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Solid State Transformers Market Trends

  • Report ID: 6118
  • Published Date: Jun 05, 2024
  • Report Format: PDF, PPT

Solid State Transformers (SST) Market

  1. An Introduction to the Research Study
    1. Preface
    2. Market Taxonomy
    3. Definition of the Market and the Segments
    4. Acronyms and Assumptions
  1. The Research Procedure
    1. Sources of Data
      1. Secondary
      2. Primary
    2. Calculation and Derivation of Market Size
      1. Top-down approach
      2. Bottom-up approach
  2. Executive Summary
  3. Recommendation by Analyst for C-level Executives
  4. Evaluation of Market Fluctuations and Outlook
    1. Market Growth Drivers
    2. Market Growth Deflation
    3. Market Trends
      1. Manufacturer Based
      2. Application Based
  5. Fundamental Market Prospects
    1. Strategic Competitive Opportunities
    2. Geographic Opportunities
    3. Application Centric Opportunities
  6. Regulatory Landscape
  7. Industry Risk Analysis
  8. Value Chain Analysis
  9. Industry Growth Outlook
  10. SWOT Analysis
  11. Analysis on Recent Development
  12. Regional Demand Analysis
  13. Pricing Analysis
  14. PEST Analysis
  15. Analysis on Recent Technology
  16. Application Analysis
  17. Competitive Feature Analysis
  18. Global Solid State Transformers (SST) Market Outlook
    1. Market Summary
    2. Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
    3. Market Volume (Thousand Units) Current and Future Projections, 2024-2037
    4. Market Increment $ Opportunity Assessment, 2024-2037
    5. Global Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    6. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    7. Global Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    8. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    9. Global Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    10. By Geography
      1. North America Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Europe Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Asia Pacific Excluding Japan (APEJ) Excluding Japan Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      4. Japan Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      5. Latin America Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      6. Middle East & Africa Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  19. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  20. North America Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. North America Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. North America Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    8. North America Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    9. By Country
      1. US Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Canada Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  21. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  22. Europe Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. Europe Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. Europe Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    8. Europe Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    9. By Country
      1. UK Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Germany Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. France Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      4. Italy Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      5. Spain Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      6. Russia Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      7. BENELUX Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      8. Poland Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      9. Rest of Europe Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  23. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  24. Asia Pacific Excluding Japan (APEJ) Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. Asia Pacific Excluding Japan (APEJ) Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. Asia Pacific Excluding Japan (APEJ) Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    8. Asia Pacific Excluding Japan (APEJ) Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    9. By Country
      1. China Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. India Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Indonesia Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      4. Australia Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      5. South Korea Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      6. Malaysia Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      7. Vietnam Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      8. Rest of Asia Pacific Excluding Japan (APEJ) Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  25. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  26. Japan Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. Japan Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. Japan Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
  27. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  28. Latin America Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. Latin America Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. Latin America Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    8. Latin America Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    9. By Country
      1. Mexico Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Argentina Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Brazil Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      4. Rest of Latin America Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  29. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  30. Middle East & Africa Solid State Transformers (SST) Market Outlook
    1. Outline of the Segment
    2. Detailed Overview
    3. Leading companies in the Solid State Transformers (SST) Market
    4. Middle East & Africa Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    5. By Voltage Type
      1. High Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Medium Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. Low Voltage Market Value (USD Million) & Volume (Thousand Units) Current and Future Projections, 2024-2037
    6. Middle East & Africa Solid State Transformers (SST) Market Outlook & Projections, Opportunity Assessment by Segment, 2024-2037
    7. By Application
      1. Renewable Power Generation Market Value (USD Million) Current and Future Projections, 2024-2037
      2. Automotive Market Value (USD Million) Current and Future Projections, 2024-2037
      3. Power Grids Market Value (USD Million) Current and Future Projections, 2024-2037
      4. Traction Locomotive Market Value (USD Million) Current and Future Projections, 2024-2037
      5. Others Market Value (USD Million) Current and Future Projections, 2024-2037
    8. Middle East & Africa Solid State Transformers (SST) Market Segmentation Analysis (2024-2037)
    9. By Country
      1. Combined Gulf Countries Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      2. Israel Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      3. South Africa Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
      4. Rest of Middle East & Africa Market Value (USD Million), Volume (Thousand Units) Current and Future Projections, 2024-2037
  31. Cross Analysis of Voltage Type w.r.t. Application (USD Million), 2024-2037
  32. Competitive Positioning: Strategies to Differentiate a Company from Its Competitor
  33. Competitive Model: A Detailed Inside View for Investors
    1. Company Market Share (2023)
    2. Business Profile of Key Enterprise
      1. Hitachi Energy Ltd.
      2. Schneider Electric
      3. Siemens Energy
      4. Eaton
      5. General Electric Company
      6. ERMCO
      7. Alstom
      8. ABB Ltd
      9. Japanese Players
      10. Mitsubishi Electric Corporation

Solid State Transformers Market Trends

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

5.20%

Base Year Market Size (2024)

USD 440 Million

Forecast Year Market Size (2037)

USD 824 Million

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Browse Key Market Insights with Data Illustration:

Author Credits:  Dhruv Bhatia


  • Report ID: 6118
  • Published Date: Jun 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of solid state transformer was over USD 0.440 billion.

The market size for solid state transformer is set to cross USD 0.824 billion by the end of 2037 expanding at a CAGR of 5.20% during the forecast period i.e., between 2025-2037.

The major players in the market are Hitachi Energy Ltd., Schneider Electric, Siemens Energy, and others.

The medium voltage segment is anticipated to garner a size of USD 0.342 billion during 2025-2037.

The Asia Pacific solid state transformer sector is poised to generate USD 0.0562 billion in revenue by the end of 2037.
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