Solid State Transformers Market Size, Share, Trends, Industry Analysis Report: By Voltage Level (HV/MV and MV/LV), Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Description

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The solid state transformers market size is expected to reach USD 1,027.00 million by 2034, according to a new study by Polaris Market Research. The report "Solid State Transformers Market Size, Share, Trends, Industry Analysis Report: By Voltage Level (HV/MV and MV/LV), Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing demand for electric vehicles (EVs) is driving the expansion of EV charging infrastructure, and solid-state transformers (SSTs) are playing a major role in this transformation. SSTs are well-suited to handle the high power requirements of fast-charging stations, offering greater efficiency and faster response times compared to traditional transformers. Their compact design allows for integration into urban environments where space is limited, making them ideal for public charging stations. Moreover, SSTs enable seamless voltage regulation and power flow control, ensuring the reliability of the charging infrastructure while supporting the growing demand for EVs. This trend is expected to accelerate as governments and companies continue to invest in EV infrastructure to meet sustainability and emission reduction goals.

Energy efficiency and size reduction are critical drivers of the solid-state transformer (SST) market. Traditional transformers are large, heavy, and often less efficient in converting electrical power, leading to higher energy losses. In contrast, SSTs offer improved energy efficiency by using advanced power electronics, minimizing energy waste during conversion. Additionally, SSTs are much more compact and lightweight than conventional transformers, which makes them ideal for space-constrained environments, such as urban areas or renewable energy integration sites. The reduced physical footprint and lower maintenance requirements of SSTs make them highly attractive for modern infrastructure projects, particularly in industries where optimizing energy use and space is a priority. SSTs are expected to play an increasingly important role in the power sector as demand for more energy-efficient and space-saving solutions grows.

Solid State Transformers Market Report Highlights

In terms of voltage type, in 2024, the high voltage/medium voltage (HV/MV) segment led the global solid state transformers (SST) market, driven by its key role in modernizing the power grid and supporting the integration of renewable energy sources.

The automotive segment of the SSTs market is forecasted to grow during the forecast period due to the surging demand for electric vehicles (EVs) and the ongoing advancements in automotive power electronics.

Based on region, Asia Pacific held the largest solid state transformers market share in 2024, driven by rapid urbanization and industrialization in countries such as China, India, and Japan, which spurred the need for more efficient energy systems and advanced grid technologies such as SSTs.

North America is expected to experience significant growth in the solid state transformers market due to its early adoption of advanced energy technologies and substantial investments in renewable energy solar and wind power initiatives.

A few global key market players include Renesas Electronics Corporation; ROHM Co., Ltd.; Infineon Technologies AG; Toshiba Corporation; STMicroelectronics; Siemens; ABB; Semiconductor Components Industries, LLC; Mitsubishi Electric Corporation; Alstom SA

Polaris Market Research has segmented the solid state transformers market report on the basis of voltage level, application, and region:

By Voltage Level Outlook (Revenue, USD Million, 2020-2034)

HV/MV
MV/LV

By Application Outlook (Revenue, USD Million, 2020-2034)

Renewable Power Generation
Wind Power
Solar Power
Tidal Power
Automotive
Power Grids
Traction Locomotives

By Regional Outlook (Revenue, USD Million, 2020-2034)

North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Vietnam
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa

Product Code: PM5345

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Solid State Transformer Market Insights

4.1. Solid State Transformer Market - Market Snapshot
4.2. Solid State Transformer Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Growing Alternative Energy Sector
  - 4.2.1.2. Increasing Investments in Smart Grids and Energy Systems
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High initial cost of solid state transformers
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Solid State Transformer Market Application Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Solid State Transformer Market, by Voltage Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
5.3. HV/MV
- 5.3.1. Global Solid State Transformer Market, by HV/MV, by Region, 2020-2034 (USD Million)
5.4. MV/LV
- 5.4.1. Global Solid State Transformer Market, by MV/LV, by Region, 2020-2034 (USD Million)

6. Global Solid State Transformer Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Solid State Transformer Market, by Application, 2020-2034 (USD Million)
6.3. Renewable Power Generation
- 6.3.1. Global Solid State Transformer Market, by Renewable Power Generation, by Region, 2020-2034 (USD Million)
- 6.3.2. Wind Power
  - 6.3.2.1. Global Solid State Transformer Market, by Wind Power, by Region, 2020-2034 (USD Million)
- 6.3.3. Solar Power
  - 6.3.3.1. Global Solid State Transformer Market, by Solar Power, by Region, 2020-2034 (USD Million)
- 6.3.4. Tidal Power
  - 6.3.4.1. Global Solid State Transformer Market, by Tidal Power, by Region, 2020-2034 (USD Million)
6.4. Automotive
- 6.4.1. Global Solid State Transformer Market, by Automotive, by Region, 2020-2034 (USD Million)
6.5. Power Grids
- 6.5.1. Global Solid State Transformer Market, by Power Grids, by Region, 2020-2034 (USD Million)
6.6. Traction Locomotives
- 6.6.1. Global Solid State Transformer Market, by Traction Locomotives, by Region, 2020-2034 (USD Million)

7. Global Solid State Transformer Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Solid State Transformer Market Assessment, By Geography, 2020-2034 (USD Million)
7.3. Solid State Transformer Market - North America
- 7.3.1. North America: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
- 7.3.2. North America: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.3.3. Solid State Transformer Market - US
  - 7.3.3.1. US: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.3.3.2. US: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.3.4. Solid State Transformer Market - Canada
  - 7.3.4.1. Canada: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.3.4.2. Canada: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
7.4. Solid State Transformer Market - Europe
- 7.4.1. Europe: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
- 7.4.2. Europe: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.3. Solid State Transformer Market - UK
  - 7.4.3.1. UK: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.3.2. UK: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.4. Solid State Transformer Market - France
  - 7.4.4.1. France: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.4.2. France: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.5. Solid State Transformer Market - Germany
  - 7.4.5.1. Germany: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.5.2. Germany: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.6. Solid State Transformer Market - Italy
  - 7.4.6.1. Italy: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.6.2. Italy: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.7. Solid State Transformer Market - Spain
  - 7.4.7.1. Spain: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.7.2. Spain: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.8. Solid State Transformer Market - Netherlands
  - 7.4.8.1. Netherlands: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.8.2. Netherlands: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.9. Solid State Transformer Market - Russia
  - 7.4.9.1. Russia: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.9.2. Russia: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.4.10. Solid State Transformer Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.4.10.2. Rest of Europe: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
7.5. Solid State Transformer Market - Asia Pacific
- 7.5.1. Asia Pacific: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
- 7.5.2. Asia Pacific: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.3. Solid State Transformer Market - China
  - 7.5.3.1. China: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.3.2. China: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.4. Solid State Transformer Market - India
  - 7.5.4.1. India: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.4.2. India: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.5. Solid State Transformer Market - Malaysia
  - 7.5.5.1. Malaysia: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.5.2. Malaysia: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.6. Solid State Transformer Market - Japan
  - 7.5.6.1. Japan: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.6.2. Japan: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.7. Solid State Transformer Market - Indonesia
  - 7.5.7.1. Indonesia: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.7.2. Indonesia: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.8. Solid State Transformer Market - South Korea
  - 7.5.8.1. South Korea: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.8.2. South Korea: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.9. Solid State Transformer Market - Australia
  - 7.5.9.1. Australia: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.9.2. Australia: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.5.10. Solid State Transformer Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.5.10.2. Rest of Asia Pacific: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
7.6. Solid State Transformer Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
- 7.6.2. Middle East & Africa: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.6.3. Solid State Transformer Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.6.3.2. Saudi Arabia: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.6.4. Solid State Transformer Market - UAE
  - 7.6.4.1. UAE: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.6.4.2. UAE: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.6.5. Solid State Transformer Market - Israel
  - 7.6.5.1. Israel: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.6.5.2. Israel: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.6.6. Solid State Transformer Market - South Africa
  - 7.6.6.1. South Africa: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.6.6.2. South Africa: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.6.7. Solid State Transformer Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.6.7.2. Rest of Middle East & Africa: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
7.7. Solid State Transformer Market - Latin America
- 7.7.1. Latin America: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
- 7.7.2. Latin America: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.7.3. Solid State Transformer Market - Mexico
  - 7.7.3.1. Mexico: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.7.3.2. Mexico: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.7.4. Solid State Transformer Market - Brazil
  - 7.7.4.1. Brazil: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.7.4.2. Brazil: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.7.5. Solid State Transformer Market - Argentina
  - 7.7.5.1. Argentina: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.7.5.2. Argentina: Solid State Transformer Market, by Application, 2020-2034 (USD Million)
- 7.7.6. Solid State Transformer Market - Rest of Latin America
  - 7.7.6.1. Rest of Latin America: Solid State Transformer Market, by Voltage Type, 2020-2034 (USD Million)
  - 7.7.6.2. Rest of Latin America: Solid State Transformer Market, by Application, 2020-2034 (USD Million)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Renesas Electronics Corporation
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. ROHM Co., Ltd.
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Infineon Technologies AG
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Toshiba Corporation
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. STMicroelectronics
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Siemens
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. ABB
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Semiconductor Components Industries, LLC
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Mitsubishi Electric Corporation
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Alstom SA
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development