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PUBLISHER: IMARC | PRODUCT CODE: 1540861
PUBLISHER: IMARC | PRODUCT CODE: 1540861
Solid State Transformer Market Report by Product, Component, Voltage Level, Application, End User, and Region 2024-2032
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PAGES: 144 Pages
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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?
Product Code: SR112024A5906
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
- 11.1.1 United States
- 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
- 11.2.1 China
- 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
- 11.3.1 Germany
- 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
- 11.4.1 Brazil
- 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
- 16.3.1 ABB Ltd.
Product Code: SR112024A5906
List of Figures
- Figure 1: Global: Solid State Transformer Market: Major Drivers and Challenges
- Figure 2: Global: Solid State Transformer Market: Sales Value (in Million US$), 2018-2023
- Figure 3: Global: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 4: Global: Solid State Transformer Market: Breakup by Product (in %), 2023
- Figure 5: Global: Solid State Transformer Market: Breakup by Component (in %), 2023
- Figure 6: Global: Solid State Transformer Market: Breakup by Voltage Level (in %), 2023
- Figure 7: Global: Solid State Transformer Market: Breakup by Application (in %), 2023
- Figure 8: Global: Solid State Transformer Market: Breakup by End User (in %), 2023
- Figure 9: Global: Solid State Transformer Market: Breakup by Region (in %), 2023
- Figure 10: Global: Solid State Transformer (Distribution Solid State Transformer) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Solid State Transformer (Distribution Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Solid State Transformer (Power Solid State Transformer) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Solid State Transformer (Power Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Solid State Transformer (Traction Solid State Transformer) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Solid State Transformer (Traction Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Solid State Transformer (Converters) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Solid State Transformer (Converters) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Solid State Transformer (High-frequency Transformers) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Solid State Transformer (High-frequency Transformers) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Solid State Transformer (Switches) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Solid State Transformer (Switches) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Solid State Transformer (Other Components) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Solid State Transformer (Other Components) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Solid State Transformer (HV/MV) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Solid State Transformer (HV/MV) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Solid State Transformer (MV/LV) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Solid State Transformer (MV/LV) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Global: Solid State Transformer (Alternative Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Global: Solid State Transformer (Alternative Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Global: Solid State Transformer (Power Distribution) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Global: Solid State Transformer (Power Distribution) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Global: Solid State Transformer (Traction Locomotives) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Global: Solid State Transformer (Traction Locomotives) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Global: Solid State Transformer (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Global: Solid State Transformer (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Global: Solid State Transformer (Energy) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Global: Solid State Transformer (Energy) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: Global: Solid State Transformer (Transportation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: Global: Solid State Transformer (Transportation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Global: Solid State Transformer (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Global: Solid State Transformer (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: North America: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: North America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: United States: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: United States: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Canada: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Canada: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Asia-Pacific: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Asia-Pacific: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: China: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: China: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Japan: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Japan: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: India: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: India: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: South Korea: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: South Korea: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Australia: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Australia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Indonesia: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Indonesia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Others: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Europe: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Europe: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Germany: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Germany: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: France: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: France: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: United Kingdom: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: United Kingdom: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Italy: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Italy: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 76: Spain: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 77: Spain: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 78: Russia: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 79: Russia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 80: Others: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 81: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 82: Latin America: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 83: Latin America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 84: Brazil: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 85: Brazil: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 86: Mexico: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 87: Mexico: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 88: Others: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 89: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 90: Middle East and Africa: Solid State Transformer Market: Sales Value (in Million US$), 2018 & 2023
- Figure 91: Middle East and Africa: Solid State Transformer Market: Breakup by Country (in %), 2023
- Figure 92: Middle East and Africa: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 93: Global: Solid State Transformer Industry: SWOT Analysis
- Figure 94: Global: Solid State Transformer Industry: Value Chain Analysis
- Figure 95: Global: Solid State Transformer Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Solid State Transformer Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Solid State Transformer Market Forecast: Breakup by Product (in Million US$), 2024-2032
- Table 3: Global: Solid State Transformer Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 4: Global: Solid State Transformer Market Forecast: Breakup by Voltage Level (in Million US$), 2024-2032
- Table 5: Global: Solid State Transformer Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 6: Global: Solid State Transformer Market Forecast: Breakup by End User (in Million US$), 2024-2032
- Table 7: Global: Solid State Transformer Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 8: Global: Solid State Transformer Market: Competitive Structure
- Table 9: Global: Solid State Transformer Market: Key Players
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