Solid State Transformer Market

Industry Overview

The Global Solid State Transformer Market is poised for substantial growth, with an estimated value of USD 0.15 billion in 2023 projected to reach USD 0.48 billion by 2030. This growth is expected to be driven by a robust compound annual growth rate (CAGR) of 12% during the forecast period of 2025-2030.

A solid-state transformer typically refers to the array of semiconductor components that consumes high power to offer high frequency. These devices usually have a more complex and effective circuitry that offers flexible control over the power distribution systems. Solid-state transformers are increasingly being integrated into smart grid systems and are widely used in inverter as well as in converter circuitry. It is an assembly of high power-driven semiconductor components that offer conservative high-frequency transformers and control circuitry which is used to deliver a high level of flexible control to power distribution systems.

COVID-19 has a massive impact on the power electronics industry. Numerous manufacturers observed shipment interruptions for five or more weeks from China and other countries.

Solid State Transformer Market Segmentation

Insight by Component

The global solid-state transformer market is divided by its components into converters and switches segments. Out of these two major segmentations, the converters segment is expected to contribute a larger share of the market during the forecast period due to its widespread use as the core component in developing these transformers. Also, different formation of converters widens its applicability, improve it efficiency in power supply, and enhance its functional life.

Insight by Product

According to the product type, the global solid-state transformer market is divided into distribution transformer, traction transformer, and power transformer segments. Out of these segments, the traction solid-state transformer segment is expected to grow at a faster rate during the forecast period due to the growing shift from traditional transformers to more efficient and innovative solid-state transformers, and the growth of traction locomotives in developing countries, higher adoption of these transformers in non-conventional power generation using renewable energy sources such as solar, wind, and tidal energy.

Insight by Application

The global solid-state transformer market is also divided by its diverse applications into substitute power generation, power distribution, electric vehicle charging stations, traction locomotives, and other segments. Out of these segments, the power distribution segment contributes the larger market share due to the higher use of these transformers for higher efficiency and technological developments in smart grid technology.

Insight by End-User

The global solid-state transformer market has different end users and is divided accordingly into energy, transportation, and other segments. Among them, the energy segment is expected to grow more during the forecast period due to the developments in the production of renewable energy and reduced costs in electricity production.

Insight by Voltage Level

The global solid-state transformer market is also divided by different voltage levels into MV/LV and HV/MV segments, where the latter is supposed to contribute a larger share to the market and grow at a higher CAGR due to widespread adoption and use in offshore wind turbines for configuring HVDC/MVAC due to the economic benefits. On the other hand, the MV/LV segment is also expected to grow quite significantly during this period due to the rise in demand for electric vehicles all over the globe because it promotes the development of EV charging stations that need these specific types of transformers.

Global Solid State Transformer Market Report Coverage

Industry Dynamics

Solid State Transformer Industry Trends

There is a growing adoption of the smart grid concept which has promoted digital transformation of late in the electricity segment. Also, major players in the market and several countries are now more focused on improving the technologies involved to develop more effective solid-state transformers that can be used for a diverse range of grid applications.

Solid State Transformer Market Growth Drivers

The global solid-state transformer market growth is driven by the growing integration of renewable energy into the power generation mix. It is also attributed to the higher investments in smart grid technology. In addition, the technical benefits offered by these transformers contribute to the market expansion. Also, significant innovation initiatives in grid systems boost the demand and the market growth as a result.

Solid State Transformer Market Challenges

The major hindrance to the growth of the global solid-state transformer market is the high cost of maintenance. Also, lack of magnetic separation, operational issues, and stiff competition among the vendors hinder the market growth due to lower profits.

Solid State Transformer Market Opportunities

The higher investments in the electric vehicle segments are presenting new growth opportunities for the global solid-state transformer market, especially in the Asia-Pacific region, capitalizing on the MV/LV solid-state transformers.

Solid State Transformer Market Geographic Overview

The North American market will grow significantly due to the growing adoption of renewable power generation along with the increase in the number of power grids and EV charging stations in the region. Other factors, such as higher government investments in smart grids, higher efficiency in power distribution, and continual tech developments, are also promoting market expansion.

The market in the Asia-Pacific region will also grow at a higher CAGR during the forecast period due to higher investment in smart grid technology and an increase in electricity demand, which promotes higher investments in power infrastructure.

Solid State Transformer Market Competitive Insight

The Solid State Transformer Market is consolidated with very few companies and research institutes operating in the market.

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. ABB's operations are organized into four global business areas, which in turn are made of 21 divisions.

Eaton Corporation plc is an Irish/American multinational power management company, founded in the United States and incorporated in Dublin, Ireland, with a primary administrative center in Beachwood, Ohio. The key services offered are Engineering, IT, financial, knowledge and shared support services.

Some of the key players operating in the pressure sensor market are ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, Alstom SA, and among others.

Recent Developments by Key Players

ABB's innovative PixelPaint technology has been selected by Mahindra & Mahindra for its new electric vehicle paint facility. The technology, which uses an award-winning paint head similar to an inkjet printer

Mitsubishi Electric Corporation has entered into a strategic partnership with Nexperia B.V. to develop silicon carbide (SiC) power semiconductors for the power electronics market. Mitsubishi Electric will leverage its wide-bandgap semiconductor technologies to develop and supply SiC MOSFET chips that Nexperia will use to develop SiC discrete.

The Solid State Transformer Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• By Component 
  • Converters
  • Switches
• By Product
  • Distribution Transformer
  • Traction Transformer
  • Power Transformer
• By Application
  • Alternative Power Generation
  • Electric Vehicle Charging Stations
  • Power Distribution
  • Traction Locomotives
  • Others
• By End-User
  • Energy
  • Transportation
  • Others

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research

Source: VynZ Research

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                                          1.2.1.    By Component 
                                          1.2.2.    By Product
                                          1.2.3.    By Application
                                          1.2.4.    By End-Use Industry                
                                          1.2.5.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Component
                5.1.1.    Converters
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.1.2.    Switches
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030                                                          
        5.2.    By Product
                5.2.1.    Distribution Transformer
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Traction Transformer
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.3.3.    Power Transformer 
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030                                                         
        5.3.    By Application   
                5.3.1.    Alternative Power Generation
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.    Electric Vehicle Charging Stations
                        5.3.2.1. Market Definition
                        5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.  Power Distribution
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
                5.3.4.  Traction Locomotives
                        5.3.4.1. Market Definition
                        5.3.4.2. Market Estimation and Forecast to 2030
                5.3.5.  Others
                        5.3.5.1. Market Definition
                        5.3.5.2. Market Estimation and Forecast to 2030

     5.4.    By End-Use Industry
                5.4.1.    Energy
                        5.4.1.1. Market Definition
                        5.4.1.2. Market Estimation and Forecast to 2030
                5.4.2.    Transportation
                        5.4.2.1. Market Definition
                        5.4.2.2. Market Estimation and Forecast to 2030

                5.4.3.    Others
                        5.4.3.1. Market Definition
                        5.4.3.2. Market Estimation and Forecast to 2030
                                
6.    North America Market Estimate and Forecast

                     6.1.    By Component 
                     6.2.    By Product
                     6.3.    By Application
                     6.4.    By End-Use Industry        
                     6.5.    By Country
                                       6.5.1.    U.S. Market Estimate and Forecast
                                       6.5.2.    Canada Market Estimate and Forecast
                                       6.5.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

                     7.1.    By Component 
                     7.2.    By Product
                     7.3.    By Application
                     7.4.    By End-Use Industry        
                     7.5.    By Country
                                      7.5.1.    Germany Market Estimate and Forecast
                                      7.5.2.    France Market Estimate and Forecast
                                      7.5.3.    U.K. Market Estimate and Forecast
                                      7.5.4.    Italy Market Estimate and Forecast
                                      7.5.5.    Spain Market Estimate and Forecast
                                      7.5.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

                     8.1.    By Component 
                     8.2.    By Product
                     8.3.    By Application
                     8.4.    By End-Use Industry
                     8.5.    By Country
                                       8.5.1.    China Market Estimate and Forecast
                                       8.5.2.    Japan Market Estimate and Forecast
                                       8.5.3.    India Market Estimate and Forecast
                                       8.5.4.    South Korea Market Estimate and Forecast
                                       8.5.5.    Singapore Market Estimate and Forecast
                                       8.5.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

                     9.1.    By Component 
                     9.2.    By Product
                     9.3.    By Application
                     9.4.    By End-Use Industry
                     9.5.    By Country
                                       9.5.1.    Brazil Market Estimate and Forecast
                                       9.5.2.    Saudi Arabia Market Estimate and Forecast
                                       9.5.3.    South Africa Market Estimate and Forecast
                                       9.5.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    ABB
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Eaton Corporation plc.
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    General Electric
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Mitsubishi Electric Corporation
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Schneider Electric SE
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Siemens AG
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Kirloskar Electric Company
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Synergy Transformers
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    SPX Transformers Solutions Inc.
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.    ERMCO.
                10.10.1. Snapshot
                10.10.2. Overview
                10.10.3. Offerings
                10.10.4. Financial Insight
                10.10.5. Recent Developments
                10.11.    Alstom SA
                10.11.1. Snapshot
                10.11.2. Overview
                10.11.3. Offerings
                10.11.4. Financial Insight
                10.11.5. Recent Developments
11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 5 Global Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 6 Global Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 7 Global Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 8 Global Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 9 Global Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 10 Global Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 11 Global Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 12 Global Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 13 Global Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 14 North America Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 15 North America Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 16 North America Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 17 North America Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 18 North America Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 19 North America Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 20 North America Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 21 North America Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 22 North America Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 23 North America Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 24 Europe Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 25 Europe Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 26 Europe Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 27 Europe Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 28 Europe Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 29 Europe Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 30 Europe Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 31 Europe Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 32 Europe Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 33 Europe Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 34 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 35 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 36 Asia-Pacific Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 37 Asia-Pacific Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 38 Asia-Pacific Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 39 Asia-Pacific Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 40 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 41 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 42 Asia-Pacific Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 43 Asia-Pacific Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 44 RoW Solid State Transformer Market Size, By Component Type, 2018 - 2023 (USD Billion)
Table 45 RoW Solid State Transformer Market Size, By Component Type, 2025-2030 (USD Billion)
Table 46 RoW Solid State Transformer Market Size, By Product, 2018 - 2023 (USD Billion)
Table 47 RoW Solid State Transformer Market Size, By Product, 2025-2030 (USD Billion)
Table 48 RoW Solid State Transformer Market Size, By Application, 2018 - 2023 (USD Billion)
Table 49 RoW Solid State Transformer Market Size, By Application, 2025-2030 (USD Billion)
Table 50 RoW Solid State Transformer Market Size, By End-Use Industry, 2018 - 2023 (USD Billion)
Table 51 RoW Solid State Transformer Market Size, By End-Use Industry, 2025-2030 (USD Billion)
Table 52 RoW Solid State Transformer Market Size, by Region, 2018 - 2023 (USD Billion)
Table 53 RoW Solid State Transformer Market Size, by Region, 2025-2030 (USD Billion)
Table 54 Snapshot - ABB
Table 55 Snapshot - Eaton Corporation
Table 56 Snapshot - General Electric
Table 57 Snapshot - Mitsubishi Electric Corporation
Table 58 Snapshot - Schneider Electric SE
Table 59 Snapshot - Siemens AG
Table 60 Snapshot - Kirloskar Electric Company
Table 61 Snapshot - Synergy Transformers
Table 62 Snapshot - SPX Transformers Solutions Inc.
Table 63 Snapshot - ERMCO
Table 64 Snapshot - Alstom SA

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Solid State Transformer Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Solid State Transformer Market Highlight
Figure 12 Global Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 13 Global Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 14 Global Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 15 Global Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 16 Global Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 17 North America Solid State Transformer Market Highlight
Figure 18 North America Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 19 North America Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 20 North America Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 21 North America Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 22 North America Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 23 Europe Solid State Transformer Market Highlight
Figure 24 Europe Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 25 Europe Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 26 Europe Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 27 Europe Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 28 Europe Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 29 Asia-Pacific Solid State Transformer Market Highlight
Figure 30 Asia-Pacific Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 31 Asia-Pacific Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 32 Asia-Pacific Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 33 Asia-Pacific Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 34 Asia-Pacific Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)
Figure 35 RoW Solid State Transformer Market Highlight
Figure 36 RoW Solid State Transformer Market Size, By Component Type, 2018- 2030 (USD Billion)
Figure 37 RoW Solid State Transformer Market Size, By Product, 2018- 2030 (USD Billion)
Figure 38 RoW Solid State Transformer Market Size, By Application, 2018- 2030 (USD Billion)
Figure 39 RoW Solid State Transformer Market Size, By End-Use Industry, 2018- 2030 (USD Billion)
Figure 40 RoW Solid State Transformer Market Size, by Region, 2018- 2030 (USD Billion)