The global solid-state transformer market was valued at $141.5 million in 2020, and is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.
Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as smart transformer and intelligent universal transformer. The smart transformers are used to provide additional flexibility to control power distribution networks; thereby, facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Presently, it caters to wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others.
The global solid-state transformer market is presently driven by various factors such as growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems.
Global shift from fossil-fuel based electricity toward cleaner renewable energy sources has put focus on the development of energy grids for providing load integration and power compensation. Solar photovoltaics and electric vehicles are based on direct current (DC) sources and has increased the demand for active power control; thus, driving the demand for smart transformers. Passive transformers are susceptible to DC offset and possess no controllability when employed in smart grids. In addition, SSTs, due to its versatility, are seen as a modern solution for power distribution applications in the traction, electric vehicles, and aerospace industries. SSTs can be utilized with the existing power distribution networks and plays a huge role in electric vehicle charging infrastructure. Moreover, solid-state transformers are used to effectively manage smart grids. Hence, growing investment and participation in the smart grids market will benefit the global solid-state transformer market in the long run. However, high cost associated with solid-state transformers and inadequate SST testing infrastructure are expected to affect the market growth.
The application potential of SSTs are wide, ranging from locomotives, light rail, EV fast chargers, PV inverters, and battery energy storage systems. Some of these are emerging domains and are expected to offer lucrative opportunities for market growth during the forecast period. However, developments in the design of SSTs that include various configurations and components will help in product launches. New products will help in increasing the market share of solid-state transformers in the mainstream transformer market. Thus, developments in the design of present SSTs will offer fresh opportunities for the global solid-state transformer market during the forecast period. In addition, expansion and replacement of power grids with smart grids will increase the demand for solid-state transformers during the forecast period.
The global solid-state transformer market is segmented on the basis of product type, application, and region. Based on product type, the market is divided into distribution solid-state transformer, power solid-state transformer, and traction solid-state transformer. Applications include renewable power generation, electric vehicle charging stations, power distribution, traction locomotives, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the solid-state transformer industry include Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems & Controls Inc., Red Box Aviation, Schneider Electric, Siemens AG, Varentec Inc., and Vollspark. The global solid-state transformer market report provides in-depth competitive analysis as well as profiles of these major players. Solid state transformer market opportunity is expected to be high through product development and product launches in the coming years.
Key benefits for stakeholders
- The report provides an in-depth analysis of the current and emerging market trends and dynamics in the global solid-state transformer market.
- It offers detailed quantitative analysis of the current market and estimations through 2020-2028, which assists in identifying the prevailing market opportunities.
- Comprehensive analysis of all regions helps determine the prevailing and future opportunities in these regions.
- Comprehensive analysis of factors that drive and restrict the growth of the global solid-state transformer market is provided.
- Growth of the renewable energy sector and electric vehicle market will lead to upgrade of existing infrastructure, a positive trend for the global solid-state transformer market.


IMPACT OF COVID-19 ON THE GLOBAL SOLID-STATE TRANSFORMER MARKET
- Most of the industries have become non-operational during this pandemic event. The lockdown imposed in various countries hit the operations of various power distribution companies; thus, impacting their financial health. This led to a decline in the demand for transformers.
- Renewable energy generation is the largest application for solid-state transformer, which is also affected to a great extent during the pandemic. The pandemic negatively affected the demand for renewable energy generation. Complete or partial lockdown situation globally has led to supply chain disruption, leading to delays in project construction, having a direct impact on the commissioning of renewable electricity projects
- In the global solar industry, more than 40% of the supply chain is reliant on supply from China and other Southeast Asian countries. China is the known source of this pandemic and the country is the most affected one in terms of material supply and material transport due to COVID-19. The above factors have impacted the growth of the global solid state transformer market.

1.1. Key market segments
- Product Type
o Distribution Solid-State Transformer
o Power Solid-State Transformer
o Traction Solid-State Transformer
- Application
o Renewable Power Generation
o Electric Vehicle Charging Stations
o Power Distribution
o Traction Locomotives
o Others
By Region
- North America
o U.S.
o Canada
o Mexico
- Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe

- Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Rest of Asia-Pacific
- LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA

Key Players in the global solid-state transformer market:

1. Alstom SA
2. Eaton Corporation
3. General Electric Company
4. Hitachi ABB
5. Power Systems & Controls, Inc.
6. Red Box Aviation
7. Schneider Electric
8. Siemens AG
9. Varentec Inc.
10. Vollspark