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Solid State Transformer Market Trends

ID: MRFR//4401-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Solid State Transformer Market Overview:

The Solid State Transformer Market size was valued at USD 0.11 billion in 2023. The solid state transformer industry is projected to grow from USD 0.13 billion in 2024 to USD 0.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.26% during the forecast period (2024 - 2032). Growing railway infrastructure in developing regions and implementing renewable energy references, including wind and solar energy, are the key market drivers expanding the market growth.

Global Solid State Transformer Market Overview1

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Solid State Transformer Market Trends

  • Increase in the number of electric vehicles is driving market growth

Market CAGR is driven by an increase in the production of electric vehicles, offering growth opportunities for the market players as several countries, such as India, China, Germany, the U.S., and others, are deploying and promoting the production of electric vehicles. Thus, the growth in demand for electric vehicles further promotes the development of electric charging stations, creating immense opportunities for the market. Furthermore, several electric vehicle initiatives around the globe are expected to expand the industry outlook. For instance, in July 2021, the public service electric and gas enterprise (PSE&G) partnered with Landis+Gyr for electric vehicle initiatives. PSE&G will invest USD 1 billion to assist customers in enhancing their energy efficiency, USD 700 million in smart meters, and electric vehicle initiatives.

The demand for charging infrastructure, including several transformers and substations, is anticipated to expand significantly as the global electric car market enhances. Governments across the globe are supporting this quest for e-mobility. China and the US governments have delivered financial incentives to purchase new electric vehicles. The government has significant influence in implementing critical regulations in the automotive industry, including fuel emission standards, which enhance electric vehicle sales.

The updation of aging power distribution systems is anticipated to drive the market growth of solid state transformation. The increasing demand for intelligent and modernized power distribution infrastructure will likely create ample market opportunities. Furthermore, government mandates to augment grid efficiency are fueling the adoption of smart transformers across various utility and energy sectors. Also, the market is anticipated to expand, owing to the advantages delivered by it. Solid state transformers provide several benefits, including efficient power transmission, bidirectional power flow, and AC-to DC-conversion.

For instance, in June 2021, Snohomish County PUD announced making electric systems expand in their current substations. The PUD has work scheduled on various substations, such as equipment replacement, automation upgrades, and standard maintenance. Moreover, the PUD plans to replace their current aging poles, evaluate and treat thousands of poles, and return miles of aging underground cable. Thus, driving the solid state transformer market revenue.

Solid State Transformer Market Segment Insights:

Solid State Transformer Application Insights

The Solid State Transformer Market segmentation, based on application, includes alternative power generation, electric vehicle charging stations, power distribution, traction locomotives, and others. The power distribution category generated the most income over the forecast period. The use of solid state transformer for power distribution is driven by their benefits, such as power distribution efficiency, over conventional transformers. Moreover, technological proliferation in smart grid technology is expected to surge the use of solid state transformer for power distribution applications which drives the solid state transformer industry.

Solid State Transformer Product Type Insights

The Solid State Transformer Market segmentation, based on product type, includes distribution solid state transformer, power solid state transformer, and traction solid state transformer. The power solid state transformer segment dominated the market, accounting for major market revenue. These solid state transformer are cost-effective and are expected to witness higher adoption in developing regions, including Asia Pacific and Latin America.

Solid State Transformer End-User Insights

The Solid State Transformer Market segmentation, based on end-user, includes energy, transportation, and others. The energy category generated the most income over the forecast period. The advancements in renewable energy generation are anticipated to influence the demand for solid state transformer positively. The transformers are instrumental in reducing the costs involved in electricity generation.

Figure 1: Solid State Transformer Market, by End-User, 2022 & 2032 (USD billion)

Solid State Transformer Market, by End-User, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, Analyst Review

Solid State Transformer Regional Insights

By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American solid state transformer market will dominate this market, owing to the technological enhancement and increasing investments in smart grids and energy systems that are estimated to augment the market demand. In addition, various contracts led by the players to fuel low carbon energy generation are expected to enhance the market outlook in the region positively. Further, the US solid state transformer market held the largest market share, and the Canada solid state transformer market was the fastest-growing market in the European region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Solid State Transformer Market Share By Region 2022 (%)

Solid State Transformer Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe solid state transformer market accounts for the second-largest market share owing to the presence of key companies such as Siemens AG and Alstom that is presumed to propel the adoption of solid state transformer in the European region. Further, the German solid state transformer market held the largest market share, and the UK solid state transformer market was the fastest-growing market in the European region.

The Asia-Pacific solid state transformer market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing investment in smart grid technology and the increasing electricity demand, leading to the expansion of investment in power infrastructure across the region. Moreover, China solid state transformer market held the largest market share, and the Indian solid state transformer market was the fastest-growing market in the Asia-Pacific region.

Solid State Transformer Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the solid state transformer market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The global solid state transformer industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers’ use in the global solid state transformer industry to benefit clients and increase the market sector. Major players in the solid state transformer market, including ABB Ltd. (Switzerland), Alstom SA (France), Siemens AG (Germany), General Electric Co. (U.S.), and others, are attempting to increase market demand by investing in research and development operations.

GE Renewable Energy generates renewable energy. The Company develops, installs, and manages wind and hydropower electricity-generating projects. GE Renewable Energy serves customers worldwide. In July 2021, GE Renewable Energy Grid Solutions' business secured multiple orders to supply 765 kV transformers, such as solid-state transformers and reactors, in India. The contracts have been approved by Power Grid Corporation of India. As part of the contract, GE will supply 13 units of 765 kV transformers and about 32 units of 765 kV reactors.

Gridwise Alliance Inc was founded in 2004. The company's line of business includes providing business consulting services on a contract or fee basis. It is an American organization representing a range of the energy supply chain, from utilities to large tech companies to academia, venture capitalists, and emerging tech companies. In December 2020, GridWise Alliance in the United States launched its comprehensive Policy Framework for Grid Investments in Economic Recovery, which outlines the need for USD 50 billion in federal spending for grid modernization.

Key Companies in the Solid State Transformer market include

  • General Electric (U.S.) 

  • Alstom (France)

  • Eaton (Ireland)

  • Hitachi ABB (Japan)

  • Power Systems & Control Inc. (Virginia)

  • Schneider Electric (France)

  • Siemens (Germany)

  • Varentec Inc. (U.S.)

  • Vollspark (Israel)

  • Amantys Limited (U.K.)

  • SPX Transformer Solutions (U.S.)

  • Ermco (U.S.)

  • Mitsubishi Electric (Japan)

  • Synergy Transformers (India)

  • GridBridge (U.S.)

  • Kirloskar Electric (India)

Solid State Transformer Industry Developments

August 2021: Statnett established Cognite to create different power systems and asset management platforms. Statnett will manipulate the orderly maintenance of transformers, gas-insulated substations, and power lines that include the power grid. Cognite devoted three years of contracts from Statnett to deliver and create digital solutions in smart investment management and power system analysis.

March 2021: Hitachi ABB Power Grids and Nanyang Technological University, Singapore, collaborated on advancing the solid state transformer technology. The assignment is led by the Energy Research Institute and supported by the National Research Foundation, Singapore (NRF). It is part of the Singapore government's flagship Energy Grid 2.0 initiative to shape the next-generation grid system and transform how energy is managed by consolidating various energy sources into a single intelligent network that is more sustainable, efficient, and resilient.

Solid State Transformer Market Segmentation:

Solid State Transformer Product Type Outlook

  • Distribution Solid State Transformer

  • Power Solid State Transformer

  • Traction Solid State Transformer

Solid State Transformer Application Outlook

  • Alternative Power Generation

  • Electric Vehicle Charging Stations

  • Power Distribution

  • Traction Locomotives

  • Others

Solid State Transformer End-User Outlook

  • Energy

  • Transportation

  • Others

Solid State Transformer Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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