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Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 139 Pages
  • May 2023
  • Region: Global
  • IMARC Group
  • ID: 5820552
Description Jump to:
The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, the publisher expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

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:

The publisher 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 2023-2028. 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:

  • How has the global solid state transformer market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global solid state transformer market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the voltage level?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global solid state transformer market and who are the key players?
  • What is the degree of competition in the industry?

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 Cooperative Corporation)
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
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$), 2017-2022
Figure 3: Global: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Solid State Transformer Market: Breakup by Product (in %), 2022
Figure 5: Global: Solid State Transformer Market: Breakup by Component (in %), 2022
Figure 6: Global: Solid State Transformer Market: Breakup by Voltage Level (in %), 2022
Figure 7: Global: Solid State Transformer Market: Breakup by Application (in %), 2022
Figure 8: Global: Solid State Transformer Market: Breakup by End User (in %), 2022
Figure 9: Global: Solid State Transformer Market: Breakup by Region (in %), 2022
Figure 10: Global: Solid State Transformer (Distribution Solid State Transformer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Solid State Transformer (Distribution Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Solid State Transformer (Power Solid State Transformer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Solid State Transformer (Power Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Solid State Transformer (Traction Solid State Transformer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Solid State Transformer (Traction Solid State Transformer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Solid State Transformer (Converters) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Solid State Transformer (Converters) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Solid State Transformer (High-frequency Transformers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Solid State Transformer (High-frequency Transformers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Solid State Transformer (Switches) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Solid State Transformer (Switches) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Solid State Transformer (Other Components) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Solid State Transformer (Other Components) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Solid State Transformer (HV/MV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Solid State Transformer (HV/MV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Solid State Transformer (MV/LV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Solid State Transformer (MV/LV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Solid State Transformer (Alternative Power Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Solid State Transformer (Alternative Power Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Solid State Transformer (Electric Vehicle Charging Stations) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Solid State Transformer (Power Distribution) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Solid State Transformer (Power Distribution) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Solid State Transformer (Traction Locomotives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Solid State Transformer (Traction Locomotives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Solid State Transformer (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Solid State Transformer (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Solid State Transformer (Energy) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Solid State Transformer (Energy) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Solid State Transformer (Transportation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Solid State Transformer (Transportation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Solid State Transformer (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Solid State Transformer (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: North America: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: North America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: United States: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: United States: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Canada: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Canada: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Asia-Pacific: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Asia-Pacific: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: China: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: China: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Japan: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Japan: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: India: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: India: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: South Korea: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: South Korea: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Australia: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Australia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Indonesia: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Indonesia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Others: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Europe: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Europe: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Germany: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Germany: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: France: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: France: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: United Kingdom: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: United Kingdom: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Italy: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Italy: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Spain: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Spain: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Russia: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Russia: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Others: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Latin America: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Latin America: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Brazil: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Brazil: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 86: Mexico: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 87: Mexico: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 88: Others: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 89: Others: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 90: Middle East and Africa: Solid State Transformer Market: Sales Value (in Million US$), 2017 & 2022
Figure 91: Middle East and Africa: Solid State Transformer Market: Breakup by Country (in %), 2022
Figure 92: Middle East and Africa: Solid State Transformer Market Forecast: Sales Value (in Million US$), 2023-2028
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, 2022 and 2028
Table 2: Global: Solid State Transformer Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 3: Global: Solid State Transformer Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 4: Global: Solid State Transformer Market Forecast: Breakup by Voltage Level (in Million US$), 2023-2028
Table 5: Global: Solid State Transformer Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Solid State Transformer Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 7: Global: Solid State Transformer Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Solid State Transformer Market: Competitive Structure
Table 9: Global: Solid State Transformer Market: Key Players

Companies Mentioned

  • 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

Methodology

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Table Information

Report AttributeDetails
No. of Pages139
PublishedMay 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 187.9 Million
Forecasted Market Value ( USD ) by 2028 $ 430.2 Million
Compound Annual Growth Rate14.8%
Regions CoveredGlobal
No. of Companies Mentioned11

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