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Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global solid state transformer market reached a value of US$ 163.57 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 378.55 Million by 2027, exhibiting a CAGR of 14.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor. 

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 transformer market, along with forecasts at the global, regional and country level from 2022-2027. 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 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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:

  • How has the global solid state transformer market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global solid state transformer market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the voltage level?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global solid state transformer market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Solid State Transformer Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product
    6.1    Distribution Solid State Transformer
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Power Solid State Transformer
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Traction Solid State Transformer
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Component
    7.1    Converters
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    High-frequency Transformers
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Switches
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Others
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Voltage Level
    8.1    HV/MV
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    MV/LV
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Application
    9.1    Alternative Power Generation
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Electric Vehicle Charging Stations
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Power Distribution
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Traction Locomotives
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Others
        9.5.1 Market Trends
        9.5.2 Market Forecast
10    Market Breakup by End User
    10.1    Energy
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Transportation
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Others
        10.3.1 Market Trends
        10.3.2 Market Forecast
11    Market Breakup by Region
    11.1    North America
        11.1.1 United States
           11.1.1.1 Market Trends
           11.1.1.2 Market Forecast
        11.1.2 Canada
           11.1.2.1 Market Trends
           11.1.2.2 Market Forecast
    11.2    Asia-Pacific
        11.2.1 China
           11.2.1.1 Market Trends
           11.2.1.2 Market Forecast
        11.2.2 Japan
           11.2.2.1 Market Trends
           11.2.2.2 Market Forecast
        11.2.3 India
           11.2.3.1 Market Trends
           11.2.3.2 Market Forecast
        11.2.4 South Korea
           11.2.4.1 Market Trends
           11.2.4.2 Market Forecast
        11.2.5 Australia
           11.2.5.1 Market Trends
           11.2.5.2 Market Forecast
        11.2.6 Indonesia
           11.2.6.1 Market Trends
           11.2.6.2 Market Forecast
        11.2.7 Others
           11.2.7.1 Market Trends
           11.2.7.2 Market Forecast
    11.3    Europe
        11.3.1 Germany
           11.3.1.1 Market Trends
           11.3.1.2 Market Forecast
        11.3.2 France
           11.3.2.1 Market Trends
           11.3.2.2 Market Forecast
        11.3.3 United Kingdom
           11.3.3.1 Market Trends
           11.3.3.2 Market Forecast
        11.3.4 Italy
           11.3.4.1 Market Trends
           11.3.4.2 Market Forecast
        11.3.5 Spain
           11.3.5.1 Market Trends
           11.3.5.2 Market Forecast
        11.3.6 Russia
           11.3.6.1 Market Trends
           11.3.6.2 Market Forecast
        11.3.7 Others
           11.3.7.1 Market Trends
           11.3.7.2 Market Forecast
    11.4    Latin America
        11.4.1 Brazil
           11.4.1.1 Market Trends
           11.4.1.2 Market Forecast
        11.4.2 Mexico
           11.4.2.1 Market Trends
           11.4.2.2 Market Forecast
        11.4.3 Others
           11.4.3.1 Market Trends
           11.4.3.2 Market Forecast
    11.5    Middle East and Africa
        11.5.1 Market Trends
        11.5.2 Market Breakup by Country
        11.5.3 Market Forecast
12    SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13    Value Chain Analysis
14    Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15    Price Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Key Players
    16.3    Profiles of Key Players
        16.3.1    ABB Ltd.
           16.3.1.1 Company Overview
           16.3.1.2 Product Portfolio
           16.3.1.3 Financials
           16.3.1.4 SWOT Analysis
        16.3.2    Alstom SA
           16.3.2.1 Company Overview
           16.3.2.2 Product Portfolio
           16.3.2.3 Financials
           16.3.2.4 SWOT Analysis
        16.3.3    Eaton Corporation PLC
           16.3.3.1 Company Overview
           16.3.3.2 Product Portfolio
           16.3.3.3 Financials
           16.3.3.4 SWOT Analysis
      16.3.4    Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric Cooperative Corporation)
           16.3.4.1 Company Overview
           16.3.4.2 Product Portfolio
        16.3.5    General Electric Company
           16.3.5.1 Company Overview
           16.3.5.2 Product Portfolio
           16.3.5.3 Financials
           16.3.5.4 SWOT Analysis
        16.3.6    Hitachi Ltd.
           16.3.6.1 Company Overview
           16.3.6.2 Product Portfolio
           16.3.6.3 Financials
           16.3.6.4 SWOT Analysis
        16.3.7    Kirloskar Electric Company Ltd.
           16.3.7.1 Company Overview
           16.3.7.2 Product Portfolio
           16.3.7.3 Financials
           16.3.7.4 SWOT Analysis
        16.3.8    Mitsubishi Electric Corporation
           16.3.8.1 Company Overview
           16.3.8.2 Product Portfolio
           16.3.8.3 Financials
           16.3.8.4 SWOT Analysis
        16.3.9    Schneider Electric SE
           16.3.9.1 Company Overview
           16.3.9.2 Product Portfolio
           16.3.9.3 Financials
           16.3.9.4 SWOT Analysis
        16.3.10    Siemens AG
           16.3.10.1 Company Overview
           16.3.10.2 Product Portfolio
           16.3.10.3 Financials
           16.3.10.4 SWOT Analysis
        16.3.11    Synergy Transformers
           16.3.11.1 Company Overview
           16.3.11.2 Product Portfolio
        16.3.12    Vollspark
           16.3.12.1 Company Overview
           16.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Solid State Transformer Market: Major Drivers and Challenges
Figure 2: Global: Solid State Transformer Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Solid State Transformer Market: Breakup by Product (in %), 2021
Figure 5: Global: Solid State Transformer Market: Breakup by Component (in %), 2021
Figure 6: Global: Solid State Transformer Market: Breakup by Voltage Level (in %), 2021
Figure 7: Global: Solid State Transformer Market: Breakup by Application (in %), 2021
Figure 8: Global: Solid State Transformer Market: Breakup by End User (in %), 2021
Figure 9: Global: Solid State Transformer Market: Breakup by Region (in %), 2021
Figure 10: Global: Solid State Transformer (Distribution Solid State Transformer) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Solid State Transformer (Distribution Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Solid State Transformer (Power Solid State Transformer) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Solid State Transformer (Power Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Solid State Transformer (Traction Solid State Transformer) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Solid State Transformer (Traction Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Solid State Transformer (Converters) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Solid State Transformer (Converters) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Solid State Transformer (High-frequency Transformers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Solid State Transformer (High-frequency Transformers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Solid State Transformer (Switches) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Solid State Transformer (Switches) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Solid State Transformer (Other Components) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Solid State Transformer (Other Components) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Solid State Transformer (HV/MV) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Solid State Transformer (HV/MV) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Solid State Transformer (MV/LV) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Solid State Transformer (MV/LV) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Solid State Transformer (Alternative Power Generation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Solid State Transformer (Alternative Power Generation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Solid State Transformer (Power Distribution) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Solid State Transformer (Power Distribution) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Solid State Transformer (Traction Locomotives) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Solid State Transformer (Traction Locomotives) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Solid State Transformer (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Solid State Transformer (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Solid State Transformer (Energy) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Solid State Transformer (Energy) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Solid State Transformer (Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Solid State Transformer (Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Solid State Transformer (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Solid State Transformer (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: North America: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: North America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: United States: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: United States: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Canada: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Canada: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Asia-Pacific: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Asia-Pacific: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: China: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: China: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Japan: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Japan: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: India: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: India: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: South Korea: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: South Korea: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Australia: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Australia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Indonesia: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Indonesia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Europe: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Europe: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Germany: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Germany: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: France: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: France: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: United Kingdom: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: United Kingdom: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Italy: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Italy: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Spain: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Spain: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Russia: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Russia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Others: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Latin America: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Latin America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Brazil: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Brazil: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Mexico: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Mexico: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Others: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 89: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 90: Middle East and Africa: Solid State Transformer Market: Sales Value (in Million US$), 2016 & 2021
Figure 91: Middle East and Africa: Solid State Transformer Market: Breakup by Country (in %), 2021
Figure 92: Middle East and Africa: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 93: Global: Solid State Transformer Industry: SWOT Analysis
Figure 94: Global: Solid State Transformer Industry: Value Chain Analysis
Figure 95: Global: Solid State Transformer Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Solid State Transformer Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Solid State Transformer Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Solid State Transformer Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 4: Global: Solid State Transformer Market Forecast: Breakup by Voltage Level (in Million US$), 2022-2027
Table 5: Global: Solid State Transformer Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Solid State Transformer Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 7: Global: Solid State Transformer Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Solid State Transformer Market: Competitive Structure
Table 9: Global: Solid State Transformer Market: Key Players


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