Solid State Transformer Market Report by Product (Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer), Component (Converters, High-frequency Transformers, Switches, and Others), Voltage Level (HV/MV, MV/LV), Application (Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, and Others), End User (Energy, Transportation, and Others), and Region 2024-2032
The global solid state transformermarket size reached US$ 214.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 638.7 Million by 2032, exhibiting a growth rate (CAGR) of 12.6% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 214.8 Million
Market Forecast in 2032
US$ 638.7 Million
Market Growth Rate (2024-2032)
12.6%
A solid state transformer (SST), also known as a smart transformer, is a modern electrical energy device that offers bi-directional power flow. It is capable of compensating voltage sags and harmonic distortion, interconnecting asynchronous networks, and interfacing direct current (DC) and alternating current (AC) ports. As it can also isolate disturbances from source and load or vice versa and eliminate the use of mechanical actuators or tap changers, SST finds extensive applications in traction/locomotives, electric ships and power grids across the globe.
Solid State Transformer Market Trends:
There is currently an increase in the use of electric vehicles (EVs) around the world on account of the rising environmental awareness among individuals. This, in confluence with the burgeoning energy sector, represents one of the key factors propelling the growth of the market. Moreover, conventional transformers have drawbacks, such as power loss and temperature rise due to harmonics, poor voltage regulation under load, inadequate protection from abnormal currents, and over-voltages. They also lack adequate controllability and have an adverse impact on the environment due to excessive usage of transformer oil. However, SSTs provide a wide range of services to smart grids, including reactive power compensation, power quality improvement, current limiting, voltage regulation, and power factor correction. Consequently, they have emerged as superior alternatives to conventional transformers worldwide. Apart from this, SSTs help integrate different distributed energy sources into the distribution grid with multiple functionalities. This, coupled with the increasing adoption of renewable energy sources, is augmenting the overall sales and profitability. Other factors, including technological advancements and extensive research and development (R&D) activities financed by key players, are strengthening the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solid state transformermarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, component, voltage level, application and end user.
Breakup by Product:
Distribution Solid State Transformer
Power Solid State Transformer
Traction Solid State Transformer
Breakup by Component:
Converters
High-frequency Transformers
Switches
Others
Breakup by Voltage Level:
HV/MV
MV/LV
Breakup by Application:
Alternative Power Generation
Electric Vehicle Charging Stations
Power Distribution
Traction Locomotives
Others
Breakup by End User:
Energy
Transportation
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers and Vollspark.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Million
Segment Coverage
Product, Component, Voltage Level, Application, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers and Vollspark
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global solid state transformer market was valued at US$ 214.8 Million in 2023.
We expect the global solid state transformer market to exhibit a CAGR of 12.6% during 2024-2032.
The rising demand for solid state transformers as they provide a wide range of services to smart grids, such as reactive power compensation, power quality improvement, current limiting, voltage regulation, etc., over conventional transformers, is primarily driving the global solid state transformer market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for solid state transformers.
Based on the product, the global solid state transformer market has been segmented into distribution solid state transformer, power solid state transformer, and traction solid state transformer. Among these, power solid state transformer currently holds the majority of the total market share.
Based on the component, the global solid state transformer market can be bifurcated into converters, high-frequency transformers, switches, and others. Currently, converters exhibit a clear dominance in the market.
Based on the voltage level, the global solid state transformer market has been divided into HV/MV and MV/LV, where HV/MV currently accounts for the largest market share.
Based on the end user, the global solid state transformer market can be segregated into energy, transportation, and others. Currently, energy exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global solid state transformer market include ABB Ltd., Alstom SA, Eaton Corporation PLC, Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperatives Inc.), General Electric Company, Hitachi Ltd., Kirloskar Electric Company Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Synergy Transformers, and Vollspark.
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