Product Code: SR112024A5906
The global solid state transformer market size reached US$ 214.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 638.7 Million by 2032, exhibiting a growth rate (CAGR) of 12.6% during 2024-2032.
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 report, along with forecasts at the global, regional and country level from 2024-2032. 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.
Key Questions Answered in This Report
- 1. How big is the global solid state transformer market?
- 2. What is the expected growth rate of the global solid state transformer market during 2024-2032?
- 3. What are the key factors driving the global solid state transformer market?
- 4. What has been the impact of COVID-19 on the global solid state transformer market?
- 5. What is the breakup of the global solid state transformer market based on the product?
- 6. What is the breakup of the global solid state transformer market based on the component?
- 7. What is the breakup of the global solid state transformer market based on the voltage level?
- 8. What is the breakup of the global solid state transformer market based on the end user?
- 9. What are the key regions in the global solid state transformer market?
- 10. Who are the key players/companies in the global solid state transformer market?
Table of Contents
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 Cooperatives Inc.)
- 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