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

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.
Solid State Transformer Market
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.

Solid State Transformer Market


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 coveredBy 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:
By Type:
  • Distribution Solid State Transformer
  • Power Solid State Transformer
  • Traction Solid State Transformer
  • By Voltage Level:
  • HV/MV
  • MV/LV
  • By Application:
  • Alternative Power Generation
  • Electric Vehicle Charging Stations
  • Power Distribution
  • Traction Locomotives
  • By End-Users:
  • Energy Transportation
  • Others
  • 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 report 
    1.2. Market segment analysis

    2. Research Methodology
    2.1. Research data source
    2.1.1. Secondary Data
    2.1.2. Primary Data
    2.1.3. SPER’s internal database
    2.1.4. Premium insight from KOL’s
    2.2. Market size estimation
    2.2.1. Top-down and Bottom-up approach
    2.3. Data triangulation

    3. Executive Summary

    4. Market Dynamics
    4.1. Driver, Restraint, Opportunity and Challenges analysis
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunities
    4.1.4. Challenges
    4.2. COVID-19 Impacts of the Global Solid State Transformer Market.

    5. Market variable and outlook
    5.1. SWOT Analysis
    5.1.1. Strengths
    5.1.2. Weaknesses
    5.1.3. Opportunities
    5.1.4. Threats
    5.2. PESTEL Analysis
    5.2.1. Political Landscape
    5.2.2. Economic Landscape
    5.2.3. Social Landscape
    5.2.4. Technological Landscape
    5.2.5. Environmental Landscape
    5.2.6. Legal Landscape
    5.3. PORTER’s Five Forces 
    5.3.1. Bargaining power of suppliers
    5.3.2. Bargaining power of buyers
    5.3.3. Threat of Substitute
    5.3.4. Threat of new entrant
    5.3.5. Competitive rivalry
    5.4. Heat Map Analysis

    6. Competitive Landscape
    6.1. Global Solid State Transformer Market Manufacturing Base Distribution, Sales Area, Product Type 
    6.2. 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, 2020-2026
    7.2. Global Solid State Transformer Market Size, Share and Forecast, By Type, 2027-2033
    7.3. Distribution Solid State Transformer
    7.4. Power Solid State Transformer
    7.5. 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, 2020-2026
    8.2. Global Solid State Transformer Market Size, Share and Forecast, By Voltage Level, 2027-2033
    8.3. HV/MV
    8.4. 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, 2020-2026
    9.2. Global Solid State Transformer Market Size, Share and Forecast, By Application, 2027-2033
    9.3. Alternative Power Generation
    9.4. Electric Vehicle Charging Stations
    9.5. Power Distribution
    9.6. 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, 2020-2026
    10.2. Global Solid State Transformer Market Size, Share and Forecast, By End-Users, 2027-2033
    10.3. Energy Transportation
    10.4. 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-Pacific
    12.3.1. Australia
    12.3.2. China
    12.3.3. India
    12.3.4. Japan
    12.3.5. South Korea
    12.3.6. Rest of Asia-Pacific
    12.4. Europe
    12.4.1. France
    12.4.2. Germany
    12.4.3. Italy
    12.4.4. Spain
    12.4.5. United Kingdom
    12.4.6. Rest of Europe
    12.5. Middle East and Africa
    12.5.1. Kingdom of Saudi Arabia 
    12.5.2. United Arab Emirates
    12.5.3. Qatar
    12.5.4. South Africa
    12.5.5. Egypt
    12.5.6. Morocco
    12.5.7. Nigeria
    12.5.8. Rest of Middle-East and Africa
    12.6. North America
    12.6.1. Canada
    12.6.2. Mexico
    12.6.3. United States
    12.7. Latin America
    12.7.1. Argentina
    12.7.2. Brazil
    12.7.3. Rest of Latin America 

    13. Company Profile
    13.1. ABB
    13.1.1. Company details
    13.1.2. Financial outlook
    13.1.3. Product summary 
    13.1.4. Recent developments
    13.2. EATON
    13.2.1. Company details
    13.2.2. Financial outlook
    13.2.3. Product summary 
    13.2.4. Recent developments
    13.3. GENERAL ELECTRIC
    13.3.1. Company details
    13.3.2. Financial outlook
    13.3.3. Product summary 
    13.3.4. Recent developments
    13.4. GRIDBRIDGE
    13.4.1. Company details
    13.4.2. Financial outlook
    13.4.3. Product summary 
    13.4.4. Recent developments
    13.5. MASCHINENFABRIK REINHAUSEN GMBH
    13.5.1. Company details
    13.5.2. Financial outlook
    13.5.3. Product summary 
    13.5.4. Recent developments
    13.6. MITSUBISHI ELECTRIC CORPORATION
    13.6.1. Company details
    13.6.2. Financial outlook
    13.6.3. Product summary 
    13.6.4. Recent developments
    13.7. SCHNEIDER ELECTRIC
    13.7.1. Company details
    13.7.2. Financial outlook
    13.7.3. Product summary 
    13.7.4. Recent developments
    13.8.  SIEMENS
    13.8.1. Company details
    13.8.2. Financial outlook
    13.8.3. Product summary 
    13.8.4. Recent developments
    13.9. VARENTIC INC
    13.9.1. Company details
    13.9.2. Financial outlook
    13.9.3. Product summary 
    13.9.4. Recent developments
    13.10. 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.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    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.
    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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