Solid State Transformer Market

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.

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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.

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.
                    

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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.

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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.

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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.