Global Solid State Transformer Market to Reach US$ 638.7 Million by 2032, Fueled by Expanding Energy Sector

November 08, 2022 | Electronics and Semiconductors

The latest report by IMARC Group, titled “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,” finds that the global solid state transformer market size reached US$ 214.8 Million in 2023. A solid state transformer, or SST, refers to a single-input dual-output power converter that facilitates voltage conversion from alternate current (AC) to direct current (DC), DC to DC, and DC to AC on different voltage levels. It offers high controllability and enables flexible connectivity between existing medium-voltage power distribution networks, low-voltage AC residential systems, and envisioned DC residential systems. It also compensates the voltage sags and harmonic distortion, interconnects asynchronous networks, and interfaces DC and AC ports. In addition, it can isolate disturbances from the source and load or vice versa while eliminating the use of tap changers or mechanical actuators. As a result, SST finds extensive applications in power grids, traction or locomotives, renewable power generation, and electric ships.


Global Solid State Transformer Market Trends:

The expanding energy sector, coupled with heavy investments in smart grid infrastructure, represents the primary factor driving the market growth. Moreover, SST is gaining immense traction as a superior alternative to conventional transformers in smart grids as it offers voltage regulation, power quality improvement, current limiting, reactive power compensation, and power factor correction. Besides this, the rapid modernization of smart grids and the widespread incorporation of electronic intelligence capabilities for power control and operations monitoring have augmented the demand for smart grid technologies, such as SSTs. Additionally, there has been a rise in the use of SSTs in electric vehicle (EV) charging stations. In line with this, the elevating EV sales across the globe due to the growing environmental concerns among individuals and the implementation of favorable government initiatives promoting the use of EVs have accelerated product adoption rates. Furthermore, the increasing preferences for renewable energy sources, such as wind and solar energy, for power generation due to escalating electricity demand and the surging need to reduce carbon footprints has fueled the market growth. Other factors, including the rising public and private investments in distribution and power transmission infrastructure, ongoing research and development (R&D) activities by key players, and technological advancements, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 638.7 Million by 2032, growing at a CAGR of 12.6% during 2024-2032.


Market Summary:

  • Based on the product, the market has been categorized into distribution, power, and traction solid state transformers.
  • On the basis of the component, the market has been segmented into converters, high-frequency transformers, switches, and others.
  • The market has been bifurcated based on the voltage level into HV/MV and MV/LV.
  • Based on the application, the market has been classified into alternative power generation, electric vehicle charging stations, power distribution, traction locomotives, and others.
  • On the basis of the end user, the market has been segregated into energy, transportation, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Alstom Holdings, 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 Pvt Ltd., and Vollspark.


Report Scope:

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)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Solid State Transformer Market to Reach US$ 638.7 Million by 2032, Fueled by Expanding Energy Sector
Purchase Options Year End sale




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARATI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More
Gulf Excellent Group

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Read More
FS Corporation Inc.

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

Read More
Egyptian Industrial Investment Group

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

Read More
Vishnu Chemicals

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

Read More
MOUNT EVEREST BREWERIES LIMITED

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

Read More
Borges Branded Foods

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

Read More
Godrej Consumer Products Limited

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

Read More
ADC Therapeutics

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

Read More
Ivanti

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

Read More
Asiatic Electrical & Switchgear P. Ltd.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Read More
Denka Co., Ltd.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.

Read More