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
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Post-Sale Analyst Support 10-12 Weeks
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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.

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