Solid State Transformer Market
Solid State Transformer Market Forecasts to 2032 - Global Analysis By Type (Distribution Solid State Transformer, Power Solid State Transformer and Traction Solid State Transformer), Component (Converters, Switches, High-Frequency Transformers and Other Components), Voltage Transformation (High Voltage/Medium Voltage and Medium Voltage/Low Voltage), Application, End User and By Geography
|
Years Covered |
2024-2032 |
|
Estimated Year Value (2025) |
US $117.6 MN |
|
Projected Year Value (2032) |
US $365.8 MN |
|
CAGR (2025-2032) |
17.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Solid State Transformer Market is accounted for $117.6 million in 2025 and is expected to reach $365.8 million by 2032 growing at a CAGR of 17.6% during the forecast period. A Solid State Transformer (SST) is an advanced electrical power transformer that uses semiconductor components, such as power electronics and high-frequency transformers, instead of traditional magnetic-based methods. SSTs provide voltage conversion, isolation, and power conditioning with higher efficiency, compact size, and better control over power flow. They enable smart grid applications, integration of renewable energy sources, and improved grid stability. SSTs also support bidirectional power flow, offering advantages for modern electrical networks.
Market Dynamics:
Driver:
Growing smart grid deployments
Smart grids require advanced, efficient, and flexible power management solutions, and SSTs offer superior capabilities such as bidirectional power flow, voltage regulation, and integration with renewable energy sources. Furthermore, the global push towards digitalization and automation in the energy sector is accelerating investments in smart grid infrastructure, thereby fueling the demand for SSTs. These transformers are essential for supporting distributed energy resources and enhancing grid reliability, making them integral to modern power systems.
Restraint:
High initial cost
SSTs utilize advanced semiconductor components and complex control systems, which significantly increase their upfront investment compared to conventional transformers. Additionally, the need for specialized installation, maintenance, and a skilled workforce further escalates the total cost of ownership. This financial barrier can deter utilities and industries, particularly in cost-sensitive regions, from adopting SST technology on a large scale, thereby limiting its market penetration despite its long-term operational benefits.
Opportunity:
Government incentives for grid modernization
Many governments worldwide are rolling out policies and funding programs to upgrade aging grid infrastructure, integrate renewable energy, and improve energy efficiency. Moreover, these incentives often include tax benefits, grants, and low-interest loans for utilities adopting advanced technologies like SSTs. Such supportive regulatory frameworks not only reduce the financial burden on end-users but also encourage innovation and faster adoption of SSTs, thereby fostering market growth and technological advancements in the power sector.
Threat:
Competition from advanced traditional transformers
Traditional transformers have undergone significant technological improvements, resulting in enhanced efficiency, reliability, and lower operational costs. Additionally, their established supply chains, widespread familiarity among utilities, and proven performance make them a preferred choice for many applications. The reluctance to switch from conventional solutions, coupled with the higher costs and perceived risks associated with SSTs, can impede the market’s growth, especially in regions with limited budgets for new technology adoption.
Covid-19 Impact:
The Covid-19 pandemic had a mixed impact on the solid state transformer market. While supply chain disruptions and project delays initially hampered market growth, the pandemic also accelerated digital transformation and the adoption of smart grid technologies. Utilities and governments prioritized resilient and flexible power infrastructure to support remote operations and fluctuating energy demands. Additionally, stimulus packages and recovery plans included investments in grid modernization, indirectly benefiting the SST market. As a result, the sector demonstrated resilience and is expected to recover steadily, driven by renewed focus on advanced energy solutions.
The power solid state transformer segment is expected to be the largest during the forecast period
The power solid state transformer segment is expected to account for the largest market share during the forecast period. This dominance is attributed to the widespread application of power SSTs in utility grids, renewable energy integration, and electric vehicle charging infrastructure. Furthermore, power SSTs offer enhanced efficiency, compact size, and superior control capabilities, making them ideal for high-capacity and critical power distribution applications. Their ability to support bidirectional power flow and manage complex grid scenarios positions them as a preferred choice for modernizing large-scale electrical networks, thereby driving their significant market share.
The high voltage/medium voltage (HV/MV) segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the high voltage/medium voltage (HV/MV) segment is predicted to witness the highest growth rate. This growth is driven by the increasing demand for efficient power transmission and distribution systems in urban and industrial areas. Additionally, the integration of renewable energy sources and the expansion of electric vehicle charging infrastructure require advanced HV/MV SST solutions. The segment’s rapid adoption is further supported by technological advancements that enhance performance and reliability, making HV/MV SSTs essential for addressing the evolving needs of modern power grids.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share. This dominance is primarily due to rapid urbanization, substantial investments in grid modernization, and the proliferation of renewable energy projects across countries like China, India, and Japan. Furthermore, government initiatives promoting smart grid deployment and energy efficiency are driving the adoption of advanced transformer technologies in the region. The presence of leading manufacturers and a robust industrial base further contribute to Asia Pacific’s significant share.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR. The region’s impressive growth rate is fueled by increasing energy demand, aggressive renewable energy targets, and large-scale infrastructure development projects. Additionally, supportive government policies, rising investments in smart grid technologies, and the growing adoption of electric vehicles are accelerating the need for advanced SST solutions. The dynamic economic landscape, coupled with a strong focus on sustainable energy, positions Asia Pacific as the fastest growing region.
Key players in the market
Some of the key players in Solid State Transformer Market include ABB, Alstom, General Electric, Eaton Corporation, Siemens AG, Schneider Electric, Hitachi Energy, Mitsubishi Electric, Varentec, Power Systems & Controls, Vollspark, AMETEK Solidstate Controls, SPX Transformer Solutions, Red Box Aviation, Electric Research and Manufacturing Cooperative (ERMCO), Kirloskar Electric Company, Synergy Transformers and Maschinenfabrik Reinhausen.
Key Developments:
In May 2025, GE Vernova Inc. announced it has been chosen by Power Grid Corporation of India Limited (POWERGRID) to supply over 70 extra high-voltage transformers and shunt reactors for key transmission projects across India. The 765 kV class units will support transmission infrastructure for renewable power evacuation projects under India’s Tariff-Based Competitive Bidding (TBCB) framework. The order has been booked through GE Vernova T&D India Limited, listed entity of GE Vernova’s Electrification business in India.
In March 2025, ABB has acquired a minority stake in North Carolina Company DG Matrix to support the commercialization of solid-state power electronics for generative AI data centers and renewable microgrids. The company’s Power Router platform replaces conventional systems with an all-in-one solution that is up to five times smaller and has best-in-class energy efficiency of 98 percent.
In April 2024, Hitachi Energy announced an order from SP Energy Networks to design and deliver a pioneering power quality solution. While not explicitly labeled as an SST, this solution combines advanced power electronics and control systems to stabilize the grid and enhance the flow of renewable energy from Scotland to England.
Types Covered:
• Distribution Solid State Transformer
• Power Solid State Transformer
• Traction Solid State Transformer
Components Covered:
• Converters
• Switches
• High-Frequency Transformers
• Other Components
Voltage Transformations Covered:
• High Voltage/Medium Voltage (HV/MV)
• Medium Voltage/Low Voltage (MV/LV)
Applications Covered:
• Renewable Power Generation
• Electric Vehicle Charging Infrastructure
• Smart Grids / Power Grids
• Traction Locomotives
• Other Applications
End Users Covered:
• Energy and Utilities
• Transportation
• Industrial
• Commercial
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solid State Transformer Market, By Type
5.1 Introduction
5.2 Distribution Solid State Transformer
5.3 Power Solid State Transformer
5.4 Traction Solid State Transformer
6 Global Solid State Transformer Market, By Component
6.1 Introduction
6.2 Converters
6.2.1 AC to DC Converters
6.2.2 DC to AC Converters
6.2.3 DC to DC Converters
6.2.4 AC to AC Converters
6.3 Switches
6.4 High-Frequency Transformers
6.5 Other Components
7 Global Solid State Transformer Market, By Voltage Transformation
7.1 Introduction
7.2 High Voltage/Medium Voltage (HV/MV)
7.3 Medium Voltage/Low Voltage (MV/LV)
8 Global Solid State Transformer Market, By Application
8.1 Introduction
8.2 Renewable Power Generation
8.2.1 Wind Power Integration
8.2.2 Solar Power Integration
8.2.3 Other Renewable Sources
8.3 Electric Vehicle Charging Infrastructure
8.4 Smart Grids / Power Grids
8.5 Traction Locomotives
8.6 Other Applications
9 Global Solid State Transformer Market, By End User
9.1 Introduction
9.2 Energy and Utilities
9.3 Transportation
9.4 Industrial
9.5 Commercial
9.6 Other End Users
10 Global Solid State Transformer Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB
12.2 Alstom
12.3 General Electric
12.4 Eaton Corporation
12.5 Siemens AG
12.6 Schneider Electric
12.7 Hitachi Energy
12.8 Mitsubishi Electric
12.9 Varentec
12.10 Power Systems & Controls
12.11 Vollspark
12.12 AMETEK Solidstate Controls
12.13 SPX Transformer Solutions
12.14 Red Box Aviation
12.15 Electric Research and Manufacturing Cooperative (ERMCO)
12.16 Kirloskar Electric Company
12.17 Synergy Transformers
12.18 Maschinenfabrik Reinhausen
List of Tables
1 Global Solid State Transformer Market Outlook, By Region (2024-2032) ($MN)
2 Global Solid State Transformer Market Outlook, By Type (2024-2032) ($MN)
3 Global Solid State Transformer Market Outlook, By Distribution Solid State Transformer (2024-2032) ($MN)
4 Global Solid State Transformer Market Outlook, By Power Solid State Transformer (2024-2032) ($MN)
5 Global Solid State Transformer Market Outlook, By Traction Solid State Transformer (2024-2032) ($MN)
6 Global Solid State Transformer Market Outlook, By Component (2024-2032) ($MN)
7 Global Solid State Transformer Market Outlook, By Converters (2024-2032) ($MN)
8 Global Solid State Transformer Market Outlook, By AC to DC Converters (2024-2032) ($MN)
9 Global Solid State Transformer Market Outlook, By DC to AC Converters (2024-2032) ($MN)
10 Global Solid State Transformer Market Outlook, By DC to DC Converters (2024-2032) ($MN)
11 Global Solid State Transformer Market Outlook, By AC to AC Converters (2024-2032) ($MN)
12 Global Solid State Transformer Market Outlook, By Switches (2024-2032) ($MN)
13 Global Solid State Transformer Market Outlook, By High-Frequency Transformers (2024-2032) ($MN)
14 Global Solid State Transformer Market Outlook, By Other Components (2024-2032) ($MN)
15 Global Solid State Transformer Market Outlook, By Voltage Transformation (2024-2032) ($MN)
16 Global Solid State Transformer Market Outlook, By High Voltage/Medium Voltage (HV/MV) (2024-2032) ($MN)
17 Global Solid State Transformer Market Outlook, By Medium Voltage/Low Voltage (MV/LV) (2024-2032) ($MN)
18 Global Solid State Transformer Market Outlook, By Application (2024-2032) ($MN)
19 Global Solid State Transformer Market Outlook, By Renewable Power Generation (2024-2032) ($MN)
20 Global Solid State Transformer Market Outlook, By Wind Power Integration (2024-2032) ($MN)
21 Global Solid State Transformer Market Outlook, By Solar Power Integration (2024-2032) ($MN)
22 Global Solid State Transformer Market Outlook, By Other Renewable Sources (2024-2032) ($MN)
23 Global Solid State Transformer Market Outlook, By Electric Vehicle Charging Infrastructure (2024-2032) ($MN)
24 Global Solid State Transformer Market Outlook, By Smart Grids / Power Grids (2024-2032) ($MN)
25 Global Solid State Transformer Market Outlook, By Traction Locomotives (2024-2032) ($MN)
26 Global Solid State Transformer Market Outlook, By Other Applications (2024-2032) ($MN)
27 Global Solid State Transformer Market Outlook, By End User (2024-2032) ($MN)
28 Global Solid State Transformer Market Outlook, By Energy and Utilities (2024-2032) ($MN)
29 Global Solid State Transformer Market Outlook, By Transportation (2024-2032) ($MN)
30 Global Solid State Transformer Market Outlook, By Industrial (2024-2032) ($MN)
31 Global Solid State Transformer Market Outlook, By Commercial (2024-2032) ($MN)
32 Global Solid State Transformer Market Outlook, By Other End Users (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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