Solid State Transformer Market Size

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Report ID: 6118
Published Date: Sep 17, 2025
Report Format: PDF, PPT

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Solid State Transformer Market Outlook:

Solid State Transformer Market size was over USD 172.23 million in 2025 and is projected to reach USD 715.16 million by 2035, witnessing around 15.3% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of solid state transformer is evaluated at USD 195.95 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.

Browse key industry insights with market data tables & charts from the report:

Solid State Transformer Market Size, Share & Industry Forecast 2035

Frequently Asked Questions (FAQ)

In the year 2026, the industry size of solid state transformer is evaluated at USD 195.95 million.

The global solid state transformer market size was worth over USD 172.23 million in 2025 and is poised to witness a CAGR of around 15.3%, crossing USD 715.16 million revenue by 2035.

Asia Pacific solid state transformer market will hold more than 44.70% share by 2035, driven by the rising urban population increasing energy demand.

Key players in the market include Hitachi Energy Ltd., Schneider Electric SE, Siemens Energy AG, General Electric Company, ABB Ltd., Mitsubishi Electric Corporation, Eaton Corporation plc, Alstom SA, SPX Transformer Solutions, Inc., Toshiba Energy Systems & Solutions Corporation.