Solid State Transformer Market Predicted to Hit US$ 430.2 Million by 2028

IMARC Group, a leading market research company, has recently releases report titled “Solid State Transformer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solid state transformer market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is Solid State Transformer?

The solid-state transformer (SST) is a cutting-edge power electronic device designed to replace conventional, large, and weighty electromagnetic transformers utilized in electrical power systems. Leveraging semiconductor devices like insulated-gate bipolar transistors (IGBTs), high-power diodes, and other power electronics components, the SST excels in the transformation and regulation of electrical power. Its superiority lies in higher efficiency, attributed to reduced losses associated with power conversion. Moreover, it exhibits the capability to dynamically and precisely regulate voltage levels, surpassing the capabilities of traditional transformers. As a pivotal component of the evolving smart grid, the SST stands as a significant advancement in power distribution and management technology.

How Big Is the Solid State Transformer Market?

The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

Global Industry Trends and Drivers:

Currently, the market is experiencing significant growth driven by the increasing demand for Solid-State Transformers (SSTs). Their ability to facilitate bidirectional power flow, seamlessly integrating renewable energy sources like solar panels and wind turbines into the grid, is a crucial factor propelling market expansion. Additionally, the heightened use of SSTs for improved communication, control, and management of power distribution contributes to market growth. Moreover, the market is benefiting from the increased production of SSTs with fault-tolerant features, ensuring continued functionality even in the event of partial device failure. This development provides a positive outlook for the market. Furthermore, the growing popularity of SSTs is attributed to their capacity to address issues such as voltage sags, harmonics, and flickers, further boosting market growth.

What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

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

The report provides a comprehensive analysis of the industry key players listed below:

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 highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

TOC for the Report:

  • Preface
  • Scope and Methodology
  • Executive Summary
  • Introduction
  • SWOT Analysis
  • Value Chain Analysis
  • Price Analysis
  • Competitive Landscape

You need to be a member of Global Risk Community to add comments!

Join Global Risk Community

Community Guidlines


GlobalRisk Community Guidelines

The purpose of the Global Risk Community is to foster business, networking, and educational exploration among members. We reserve the right to remove any content or to ban a participant who does not follow the spirit of our…

Read more…
Views: 74
Comments: 0

The quick start guide


Dear New Member,
We're super excited to have you as part of our community. Feel free to invite new people, participate in discussions, activities and share knowledge. 

Special Bonus for new member:

20% off the…

Read more…
Views: 382
Comments: 0

    About Us

    The GlobalRisk Community is a thriving community of risk managers and associated service providers. Our purpose is to foster business, networking and educational explorations among members. Our goal is to be the worlds premier Risk forum and contribute to better understanding of the complex world of risk.

    Business Partners

    For companies wanting to create a greater visibility for their products and services among their prospects in the Risk market: Send your business partnership request by filling in the form here!

lead