Solid State Transformer Market Size, Share & Industry | 2031

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Solid State Transformer Market Size, Share & Industry | 2031

Solid State Transformer Market Size, Share & Industry | 2031

Segments - Solid State Transformer Market by Components (Switches, Converters, High-frequency Transformer, and Others), End-users (Transportation, Energy, and Others), Products (Traction Solid State Transformer, Distribution Solid State Transformer, and Power Solid State Transformer), Applications (Power Distribution, Alternative Power Generation, Traction Locomotives, Electric Vehicle Charging Stations, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

Solid State Transformer Market Outlook 2031

The global solid state transformer market size was 112.08 Million in 2022 and is anticipated to reach USD 293.75 Million by 2031 register a considerable CAGR 11.3% during the forecast period, 2023-2031. The growth of the market is attributed to the exponential shift from traditional transformer to solid state transformer for enhanced voltage regulation.

Solid state transformer (SST) is advanced electrical energy device that offers bi-directional power flow. It is the amalgamation of high-powered conventional high frequency transformers, semiconductor components, and control circuitry. SST offers a wide range of applications in terms of renewable power generation, voltage regulation, efficient transformation from alternating current (AC) to direct current (DC), and reactive power consumption.

Global Solid State Transformer Market Outlook

Compared to traditional transformers, it is small in size and improves the quality of the power by regulating voltage fluctuations. SST connect the various sources of energy, such as wind power and solar power to power girds and enhances the efficiency of power transmission systems.

The COVID-19 pandemic outbreak had a negative impact on the market. During the pandemic, several transmission, as well as renewable projects have been delayed. Additionally, the SST components supply chain is disrupted across the globe resulting a decline in demand for SST. The market is expected to recover soon with an uptrend operation due to subsiding the COVID cases gradually across the globe.

Solid State Transformer Market Trends, Drivers, Restraints, and Opportunities

Growing renewable electricity production across the globe is one of the key factors driving the market growth.
Increasing investment in smart grid technologies especially in developing countries is projected to boost the market during the forecast period.
High cost of SST coupled with low consumer awareness in developing countries acts as a major challenge that can restrict the market growth in the coming years.
Rising concerns about reliability of the SST is expected to hamper the market growth during the projected timeline.
Escalating investment in R&D of SST by market players is anticipated to create significant growth opportunities for the market.

Scope of The Solid State Transformer Market Report

The report on the global solid state transformer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Solid State Transformer Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Components (Switches, Converters, High-frequency Transformer, and Others), End-Users (Transportation, Energy, and Others), Products (Traction Solid State Transformer, Distribution Solid State Transformer, and Power Solid State Transformer), and Applications (Power Distribution, Alternative Power Generation, Traction Locomotives, Electric Vehicle Charging Stations, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	General Electric Co.; Mitsubishi Electric Corp.; Schneider Electric SE; Varentec, Inc.; GridBridge, Inc.; ABB Ltd.; Alstom SA; Siemens AG; Cooper Power Systems,LLC; and Amantys Ltd.

Solid State Transformer Market Segment Insights

Core component drive the converter segment

Based on components, the global solid state transformer market is divided into switches, converters, high-frequency transformer, and others. The converter segment is expected to grow at a rapid pace during the forecast period due to the converter is a core component required in manufacturing of SST. Additionally, use of different configuration of converters helps in increased power supply efficiency, which is driving the segment growth further.

On the other hand, the high frequency transformer segment is anticipated to expand at a substantial CAGR in the coming years owing to these components enable a reduction in size of SST.

Global Solid State Transformer Market Component

Cost-effectiveness increases the energy segment

In terms of end-users, the market is fragmented into transportation, energy, and others. The energy segment is estimated to account for a significant market share during the forecast period attributed to advancements in renewable energy generation. Moreover, SST is involved in reducing the cost required in electricity generation, is major driver of the segment.

On the other hand, the transportation segment is anticipated to grow at a high CAGR during the projected period owing to intelligent energy distribution by SST in transportation infrastructure.

Power solid state transformer segment to expand at robust growth rate

Based on products, the global solid state transformer market is divided into traction solid state transformer, distribution solid state transformer, and power solid state transformer. The power solid state transformer segment is estimated to expand at robust growth rate during the forecast period due to its cost effectiveness nature and ability of bi-directional supply of power.

However, the traction solid state transformer segment is projected to expand at a considerable CAGR during the forecast period attributed to the boost in the use of traction SST as they are compact and lightweight.

Technological proliferation drive the power distribution segment

On the basis of applications, the market is segmented into power distribution, alternative power generation, traction locomotives, electric vehicle charging stations, and others. The power distribution segment is estimated to account for a major market share during the forecast period due to technological proliferation in smart grid technology.

Furthermore, SST offer several benefits, such as improved power distribution efficiency is driving the segment growth further. On the other hand, the traction locomotives segment is expected to expand at a robust CAGR in the coming years attributed to establishment of transport infrastructure along with evolving railway infrastructure in developing countries.

Solid State Transformer Market Applications

Europe is to constitute a key market share

In terms of region, the global solid state transformer market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to constitute a key share of the market during the projected period owing to presence of key global plyers and investment of the regional government in smart grid.

However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the presence of local manufactures of components for SST in the emerging economies of the region.

Global Solid State Transformer Market Region

Segments

The global solid state transformer market has been segmented on the basis of

Components

Switches
Converters
High-frequency Transformer
Others

End-Users

Transportation
Energy
Others

Products

Traction Solid State Transformer
Distribution Solid State Transformer
Power Solid State Transformer

Applications

Power Distribution
Alternative Power Generation
Traction Locomotives
Electric Vehicle Charging Stations
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

General Electric Co.
Mitsubishi Electric Corp.
Schneider Electric SE
Varentec, Inc.
GridBridge, Inc.
ABB Ltd.
Alstom SA
Siemens AG
Cooper Power Systems,LLC
Amantys Ltd.

Competitive Landscape

Key players competing in the global solid state transformer market are General Electric Co.; Mitsubishi Electric Corp.; Schneider Electric SE; Varentec, Inc.; GridBridge, Inc.; ABB Ltd.; Alstom SA; Siemens AG; Cooper Power Systems,LLC; and Amantys Ltd. Companies are focusing on investment in R&D for development of reliable and efficient SST to maintain their competitive positions in the market.

Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in March 2021, Nanyang Technological University (NTU), Singapore a leading research-intensive university and Hitachi ABB Power Grids announced their partnership for the developments in SST technology. The partnership is aimed at transforming how energy is managed by combining several energy sources into a single intelligent network and shaping the next-generation grid system, which is more resilient, efficient, and sustainable. The project is part of the Singapore Government’s initiative named flagship Energy Grid 2.0, supported by the National Research Foundation, Singapore, and led by the Energy Research Institute at the NTU.

Global Solid State Transformer Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solid State Transformer Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solid State Transformer Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solid State Transformer Market - Supply Chain
  4.5. Global Solid State Transformer Market Forecast
     4.5.1. Solid State Transformer Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solid State Transformer Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Solid State Transformer Market Absolute $ Opportunity
5. Global Solid State Transformer Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Solid State Transformer Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Solid State Transformer Demand Share Forecast, 2019-2026
6. North America Solid State Transformer Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Solid State Transformer Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Solid State Transformer Demand Share Forecast, 2019-2026
7. Latin America Solid State Transformer Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Solid State Transformer Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Solid State Transformer Demand Share Forecast, 2019-2026
8. Europe Solid State Transformer Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Solid State Transformer Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Solid State Transformer Demand Share Forecast, 2019-2026
9. Asia Pacific Solid State Transformer Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Solid State Transformer Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Solid State Transformer Demand Share Forecast, 2019-2026
10. Middle East & Africa Solid State Transformer Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Solid State Transformer Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Solid State Transformer Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Solid State Transformer Market: Market Share Analysis
  11.2. Solid State Transformer Distributors and Customers
  11.3. Solid State Transformer Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. General Electric Co.
     11.4.2. Mitsubishi Electric Corp.
     11.4.3. Schneider Electric SE
     11.4.4. Varentec, Inc.
     11.4.5. GridBridge, Inc.
     11.4.6. ABB Ltd.
     11.4.7. Alstom SA