Solid State Transformer Market Research Report - Forecast to 2030

Solid State Transformer Market Research Report: By Component (Converters, Switches), by Product (Distribution Transformer, Traction Transformer, Power Transformer), by Application (Traction Locomotives, EV Charging Stations) – Forecast till 2030

ID: MRFR/SEM/4401-HCR | November 2022 | Region: Global | 100 Pages         

Solid State Transformer Market

Solid State Transformer Market is expected to hit USD 241 million by the year 2030 while registering a CAGR of 15.80%

Segmentation

Based on Product Type Distribution solid-state transformer Power solid-state transformer Traction solid-state transformer
Based on Application Alternative power generation Electric vehicle charging stations Power distribution Traction locomotives Others.
Based on End-user Energy Transportation Others
Based on Component Converters Switches High voltage inductors High voltage resistors

Key Players

  • ABB Ltd. (Switzerland)
  • Alstom SA (France)
  • Siemens AG (Germany)
  • General Electric Co. (U.S.)
  • Schneider Electric SE (France)
  • Mitsubishi Electric Corporation (Japan)
  • Cooper Power Systems (U.S.)
  • Varentec
  • Inc. (U.S.)
  • Amantys Limited (U.K)
  • and GridBridge (U.S.)

Drivers

  • Investments in alternative energy systems and production of electric vehicles are major drivers of the global solid state transformer market.
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Solid State Transformer Market Size and Overview


Globally, the size of solid state transformer market is set to grow at a CAGR of 15.80%, estimated to reach USD 241 million by 2030 driven by the rapid developments in the solar Photovoltaic and electric vehicles which run with the Direct Current source utilizing smart transformers.


The transformers are considered universal because they can adapt to varied applications. The potential of these transformers includes smooth conversion of AC to DC and DC to AC. It also leads to efficient control of the power distribution networks. These beneficial features propelled the end-user industries to be highly inclining toward the Solid State Transformer Market.


Compared to conventional transformers, the potential benefits are:



  • Higher load resonant capacity.

  • Efficient power management.

  • Bi-directional Electricity flow.


These features will highly drive the market’s growth. Solid State transformers provide supreme flexibility for controlling the power distribution networks and the ability to cater to widespread applications. These are the primary drivers helping generate the market’s revenue and sales rate. The growing improvements and developments in the solar photovoltaic and electric vehicles to run with Direct Current sources are highly using the smart transformers. The Solid State Transformers are utilized in emerging applications. Hence, these factors contribute to the growth of the Solid State transformer industry.


COVID 19 Analysis:


The COVID 19 pandemic has created the demand for continuous power in the hospitals and health care sectors. The slight disruption in the power supply might cost a life. The increasing number of emergencies during the pandemic has propelled the government of several countries to increase their investments in energy-generating companies. Therefore the demand for the Solid State transformer market has been witnessing steady growth despite the supply chain disruptions and other issues that arose during the pandemic.


On the other hand, the adverse effects caused by the pandemic include, scarcity of the raw materials in the manufacturing process of the electrical equipment, restrictions in transporting the finished goods to the harshly affected regions were hindering the overall growth of the Solid State transformer industry.


Market Dynamics:


Market Drivers:


The potential benefits acquired by the Solid State Transformers compared to the conventional transformers, such as Bi-directional Electricity flow, higher load resonant capacity, efficient power management, and others are expected to drive the Solid State Transformer market growth. Other significant advantages of using the Solid State transformers include supreme flexibility in controlling the power distribution networks, smooth conversion of the AC to DC and DC to AC, and the capability of catering wide range of applications are considered as the primary driving factors of Solid State transformer market growth. 


The rapid developments in the solar Photovoltaic and electric vehicles which run with the Direct Current source are utilizing smart transformers. The Solid State Transformers are used in all these emerging applications intensively. Hence these factors are considered as the major drivers of the Solid State Transformers industry.


Market Opportunities:


The manufacturers are adopting the strategies such as reducing the costs of manufacturing the power grids by mass production, increasing the investments in R&D, and carrying out technological advancements. Such initiatives by the market players are expected to boost the Solid-state Transformer market growth during the forecast period.


Renewable energy generation systems are increasingly adopting new technologies and the growing population is also driving the need for power generation technologies. Such factors have propelled the demand for energy generation from renewable sources while reducing the carbon footprint. These initiatives are presenting lucrative opportunities for the overall growth of the Solid State Transformer industry.


Market Restraints:


The higher implementation costs of the Solid State Transformers, when compared to the conventional transformers, are expected to hinder the Solid State Transformer market growth in underdeveloped and developing countries. 


The Testing infrastructure for the Solid State transformer is not mature enough and the lack of infrastructure in the developing countries is expected to hinder the overall growth of the Solid State Transformer industry.


Market Challenges:


The poor consumer awareness about the technology and the average commercialization of the Solid State transformers are considered as the major challenge for the Solid State Transformer market.


Although several potential advantages have propelled the manufacturers to invest in the market, the imbalance created in the primary distribution line while loading and other technical issues are expected to hinder the overall growth of the Solid State transformer market.


Cumulative Growth Analysis:


The Solid State Transformer market value is highly influenced by the demand for the Electric Vehicle Charging Infrastructure. Electric Vehicles are increasing in numbers across the globe and the governments of different countries are highly focused on the development of Electric vehicles, as they are considered as the efficient solutions for tackling environmental issues. Automotive companies are continuously investing in the research and development of Electric Vehicles. Such factors are influencing the Solid State Transformer industry growth. China has recently announced its plan to increase the number of Electric Vehicle Charging Stations. The increasing investments in the automotive sector are impacting the overall growth of the Solid State Transformer market. The market value of Solid State Transformer is expected to reach USD 241 million by the year 2030 while registering a CAGR of 15.80% during the forecast period. The Solid State Transformer market growth is supported by varied applications such as voltage regulation, Voltage transformation, distribution systems monitoring, and other significant applications. 


Value Chain Analysis:


The demand for renewable power generation is increasing in several countries; therefore this sector intensively utilizes the Solid State Transformers for the power generation from the wind, solar and tidal energy. The majority of the developed countries are increasingly focusing on these effective alternatives of energy generation as the natural sources for power generation can cater to the global energy requirement while reducing the carbon footprint significantly. The Solid State Transformers are intensively used in Wind farms as they are capable of playing the role of both step-up transformers and STATCOMs. Such factors are impacting the growth of the Solid State Transformers industry in recent times. 


Moreover, the Solid State transformers are intensively deployed in varied locomotives, EV fast chargers that are used for Electric vehicles, PV inverters, and battery energy storage systems. All these domains are presenting profitable opportunities for the Solid State Transformer market growth during the forecast period. 


Segment Overview:


Based on Product Type:



  • Distribution solid-state transformer

  • Power solid-state transformer

  • Traction solid-state transformer


Based on Application:



  • Alternative power generation

  • Electric vehicle charging stations

  • Power distribution

  • Traction locomotives

  • Others.


Based on End-user:



  • Energy

  • Transportation

  • Others


Based on Component:


Converters



  • AC to DC converters

  • DC to AC converters

  • DC to DC converters 

  • AC to AC converters


Switches



  • Power diodes

  • High-frequency transformers

  • Others


High voltage inductors


High voltage resistors


Regional Analysis:


Among other regions, Asia Pacific is expected to hold the largest market share in the Solid State Transformer Industry owing to the rapid development in smart grid technologies. On the other hand, the region is showcasing higher demand for energy generation; therefore the governmental organizations are investing in the energy generation from renewable resources such as Wind, Solar, and Tidal energy. The power grids are intensively utilized in this energy generation operations which significantly impact the Solid-state Transformer market growth. The demand for energy generation rises with the increasing population, since the Asia-pacific region comprises a higher population rate, the demand for the Solid State Transformers is rapidly increasing across the Asia-pacific region. 


India is also projecting its potential and increasing its investment in renewable energy generation. The country has recently announced about their goal of reaching over 114GW in solar power generation by the year 2022. Also, the government of India supports the Solid State Transformer market growth with the ‘Rent a Roof’ policy by which the country targets to reach power generation of 40GW of power through the solar rooftop projects by the year 2022. With such initiatives and investments in the major end-user industries, the Solid State Transformer industry is expected to grow with a steady growth rate.


Competitive Landscape:



Recent Developments:


January 2022


Power supplies will typically transform AC to DC voltage with the transformers or rectifiers. But Amber Solutions’ AC Direct DC Enabler chip can handle old tech electromechanical components by processing DC extraction directly from AC through solid-state architecture.


The company claims that its technology will lead to smaller size footprints and deliver a dynamic, configurable power delivery capability. Consumer electronics, commercial and industrial product manufacturers and semiconductor companies will evaluate the AC Direct DC Enabler technology. It is now available in the form of a demo kit.


December 2021


DOE has awarded Eaton USD 4.9M to develop affordable fast-charging solutions, solid-state transformers, and modular chargers. The US Department of Energy (DOE) has awarded the company mainly due to the reduced cost and complexity of organizing direct-current (DC) fast electric vehicle charging infrastructure (EVCI).


Report Overview:


This report has covered:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 241 Million
  CAGR   15.80% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, by Product, by Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ABB Ltd. (Switzerland), Alstom SA (France), Siemens AG (Germany), General Electric Co. (U.S.), Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), Cooper Power Systems (U.S.), Varentec, Inc. (U.S.), Amantys Limited (U.K), and GridBridge (U.S.)
  Key Market Opportunities   The growth of the market in Europe is attributed to technological advancements and increased adoption of solid-state transformer applications across various industry verticals.
  Key Market Drivers   Investments in alternative energy systems and production of electric vehicles are major drivers of the global solid state transformer market.


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Frequently Asked Questions (FAQ) :

The Solid State Transformer Market will reach a valuation of USD 241 million and a CAGR of 15.80% in the forecast period by 2030

General Electric Co., Schneider Electric SE, Varentec, Inc., ABB Ltd., GridBridge, Siemens AG, Alstom SA, Cooper Power Systems, Amantys Limited, and Mitsubishi Electric Corporation are prime players in the global solid-state transformer market.

Investments in alternative energy systems and production of electric vehicles are major drivers of the global solid state transformer market.

Traction solid-state transformers can gain the maximum share in the global solid state transformer market.