Solid State Transformer Market Growth, Size, Trends, Share, Demand, Revenue and Future Outlook
Solid State Transformer Market Size- By Type, By Voltage Level, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: May-2024 | Report ID: SEMI2419 | Pages: 1 - 228 | Formats*: |
| Category : Semiconductor and Electronics | |||
Solid State Transformer Market Introduction and Overview
According to SPER Market Research, the Global Solid State Transformer Market is estimated to reach USD 456.86 million by 2033 with a CAGR of 12.72%.
The report includes an in-depth analysis of the Global Solid State Transformer Market, including market size and trends, product mix, applications, and supplier analysis. A smart transformer, also known as a solid state transformer (SST), is a sophisticated power electronic device that uses solid state components rather than traditional electromagnetic coils to do the same tasks as a regular power transformer. In order to provide a more effective and adaptable solution for power distribution and conversion, this power electronics transformer integrates power electronics, such as insulated gate bipolar transistors (IGBTs) and gate turn-off thyristors (GTOs), with enhanced control and communication capabilities. In smart grid applications where bidirectional power flow is necessary to transmit energy between low voltage and high voltage or vice versa, three stage solid state transformers are also specially built and used.
- June 2022; Alstom, a pioneer in intelligent and sustainable mobility worldwide, and GTS Rail, a Bari based business that engages in multimodal rail freight transportation have reached an agreement for the supply of 20 Traxx DC3 electric locomotives, known as E.494 in Italy.
- October 2022; A 400kW extreme fast EV charger based on a next generation SiC MOSFET solid state transformer (SST) was demonstrated by Delta Electronics, Ltd., a subsidiary of Delta Electronics, Inc., to partners in its U.S. DOE grant program, including General Motors (GM), DTE Energy, Next Energy, Virginia Tech’s center of power electronics systems (CPES), and the American Center for mobility.
Market Opportunities and Challenges
Opportunities: In comparison to traditional transformer technology, solid-state transformer technology is still in its development. However, as various design elements are periodically improved, solid-state transformer functioning and lifespan cycle will be enhanced. Throughout the estimated time, the solid-state transformer market will benefit from any advancements produced in these domains since they are composed of various high-powered power electronic components. Solid-state technology research and development are being actively pursued by numerous research centers across the globe. The revised structure allows converter cells to be stacked in series and parallel for high-voltage and high-power applications. It can also reduce parts like electrolytic capacitors to obtain longer life and improved power density.
Challenges: Most of the time, low-voltage grids are protected against short circuits by fuses and circuit breakers that can be programmed. Only the closest upstream protection device should turn on in the event of a problem, minimizing the grid's influence to the lowest feasible area. Selectivity is key in this defense plan. When a short circuit occurs, a fuse with a lower rating trips before a fuse with a higher rating, indicating that a short circuit took place. In a reasonable amount of time, even an equally little fuse would take a long time to light.
Market Competitive Landscape
In order to increase their market share, major players in the solid state transformer industry are concentrating on using a variety of marketing techniques. In order to obtain a competitive edge in the solid state transformer business, mergers, acquisitions, and partnerships are among the other important tactics that have been used. Leading companies in the industry are ABB, Eaton, General Electric, GRIDBRIDGE, MASCHINENFABRIK REINHAUSEN GMBH, Mitsubishi Electric Corporation, Schneider Electric, Siemens, and Varentec, Inc., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Voltage Level, By Application, By End-User |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | ABB, Eaton, General Electric, GRIDBRIDGE, MASCHINENFABRIK REINHAUSEN GMBH, Mitsubishi Electric Corporation, Schneider Electric, Siemens, and Varentec, Inc., Others. |
COVID-19 Impact on Global Solid State Transformer Market
By the start of lockdown, the COVID-19 pandemic had halted all industrial and commercial activity worldwide and affected almost every industry. The pandemic forced lockdowns throughout the world, which severely hurt sales and output in sectors like consumer electronics, oil and gas, automobile, and aviation. The market for SSTs has been significantly impacted by COVID-19. Shipments from other nations were delayed for weeks for a number of firms.
Key Target Audience:
- Utilities and Energy Providers
- Industrial and Commercial Enterprises
- Electric Vehicle (EV) Charging Infrastructure Developers
- Data Centers
- Renewable Energy Sector
- Smart Grid Technology Developers
- Research and Development Organizations
Our in-depth analysis of the Solid State Transformer Market includes the following segments:
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Key Topics Covered in the Report:
- Global Solid State Transformer Market Size (FY’2024-FY’2033)
- Overview of Global Solid State Transformer Market
- Segmentation of Global Solid State Transformer Market by Type (Distribution Solid State Transformer, Power Solid State Transformer, Traction Solid State Transformer)
- Segmentation of Global Solid State Transformer Market by Voltage Level (HV/MV, MV/LV)
- Segmentation of Global Solid State Transformer Market by Application (Alternative Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives)
- Segmentation of Global Solid State Transformer Market by End-User (Energy Transportation, Others)
- Statistical Snap of Global Solid State Transformer Market
- Expansion Analysis of Global Solid State Transformer Market
- Problems and Obstacles in Global Solid State Transformer Market
- Competitive Landscape in the Global Solid State Transformer Market
- Impact of COVID-19 and Demonetization on Global Solid State Transformer Market
- Details on Current Investment in Global Solid State Transformer Market
- Competitive Analysis of Global Solid State Transformer Market
- Prominent Players in the Global Solid State Transformer Market
- SWOT Analysis of Global Solid State Transformer Market
- Global Solid State Transformer Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Solid State Transformer Market.
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Solid State Transformer Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Solid State Transformer Market
7. Global Solid State Transformer Market, By Type (USD Million) 2020-2033
7.1. Global Solid State Transformer Market Size, Share and Forecast, By Type, 2020-20267.2. Global Solid State Transformer Market Size, Share and Forecast, By Type, 2027-20337.3. Distribution Solid State Transformer7.4. Power Solid State Transformer7.5. Traction Solid State Transformer
8. Global Solid State Transformer Market, By Voltage Level (USD Million) 2020-2033
8.1. Global Solid State Transformer Market Size, Share and Forecast, By Voltage Level, 2020-20268.2. Global Solid State Transformer Market Size, Share and Forecast, By Voltage Level, 2027-20338.3. HV/MV8.4. MV/LV
9. Global Solid State Transformer Market, By Application (USD Million) 2020-2033
9.1. Global Solid State Transformer Market Size, Share and Forecast, By Application, 2020-20269.2. Global Solid State Transformer Market Size, Share and Forecast, By Application, 2027-20339.3. Alternative Power Generation9.4. Electric Vehicle Charging Stations9.5. Power Distribution9.6. Traction Locomotives
10. Global Solid State Transformer Market, By End-Users (USD Million) 2020-2033
10.1. Global Solid State Transformer Market Size, Share and Forecast, By End-Users, 2020-202610.2. Global Solid State Transformer Market Size, Share and Forecast, By End-Users, 2027-203310.3. Energy Transportation10.4. Others
11. Global Solid State Transformer Market Forecast, 2020-2033 (USD Million)
11.1. Global Solid State Transformer Market Size and Market Share
12. Global Solid State Transformer Market, By Region, 2020-2033 (USD Million)
12.1. Global Solid State Transformer Market Size and Market Share By Region (2020-2026)12.2. Global Solid State Transformer Market Size and Market Share By Region (2027-2033)12.3. Asia-Pacific12.3.1. Australia12.3.2. China12.3.3. India12.3.4. Japan12.3.5. South Korea12.3.6. Rest of Asia-Pacific12.4. Europe12.4.1. France12.4.2. Germany12.4.3. Italy12.4.4. Spain12.4.5. United Kingdom12.4.6. Rest of Europe12.5. Middle East and Africa12.5.1. Kingdom of Saudi Arabia12.5.2. United Arab Emirates12.5.3. Qatar12.5.4. South Africa12.5.5. Egypt12.5.6. Morocco12.5.7. Nigeria12.5.8. Rest of Middle-East and Africa12.6. North America12.6.1. Canada12.6.2. Mexico12.6.3. United States12.7. Latin America12.7.1. Argentina12.7.2. Brazil12.7.3. Rest of Latin America
13. Company Profile
13.1. ABB13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments13.2. EATON13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments13.3. GENERAL ELECTRIC13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments13.4. GRIDBRIDGE13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments13.5. MASCHINENFABRIK REINHAUSEN GMBH13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments13.6. MITSUBISHI ELECTRIC CORPORATION13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments13.7. SCHNEIDER ELECTRIC13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments13.8. SIEMENS13.8.1. Company details13.8.2. Financial outlook13.8.3. Product summary13.8.4. Recent developments13.9. VARENTIC INC13.9.1. Company details13.9.2. Financial outlook13.9.3. Product summary13.9.4. Recent developments13.10. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Solid State Transformer Market size from 2022. The Market is expected to reach USD 456.86 million by 2033, at a CAGR of 12.72% during the forecast period.
Solid State Transformer Market CAGR of 12.72% during the forecast period.
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Solid State Transformer Market size is 456.86 million from 2024 to 2033.
Solid State Transformer Market Segment is covered By Type, By Voltage Level, By Application, By End-User.
The North America anticipated to have the highest market share in the Solid State Transformer Market.
The key players in the market include Companies Covered ABB, Eaton, General Electric, GRIDBRIDGE, MASCHINENFABRIK REINHAUSEN GMBH, Mitsubishi Electric Corporation, Schneider Electric, Siemens, and Varentec, Inc., Others.
In smart grid applications where bidirectional power flow is necessary to transmit energy between low voltage and high voltage or vice versa, three stage solid state transformers are also specially built and used.
Solid State Transformer Market is projected to reach USD 456.86 million by 2033, growing at a CAGR of 12.72% during the forecast period.
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