solid-state transformers which hamper the growth of the solid-state transformer market.
The Russian invasion of Ukraine affected the Solid-state transformers market significantly. The Russia-Ukraine war has disrupted the supply chain of solid-state transformers, causing a shortage of raw materials and components. This has led to an increase in the prices of solid-state transformers, making them less affordable for many consumers and businesses. This has resulted in a slowdown in the growth of the solid-state transformer market.
Impact of Recession:
The global economy has been hit hard by the recent ongoing recession. This economic crisis also impacted the solid-state transformer market. The recession has had a significant impact on the demand for solid-state transformers, as companies and individuals alike have been forced to cut back on their spending. Solid-state transformers are a relatively new technology that offers many advantages over traditional transformers. They are more efficient, smaller, and lighter, making them ideal for use in a wide range of applications. However, the high cost of solid-state transformers has been a barrier to their widespread adoption. The recession has made this barrier even more significant, as companies and individuals are less willing to invest in new technology. As a result, the demand for solid-state transformers has decreased, and many companies in the industry have been forced to cut back on their production.
By Product:
Distribution Solid State Transformer
Power Solid State Transformer
Traction Solid State Transformer
By Component:
Converters
Witches
Others
By Voltage Level:
HV/MV
MV/LV
By End-use:
Energy
Transportation
Others
By Application:
Alternative Power Generation
Electric Vehicle Charging Stations
Power Distribution
Traction Locomotives
Others
Asia-Pacific region dominated the solid-state transformer market in 2021 and is expected to grow significantly during the projected period. This growth is attributed to increasing adoption of clean, green, and renewable energy in the region. Increasing number of government projects for renewable energy resources and rising investment for the same drives the market of solid-state transformers in this region. China is the fast-growing country in this region due to the increasing demand for smart grid and increasing usage of energy. China holds the major market and contributes major to the dominance of this region.
North America is also expected to show lucrative growth during the forecast period due to rapid and continuous technological advancement, rising investment in the smart grid, and increasing popularity of using renewable energy resources than conventional energy sources.
The solid-state transformer market in Europe is also anticipated to witness significant growth during the estimated period. This is because of the presence of key market players in Europe like Schneider Electric, Siemens Ag, etc.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems and Controls, Inc., Red Box Aviation, Schneider Electric, Siemens Ag, Varentec Inc., Vollspark, Mitsubishi Electric Corporation, and other players
| Report Attributes | Details |
| Market Size in 2023 | US$ 85.3 Mn |
| Market Size by 2031 | US$ 279.6 Mn |
| CAGR | CAGR of 16% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer) • By Component (Converters, High-frequency Transformers, witches, and Others) • By Voltage Level (HV/MV, MV/LV), By End-use (Energy, Transportation, and Others) • By Application (Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, and Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Alstom Sa, Eaton Corporation, General Electric Company, Hitachi Abb, Power Systems and Controls, Inc., Red Box Aviation, Schneider Electric, Siemens Ag, Varentec Inc., Vollspark, Mitsubishi Electric Corporation |
| Key Drivers | • Growing adoption of the renewable energy sources • Increase in the number of electrical vehicles |
| Market Opportunities | • Increasing investment in the smart power grid |
The expected CAGR of the global Solid state transformer market during the forecast period is 16%.
The market size of the Solid-state transformer market is USD 85.3 million in 2023.
The major key players are Alstom Sa, Eaton Corporation, General Electric Company, Hitachi Abb, Power Systems And Controls, Inc., Red Box Aviation, Schneider Electric, Siemens Ag, Varentec Inc., Vollspark, Mitsubishi Electric Corporation.
Asia-Pacific region dominated the Solid-state Transformer Market.
Increasing adoption of renewable energy sources, Increase in the number of electrical vehicles, Use of solid-state transformer over traditional converter, and Increase in the usage of electricity in houses, public institutions, and businesses are the growth factors of Solid-state Transformer Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solid-state transformer market Segmentation, By Product
8.1 Distribution Solid State Transformer
8.2 Power Solid State Transformer
8.3 Traction Solid-State Transformer
9. Solid-state transformer market Segmentation, By Component
9.1 Converters
9.2 High-frequency Transformers
9.3 Witches
9.4 Others
10. Solid-state transformer market Segmentation, By Voltage Level
10.1 HV/MV
10.2 MV/LV
11. Solid-state transformer market Segmentation, By End-use
11.1 Energy
11.2 Transportation
11.3 Others
12. Solid-state transformer market Segmentation, By Application
12.1 Alternative Power Generation
12.2 Electric Vehicle Charging Stations
12.3 Power Distribution
12.4 Traction Locomotives
12.5 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 North America Solid state transformer market by Country
13.2.2North America Solid state transformer market by Product
13.2.3 North America Solid state transformer market by Component
13.2.4 North America Solid state transformer market by Voltage Level
13.2.5 North America Solid state transformer market by End-use
13.2.6 North America Solid state transformer market by Application
13.2.7 USA
13.2.7.1 USA Solid state transformer market by Product
13.2.7.2 USA Solid state transformer market by Component
13.2.7.3 USA Solid state transformer market by Voltage Level
13.2.7.4 USA Solid state transformer market by End-use
13.2.7.5 USA Solid state transformer market by Application
13.2.8 Canada
13.2.8.1 Canada Solid state transformer market by Product
13.2.8.2 Canada Solid state transformer market by Component
13.2.8.3 Canada Solid state transformer market by Voltage Level
13.2.8.4 Canada Solid state transformer market by End-use
13.2.8.5 Canada Solid state transformer market by Application
13.2.9 Mexico
13.2.9.1 Mexico Solid state transformer market by Product
13.2.9.2 Mexico Solid state transformer market by Component
13.2.9.3 Mexico Solid state transformer market by Voltage Level
13.2.9.4 Mexico Solid state transformer market by End-use
13.2.9.5 Mexico Solid state transformer market by Application
13.3 Europe
13.3.1 Europe Solid state transformer market by Country
1.3.3.2 Europe Solid state transformer market by Product
13.3.3 Europe Solid state transformer market by Component
13.3.4 Europe Solid state transformer market by Voltage Level
13.3.5 Europe Solid state transformer market by End-use
13.3.6 Europe Solid state transformer market by Application
13.3.7 Germany
13.3.7.1 Germany Solid state transformer market by Product
13.3.7.2 Germany Solid state transformer market by Component
13.3.7.3 Germany Solid state transformer market by Voltage Level
13.3.7.4 Germany Solid state transformer market by End-use
13.3.7.5 Germany Solid state transformer market by Application
13.3.8 UK
13.3.8.1 UK Solid state transformer market by Product
13.3.8.2 UK Solid state transformer market by Component
13.3.8.3 UK Solid state transformer market by Voltage Level
13.3.8.4 UK Solid state transformer market by End-use
13.3.8.5 UK Solid state transformer market by Application
13.3.9 France
13.3.9.1 France Solid state transformer market by Product
13.3.9.2 France Solid state transformer market by Component
13.3.9.3 France Solid state transformer market by Voltage Level
13.3.9.4 France Solid state transformer market by End-use
13.3.9.5 France Solid state transformer market by Application
13.3.10 Italy
13.3.10.1 Italy Solid state transformer market by Product
13.3.10.2 Italy Solid state transformer market by Component
13.3.10.3 Italy Solid state transformer market by Voltage Level
13.3.10.4 Italy Solid state transformer market by End-use
13.3.10.5 Italy Solid state transformer market by Application
13.3.11 Spain
13.3.11.1 Spain Solid state transformer market by Product
13.3.11.2 Spain Solid state transformer market by Component
13.3.11.3 Spain Solid state transformer market by Voltage Level
13.3.11.4 Spain Solid state transformer market by End-use
13.3.11.5 Spain Solid state transformer market by Application
13.3.12 The Netherlands
13.3.12.1 Netherlands Solid state transformer market by Product
13.3.12.2 Netherlands Solid state transformer market by Component
13.3.12.3 Netherlands Solid state transformer market by Voltage Level
13.3.12.4 Netherlands Solid state transformer market by End-use
13.3.12.5 Netherlands Solid state transformer market by Application
13.3.13 Rest of Europe
13.3.13.1 Rest of Europe Solid state transformer market by Product
13.3.13.2 Rest of Europe Solid state transformer market by Component
13.3.13.3 Rest of Europe Solid state transformer market by Voltage Level
13.3.13.4 Rest of Europe Solid state transformer market by End-use
13.3.13.5 Rest of Europe Solid state transformer market by Application
13.4 Asia-Pacific
13.4.1 Asia Pacific Solid state transformer market by Country
13.4.2 Asia Pacific Solid state transformer market by Product
13.4.3 Asia Pacific Solid state transformer market by Component
13.4.4Asia Pacific Solid state transformer market by Voltage Level
13.4.5Asia Pacific Solid state transformer market by End-use
13.4.6 Asia Pacific Solid state transformer market by Application
13.4.7 Japan
13.4.7.1 Japan Solid state transformer market by Product
13.4.7.2 Japan Solid state transformer market by Component
13.4.7.3 Japan Solid state transformer market by Voltage Level
13.4.7.4 Japan Solid state transformer market by End-use
13.4.7. 5Japan Solid state transformer market by Application
13.4.8 South Korea
13.4.8.1 South Korea Solid state transformer market by Product
13.4.8.2 South Korea Solid state transformer market by Component
13.4.8.3 South Korea Solid state transformer market by Voltage Level
13.4.8.4 South Korea Solid state transformer market by End-use
13.4.8.5 South Korea Solid state transformer market by Application
13.4.9 China
13.4.9.1 China Solid state transformer market by Product
13.4.9.2 China Solid state transformer market by Component
13.4.9.3 China Solid state transformer market by Voltage Level
13.4.9.4 China Solid state transformer market by End-use
13.4.9.5 China Solid state transformer market by Application
13.4.10 India
13.4.10.1 India Solid state transformer market by Product
13.4.10.2 India Solid state transformer market by Component
13.4.10.3 India Solid state transformer market by Voltage Level
13.4.10.4 India Solid state transformer market by End-use
13.4.10.5 India Solid state transformer market by Application
13.4.11 Australia
13.4.11.1 Australia Solid state transformer market by Product
13.4.11.2 Australia Solid state transformer market by Component
13.4.11.3 Australia Solid state transformer market by Voltage Level
13.4.11.4 Australia Solid state transformer market by End-use
13.4.11.5 Australia Solid state transformer market by Application
13.4.12 Rest of Asia-Pacific
13.4.12.1 APAC Solid state transformer market by Product
13.4.12.2 APAC Solid state transformer market by Component
13.4.12.3 APAC Solid state transformer market by Voltage Level
13.4.12.4 APAC Solid state transformer market by End-use
13.4.12.5 APAC Solid state transformer market by Application
13.5 The Middle East & Africa
13.5.1 The Middle East & Africa Solid state transformer market by Country
13.5.2 The Middle East & Africa Solid state transformer market by Product
13.5.3 The Middle East & Africa Solid state transformer market by Component
13.5.4The Middle East & Africa Solid state transformer market by Voltage Level
13.5.5 The Middle East & Africa Solid state transformer market by End-use
13.5.6The Middle East & Africa Solid state transformer market by Application
13.5.7 Israel
13.5.7.1 Israel Solid state transformer market by Product
13.5.7.2 Israel Solid state transformer market by Component
13.5.7.3 Israel Solid state transformer market by Voltage Level
13.5.7.4 Israel Solid state transformer market by End-use
13.5.7.5 Israel Solid state transformer market by Application
13.5.8 UAE
13.5.8.1 UAE Solid state transformer market by Product
13.5.8.2 UAE Solid state transformer market by Component
13.5.8.3 UAE Solid state transformer market by Voltage Level
13.5.8.4 UAE Solid state transformer market by End-use
13.5.8.5 UAE Solid state transformer market by Application
13.5.9South Africa
13.5.9.1 South Africa Solid state transformer market by Product
13.5.9.2 South Africa Solid state transformer market by Component
13.5.9.3 South Africa Solid state transformer market by Voltage Level
13.5.9.4 South Africa Solid state transformer market by End-use
13.5.9.5 South Africa Solid state transformer market by Application
13.5.10 Rest of Middle East & Africa
13.5.10.1 Rest of Middle East & Asia Solid state transformer market by Product
13.5.10.2 Rest of Middle East & Asia Solid state transformer market by Component
13.5.10.3 Rest of Middle East & Asia Solid state transformer market Voltage Level
13.5.10.4 Rest of Middle East & Asia Solid state transformer market by End-use
13.5.10.5 Rest of Middle East & Asia Solid state transformer market by Application
13.6 Latin America
13.6.1 Latin America Solid state transformer market by Country
13.6.2 Latin America Solid state transformer market by Product
13.6.3 Latin America Solid state transformer market by Component
13.6.4 Latin America Solid state transformer market by Voltage Level
13.6.5 Latin America Solid state transformer market by End-use
13.6.6 Latin America Solid state transformer market by Application
13.6.7 Brazil
13.6.7.1 Brazil Solid state transformer market by Product
13.6.7.2 Brazil Africa Solid state transformer market by Component
13.6.7.3 Brazil Solid state transformer market by Voltage Level
13.6.7.4 Brazil Solid state transformer market by End-use
13.6.7.5 Brazil Solid state transformer market by Application
13.6.8 Argentina
13.6.8.1 Argentina Solid state transformer market by Product
13.6.8.2 Argentina Solid state transformer market by Component
13.6.8.3 Argentina Solid state transformer market by Voltage Level
13.6.8.4 Argentina Solid state transformer market by End-use
13.6.8.5 Argentina Solid state transformer market by Application
13.6.9 Rest of Latin America
13.6.9.1 Rest of Latin America Solid state transformer market by Product
13.6.9.2 Rest of Latin America Solid state transformer market by Component
13.6.9.3 Rest of Latin America Solid state transformer market by Voltage Level
13.6.9.4 Rest of Latin America Solid state transformer market by End-use
13.6.9.5 Rest of Latin America Solid state transformer market by Application
14.Company Profile
14.1 ALSTOM SA
14.1.1 Market Overview
14.1.2 Financials
14.1.3 Product/Services/Offerings
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 EATON CORPORATION
14.2.1 Market Overview
14.2.2 Financials
14.2.3 Product/Services/Offerings
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 GENERAL ELECTRIC COMPANY
14.3.1 Market Overview
14.3.2 Financials
14.3.3 Product/Services/Offerings
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 HITACHI ABB
14.4.1 Market Overview
14.4.2 Financials
14.4.3 Product/Services/Offerings
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 POWER SYSTEMS AND CONTROLS, INC.
14.5.1 Market Overview
14.5.2 Financials
14.5.3 Product/Services/Offerings
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 RED BOX AVIATION
14.6.1 Market Overview
14.6.2 Financials
14.6.3 Product/Services/Offerings
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 SCHNEIDER ELECTRIC
14.7.1 Market Overview
14.7.2 Financials
14.7.3 Product/Services/Offerings
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 SIEMENS AG
14.8.1 Market Overview
14.8.2 Financials
14.8.3 Product/Services/Offerings
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 VARENTEC INC
14.9.1 Market Overview
14.9.2 Financials
14.9.3 Product/Services/Offerings
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 VOLLSPARK
14.10.1 Market Overview
14.10.2 Financials
14.10.3 Product/Services/Offerings
14.10.4 SWOT Analysis
14.10.5 The SNS View
14.11 MITSUBISHI ELECTRIC CORPORATION
14.11.1 Market Overview
14.11.2 Financials
14.11.3 Product/Services/Offerings
14.11.4 SWOT Analysis
14.11.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. USE Cases And Best Practices
17. Conclusion
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