Solid State Transformer Market Size & Share, by Voltage Type (High Voltage, Medium Voltage, Low Voltage); Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotive, Others) - SWOT Analysis, Competitive Strategic Insights, Regional Trends 2025-2037

  • Report ID: 6118
  • Published Date: Jan 10, 2025
  • Report Format: PDF, PPT

Global Solid State Transformer Market Trends, Forecast Report 2025-2037

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.


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Solid State Transformer Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising investment in smart grids - The International Energy Agency predicted that investment in grids needs to be doubled by 2030 from over USD 330 billion every year to USD 750 billion with over 75% of the spending assigned to the distribution grids to expand, strengthen, and digitalize.  Hence, governments across nations are investing and encouraging organizations to spend on smart grids.

    As a result, the development of smart grids is expected to rise in the world. Further, this rise of power systems and the transition to smart grids has boosted the need for innovative technologies. Owing to this, solid-state transformers have gained importance as a feasible alternative to traditional transformers. These solid-state transformers equipment uses power electronic converters, providing not only excellent performance in contrast to conventional transformers but also a range of additional services.
  • Growing preference for renewable energy - The demand for renewable energy sources is achieving global recognition as the best substitute to reduce greenhouse gas emissions as compared to fossil fuel. It was evaluated by EIA that, electricity generation by renewable sources in 2021 was anticipated to expand by over 8% to grow to 8 300 TWh, the fastest year-on-year growth since the 1970s.

    This is why, the market revenue is also set to rise. This is because, the use of solid-state transformers is frequent in generating energy from wind, solar, and tidal.
  • Surging smart city initiatives in developing countries - With more people demanding quality lives in cities smart city initiatives are gaining huge importance. As a result, the government has launched several programs to boost the development of smart cities.

    A major factor of a smart city is to supply reliable power, further encouraging the power sector to function efficiently to satisfy the power needs of the residents. As a result, transformers are an important element in stabilizing power supply. Hence, solid-state transformers also play an integral part in this trend.

Challenges

  • High cost of implementation - Solid-state transformers make use of powerful power electronic components and simplified technology which further contributes to their larger cost in contrast to other traditional transformers. However, this high cost of installation hinders the market expansion for solid-state transformers. Moreover, it also requires extra equipment which additional boosts the price of solid state transformer. Hence, the solid state transformer market is expected to hinder.
  • Lack of efficiency of solid-state transformers
  • Limited awareness among end users regarding its use - A large number of organizations still make use of traditional transformers owing to the cost and complexity of utilizing SST. Therefore, the market growth for solid state transformer is foreseen to experience challenges.

Solid State Transformer Market: Key Insights

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

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Solid State Transformer Segmentation

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

  • High Voltage
  • Medium Voltage
  • Low Voltage

            Application

  • Renewable Power Generation
  • Automotive
  • Power Grids
  • Traction Locomotive
  • Others

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Solid State Transformer Industry - Regional Synopsis

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.

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Companies Dominating the Solid State Transformer Landscape

    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:

    • Hitachi Energy Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schneider Electric
    • Siemens Energy
    • Eaton
    • General Electric Company
    • ERMCO
    • Alstom SA
    • ABB Ltd
    • Mitsubishi Electric Corporation

In the News

  • March 25, 2021: Hitachi ABB Power Grids, and Nanyang Technological University, Singapore predicted to collaborate to enhance developments in Solid State Transformer (SST) technology. 
  • November 28, 2023: Schneider Electric, announced to energy decision-makers to prioritize digital upgrades to learn the potential of resilient, sustainable efficient, and flexible Grids of the Future.

Author Credits:  Dhruv Bhatia


  • Report ID: 6118
  • Published Date: Jan 10, 2025
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of solid state transformer is assessed at USD 462.89 million.

The solid state transformer market size was valued at USD 442.2 million in 2024 and is likely to cross USD 854.72 million by 2037, expanding at more than 5.2% CAGR during the forecast period i.e., between 2025-2037.

Asia Pacific industry is poised to dominate majority revenue share of 44.7% by 2037, due to growing need for energy in the region.

The major players in the market include Hitachi Energy Ltd., Schneider Electric, Siemens Energy, and others.
Solid State Transformer Market Report Scope
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