Solid State Transformer Market size is anticipated to grow by USD 412.52 million, with a CAGR of 5.2% during the forecast period i.e., between 2025-2037. By the year 2025, the solid state transformer industry’s worth is projected to be around USD 462.89 million.
The growth of the market can be attributed to the surging sale of electric cars.
According to the International Energy Agency, in 2022 over 10 million electric cars were estimated to be sold across the world and these sales were predicted to rise by an additional 35% in the year 2023. Hence, with this, the demand for solid state transformer is poised to rise since the development of DC fast chargers with the adoption of electric vehicles is also foreseen to grow.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
5.2% |
Base Year Market Size (2024) |
USD 442.2 million |
Forecast Year Market Size (2037) |
USD 854.72 million |
Regional Scope |
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Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotive, Others)
Renewable power generation segment share in the solid state transformer market is projected to exceed 37% by the end of 2037. This growth of the market can be dominated by the growing production of wind energy. According to the Global Wind Energy Council, across the globe, in 2022 77.6 GW of new wind power capacity was connected to power grids, bringing to 906 GW1 total installed wind capacity, a rise of 9% in contrast with 2021. Hence, the demand for solid state transformer is projected to rise.
Additionally, the automotive segment will hold notable growth in the market over the forecast period. This is because electric vehicles are gaining huge prominence in the market which is a further need for charging centers. Wireless charging for EVs has high efficiency and is anticipated to be faster than charging with a plug due to which the popularity of wireless charging is also growing in electric vehicles. For instance, EV plugs have over 79-94% rate of efficiency. However, the wireless EV chargers hold about 89-92% efficiency. Hence, the market for SST is poised to rise since LFT is replayed with solid-state transformers in wireless charging.
Voltage Type (High Voltage, Medium Voltage, Low Voltage)
In solid state transformer market, medium voltage segment share is anticipated to reach 42% by 2037. In medium-voltage applications, solid-state transformers perform an important role in bridging medium-voltage AC grids to low-voltage power distribution. They perform the role of electronic power interfaces between low voltage (LV) systems and medium voltage (MV), offering pliable connectivity and allowing various smart functionalities.
Our in-depth analysis of the market includes the following segments:
Voltage Type |
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Application |
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APAC Market Statistics
Asia Pacific industry is poised to dominate majority revenue share of 44.7% by 2037. This growth of the market is set to be influenced by the rising urban population. For instance, according to UNICEF, Asia’s cities are rising significantly reaching over 55 percent of the population by 2030. Therefore, the need for energy is growing which is further increasing revenue for solid state transformer in this region.
The China market for solid state transformer is predicted to gather the highest market revenue by 2037 on account of the rising demand for electricity.
There has been a growing installation of solar panels in Indian market leading to the market’s growth.
The market for solid state transformer in Indonesia country will hold notable growth in its revenue. This could be owing to the rising presence of key players.
European Market Analysis
The Europe solid state transformer market is projected to have a significant rise over the forecast period. This growth of the market in this region can be impelled by the growing investment in the cloud. Expenditure in Europe on public cloud services is anticipated to rise to over USD 123 million in 2024 and close to USD 222 million by 2027. Hence, this is further evaluated to benefit solid state transformer greatly.
The growth in the Germany country is expected to be influenced by the growing emphasis on net zero which has further boosted demand for sustainable energy.
The UK market for solid state transformer is also poised to rise in this region on account of the surging development of advanced SST equipment to satisfy a large number of customers.
The market in France for solid state transformer is also estimated to have notable growth in the market owing to the rise in population.
The key player in the field of solid state transformer market is estimated to have a significant influence on the growth owing to their rising initiatives and launch of number of products. Some of the major players consist of:
Author Credits: Dhruv Bhatia
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