Solid-State Transformers Market is predicted to extend from $ 100.9 million in 2026 to $ 241.3 million by 2026, progressing with a CAGR of 15.5% between 2021 and 2026.
Growing alternative energies and increasing investments in smart grids and power systems are among the main factors driving the expansion of the solid-state transformer market. Additionally, new renewable sources employed for power generation, including tidal power, are stimulating research and development companies in the field of power distribution network, which in turn supports market expansion worldwide. Furthermore, the growing call for efficient power supply and lower cost electricity is forcing utilities to develop and utilize solid-state transformer (SST) technology, which is predicted to support the expansion of the worldwide market in certain measure. A solid-state transformer performs the main task of a transformer while providing several benefits. It is a set of high-power semiconductor components that provide high-frequency transformers and conventional control circuits that are employed to provide a high level of flexible control to power distribution networks. Semiconductor transformers are highly being integrated into smart grid systems and are being employed more frequently in converter and inverter circuits. It is a group of high-power high-frequency transformers, control circuits, and semiconductor components, mainly employed to provide a high level of flexibility in power distribution networks. If some communication capabilities are included, the assembly is generally called a smart transformer.
The main factors driving the expansion of the global solid-state transformer industry are the growing emphasis on alternative energy production around the world and the huge investments in smart grids and power systems. Also, the expansion of the electric vehicle market is likely to drive the expansion of the worldwide market. The growing number of government initiatives from various countries in favour of the adoption of renewable energy resources, combined with strong investments from the main players in the target market for technological advancement and R&D activities, are factors that are supposed to generate new revenue opportunities for existing solid state processor-related businesses in the target market over the 10-year outloo period.
The growing trend of incorporating solid state transformers into power transmission and distribution systems for efficient optimization of power systems is estimated to create many expansion opportunities for the worldwide market in the coming years. This is also attributed to the rising adoption of smart transformers based on OHS technologies in electric vehicles and renewable energy production stations for controllability of electricity flows and DC connectivity. In addition, SST systems have significant advantages such as higher load resonance capacity, bidirectional electrical flow, more efficient power management, and many other advantages. These factors are supporting the adoption of solid-state transformers in power generation systems, which will drive market expansion over the anticipated years. The mounting demand for the adoption of renewable energy resources such as solar and wind power and traction locomotives is a key factor believed to drive the expansion of the global solid-state transformer market. In addition, the rising call for the adoption of renewable energy resources, the increasing adoption of electric vehicles and traction locomotives, and the huge investments of the government and major players from developed and developing countries in the adoption of energy systems and smart grids are other factors that are expected to support the expansion of the worldwide market to some extent.
Large expenditures are required for the production of semiconductor transformers which are predicted to hamper market expansion during the anticipated years.
The growing trend of electric vehicle adoption and favorable government initiatives to support the electric vehicle industry due to the rising consumer preference are predicted to create many expansion prospects for the worldwide market in the projected years. In addition, scientists and researchers are organizing various web conferences to raise awareness of the benefits of solid-state transformers in power systems, which are predicted to drive market expansion in the near future.
SST systems require a huge installation, as well as high maintenance costs, which is estimated to hamper market expansion.
Market Size Available
2020 – 2025
2021 - 2026
By Product, Type, Consumption, Distribution Channel and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
ABB Ltd. (Switzerland), Alstom SA (France),Siemens AG (Germany),General Electric Co. (U.S.),Schneider Electric SE (France),Mitsubishi Electric Corporation (Japan),Cooper Power Systems (U.S.),Varentec, Inc. (U.S.),Amantys Limited (U.K),GridBridge (U.S.)
By Voltage Level:
The MV/LV market is predicted to grow at a higher CAGR during the envisioned period. This expansion can be attributed to the growing number of electric vehicles launched on the market. The governments of different countries around the world are jointly investing in the development of charging infrastructure for electric vehicles to combat worldwide warming, resulting from the combustion of fuels in vehicles.
The renewable power generation market is predicted to capture the highest CAGR during the foreseen period. The high expansion rate can be attributed to the anticipated early adoption of these transformers for power generation from wind, solar and tidal power.
The Europe region has the largest market share in the world, followed by North America and the Asia-Pacific region. The region has a well-established infrastructure, which allows for faster deployment of advanced technologies. Also, the escalating adoption of smart grids and energy systems is driving market expansion in the area. Besides, the presence of established key players such as Siemens AG and Alstom SA is driving market expansion. The North American region will experience remarkable expansion during the outlook period and is supposed to generate revenues of $ 284.3 million through 2026. This expansion is mainly due to the rising capacities of rapid renewable energy generation in systems of advanced electrical grids, as well as escalating investments in advancements in power distribution systems. The Europe region has dominated the worldwide solid-state transformer (SST) market share in previous years, which was around 36.8% and is supposed to continue to dominate the worldwide industry in the foreseen time. Escalating energy consumption in major European economies such as France, United Kingdom, Germany and other countries directly increases the call for OHS systems for efficient management of energy sources. This aspect is expected to drive the size of the solid-state transformer market over the estimated period.
Some of the prominent players in the global solid state transformer market include
1) ABB Ltd. (Switzerland)
2) Alstom SA (France)
3) Siemens AG (Germany)
4) General Electric Co. (U.S.)
5) Schneider Electric SE (France)
6) Mitsubishi Electric Corporation (Japan)
7) Cooper Power Systems (U.S.)
8) Varentec, Inc. (U.S.)
9) Amantys Limited (U.K)
10) GridBridge (U.S.)
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Solid-State Transformer Market, By Voltage Level
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Solid-State Transformer Market, By Application
6.2.1 Renewable Power Generation
6.2.3 Power Grids
6.2.4 Traction Locomotives
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Voltage Level
7.2.3 By Application
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Voltage Level
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Voltage Level
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Voltage Level
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Voltage Level
7.6.3 By Application
8. Key Player Analysis
8.1 ABB Ltd
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Alstom SA
8.3 Siemens AG
8.4 General Electric Co
8.5 Schneider Electric SE
8.6 Mitsubishi Electric Corporation
8.7 Cooper Power Systems
8.8 Varentec, Inc
8.9 Amantys Limited
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail.
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development.
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions.
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
Global Solid-State Transformer Market By Region, From 2021-2026 ( USD Billion )
Global Solid-State Transformer Market By Voltage Level, From 2021-2026 ( USD Billion )
Global HV/MV Market By Region, From 2021-2026 ( USD Billion )
Global MV/LV Market By Region, From 2021-2026 ( USD Billion )
Global Solid-State Transformer Market By Application, From 2021-2026 ( USD Billion )
Global Renewable Power Generation Market By Region, From 2021-2026 ( USD Billion )
Global Automotive Market By Region, From 2021-2026 ( USD Billion )
Global Power Grids Market By Region, From 2021-2026 ( USD Billion )
Global Traction Locomotives Market By Region, From 2021-2026 ( USD Billion )