Solid State Transformer Market: By Product Type (Power SST, Distribution SST, Traction SST), By Voltage Level (HV/MV, MV/LV), By Application (Power Distribution, Traction Locomotives, Electric Vehicle Charging Stations, Alternative Power Generation, Digital Control Technologies, Others), By End- User (Transportation, Energy, Others) and Region Forecast 2019-2030

Purchase Option

$ 4400
$ 6600
$ 8900

The solid state transformer market size was valued at USD 135.8 million in 2023 and is projected to reach USD 309.7 million by 2030, at a CAGR of 11.8% from 2024-2030. The solid-state transformer (SST), also referred to as the smart transformer, is a sophisticated transformer that includes semiconductor components, control circuits, and a high-frequency transformer. Compared to standard transformers, SSTs improve power quality by managing voltage swings, lowering grid losses, and increasing supply reliability while protecting loads from power outages. They provide voltage conversion between alternating current (AC) and direct current (DC) at various voltage levels, making them suitable for a wide range of applications such as renewable energy generation, electric car charging, and power grids.

The smart transformer market is likely to increase significantly, especially with the anticipated commercialization of SSTs in 2018. A shift away from traditional transformers and growing deployment of SSTs are expected to boost market growth. Furthermore, advances in smart grid solutions, the growth of railway infrastructure in emerging nations, and the increased use of renewable energy sources such as wind and solar are all projected to drive SST adoption. The features of the technology, including as bidirectional power flow, efficient transmission, and AC-to-DC conversion, are adding to the need for SSTs.    

Solid-State Transformer Market Key Developments

  • In February 2024, Singapore-based firm Amperesand raised more than $12 million in funding for its solid-state transformer technology. The business is creating the world's first grid-connected solid-state transformer (SST).
  • In March 2021, Hitachi ABB Power Grids and Nanyang Technological University in Singapore collaborated to advance solid-state transformer technology. The Energy Research Institute oversees the project, which is financed by Singapore's National Research Foundation (NRF). It is part of the Singapore government's flagship Energy Grid 2.0 effort, which aims to design the next-generation grid system and improve energy management by combining several energy sources into a single intelligent network that is more sustainable, efficient, and robust.

Solid State Transformer Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

11.8%

Largest Market

Asia-Pacific

Fastest Growing Market

Asia-Pacific

Solid State Transformer Market Dynamics

The worldwide electric car market is predicted to drive up demand for charging infrastructure, such as transformers and substations. Governments around the world are actively supporting the transition to e-mobility, with countries such as China and the United States providing financial incentives to encourage electric vehicle purchases. Government measures, such as fuel emission limits, play an important role in increasing electric car sales and affecting the auto sector. The necessity to replace aging power distribution systems is also expected to fuel the solid-state transformer industry. The growing demand for intelligent and upgraded power distribution infrastructure is likely to open numerous prospects for market advancement.

Furthermore, regulations to improve grid efficiency is expected to drive the adoption of smart transformers in the utility and energy industries. Solid-state transformers provide various advantages, such as efficient power transmission, bidirectional power flow, and AC-to-DC conversion, which are driving market expansion. For example, in June 2021, Snohomish County PUD announced intentions to extend its electric networks at existing substations. This involves equipment replacement, automation enhancements, and regular maintenance. The PUD also intends to replace aged poles, analyse and treat thousands of poles, and repair miles of aging underground wire, all of which are likely to boost solid-state transformer market revenue.

However, the solid-state transformer industry confronts many constraints that may limit its expansion. High installation costs remain a key obstacle to mainstream use. Furthermore, fluctuations in raw material prices might affect production costs, limiting market expansion. In addition, inadequate awareness and comprehension of the benefits of solid-state transformers, particularly in emerging economies, contributes to lower adoption rates. These issues, combined, limit the market's rapid expansion potential.

Solid State Transformer Market Segmentation

By Product

  • Power SST
  • Distribution SST
  • Traction SST

By Voltage Level

  • HV/MV
  • MV/LV

By Application

  • Power Distribution
  • Traction Locomotives
  • Electric Vehicle Charging Stations
  • Alternative Power Generation
  • Digital Control Technologies
  • Others

By End User

  • Transportation
  • Energy
  • Others

Frequently Asked Questions

The global solid-state transformer market size was valued at USD 135.8 million in 2023 and is projected to grow at a CAGR of 11.8% from 2024-2030.

The global solid state transformer market is primarily driven by rising demand for solid state transformers, which offer a variety of services to smart grids such as reactive power compensation, power quality improvement, current limiting, voltage regulation, and so on, in comparison to conventional transformers.

The global use of electric cars (EVs) is increasing as people become more environmentally conscious and is likely to drive market expansion over the forecast period.

Asia-Pacific is estimated to largest share with the highest CAGR over the forecast period.

Key Features of the Report

  • The solid-state transformer market report provides granular level information about the Market size, regional Market share, historic Market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key Market developments, and key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the Market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the Market.
  • The report provides a plethora of information about Market entry strategies, regulatory framework, and reimbursement scenarios.
1.Executive Summary
2.Global Solid State Transformer Market Introduction 
2.1.Global Solid State Transformer Market  - Taxonomy
2.2.Global Solid State Transformer Market  - Definitions
2.2.1.Product
2.2.2.Voltage Level
2.2.3.Application
2.2.4.End User
2.2.5.Region
3.Global Solid State Transformer Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Solid State Transformer Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Solid State Transformer Market  By Product, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Power SST
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Distribution SST
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Traction SST
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
6.Global Solid State Transformer Market  By Voltage Level, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. HV/MV
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. MV/LV
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
7.Global Solid State Transformer Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Power Distribution
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Traction Locomotives
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Electric Vehicle Charging Stations
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Alternative Power Generation
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
7.5. Digital Control Technologies
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.5.3. Market Opportunity Analysis 
7.6. Others
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.6.3. Market Opportunity Analysis 
8.Global Solid State Transformer Market  By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. Transportation
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Energy
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Others
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
9.Global Solid State Transformer Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Power SST
10.1.2.Distribution SST
10.1.3.Traction SST
10.2.  Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.HV/MV
10.2.2.MV/LV
10.3.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Power Distribution
10.3.2.Traction Locomotives
10.3.3.Electric Vehicle Charging Stations
10.3.4.Alternative Power Generation
10.3.5.Digital Control Technologies
10.3.6.Others
10.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Transportation
10.4.2.Energy
10.4.3.Others
10.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Power SST
11.1.2.Distribution SST
11.1.3.Traction SST
11.2.  Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.HV/MV
11.2.2.MV/LV
11.3.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Power Distribution
11.3.2.Traction Locomotives
11.3.3.Electric Vehicle Charging Stations
11.3.4.Alternative Power Generation
11.3.5.Digital Control Technologies
11.3.6.Others
11.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.Transportation
11.4.2.Energy
11.4.3.Others
11.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
12.Asia Pacific (APAC) Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Power SST
12.1.2.Distribution SST
12.1.3.Traction SST
12.2.  Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.HV/MV
12.2.2.MV/LV
12.3.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Power Distribution
12.3.2.Traction Locomotives
12.3.3.Electric Vehicle Charging Stations
12.3.4.Alternative Power Generation
12.3.5.Digital Control Technologies
12.3.6.Others
12.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.Transportation
12.4.2.Energy
12.4.3.Others
12.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Power SST
13.1.2.Distribution SST
13.1.3.Traction SST
13.2.  Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.HV/MV
13.2.2.MV/LV
13.3.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Power Distribution
13.3.2.Traction Locomotives
13.3.3.Electric Vehicle Charging Stations
13.3.4.Alternative Power Generation
13.3.5.Digital Control Technologies
13.3.6.Others
13.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Transportation
13.4.2.Energy
13.4.3.Others
13.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Solid State Transformer Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
14.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Power SST
14.1.2.Distribution SST
14.1.3.Traction SST
14.2.  Voltage Level Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.HV/MV
14.2.2.MV/LV
14.3.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.Power Distribution
14.3.2.Traction Locomotives
14.3.3.Electric Vehicle Charging Stations
14.3.4.Alternative Power Generation
14.3.5.Digital Control Technologies
14.3.6.Others
14.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.Transportation
14.4.2.Energy
14.4.3.Others
14.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.ABB Ltd
15.2.2.Hitachi Ltd
15.2.3.Kirloskar Electric Company Ltd
15.2.4.Schneider Electric SE
15.2.5.Siemens AG
15.2.6.Synergy Transformers
15.2.7.Alstom SA
15.2.8.Eaton Corporation Plc
15.2.9.Mitsubishi Electric Corporation
15.2.10.Vollspark
16. Research Methodology 
17. Appendix and Abbreviations 
  • ABB Ltd
  • Hitachi Ltd
  • Kirloskar Electric Company Ltd
  • Schneider Electric SE
  • Siemens AG
  • Synergy Transformers
  • Alstom SA
  • Eaton Corporation Plc
  • Mitsubishi Electric Corporation
  • Vollspark

Adjacent Markets