Solid State Transformer Sst Market
Solid-State Transformer (SST) Market Forecasts to 2030 - Global Analysis By Product Type (Distribution Solid-State Transformer, Power Solid-State Transformer and Traction Solid-State Transformer), Component, Voltage Level, Application, End User and By Geography
According to Stratistics MRC, the Global Solid-State Transformer (SST) Market is accounted for $138.47 million in 2024 and is expected to reach $279.23 million by 2030 growing at a CAGR of 12.4% during the forecast period. Solid-State Transformers (SSTs) are advanced power electronic devices that serve the same purpose as traditional transformers but with more control and efficiency. It offers major benefits such small size, lightweight design, and improved performance by converting electrical power at different frequencies, voltage levels, and power factors using semiconductor-based components. SSTs' capacity to offer more effective power management and integration with contemporary technology has led to their growing application in smart grids, renewable energy systems, and electric vehicle charging stations.
According to the Electric Vehicle Charging Infrastructure Promotion Alliance, the country had 1.2 million stations in 2019 and is planning to increase this count by 600,000 by the end of 2020. The country plans to invest USD 1.5 billion for developing EV infrastructures by the end of 2020.
Market Dynamics:
Driver:
Rising demand for smart grids
Solid-State Transformer (SST) market growth is mostly driven by the growing need for smart grids. Advanced power management systems are necessary for smart grids to provide flexible, dependable, and effective energy distribution. Because they provide real-time monitoring, bidirectional power transmission, and seamless integration of renewable energy sources, SSTs are essential in fulfilling these demands. They are crucial for updating old grid networks because of their capacity to enhance grid resilience, enable electric vehicle (EV) charging infrastructure, and integrate decentralized energy systems. SST adoption is expected to pick up speed as worldwide expenditures in smart grid infrastructure rise, meeting changing demands for sustainability and energy efficiency.
Restraint:
High initial costs
The high costs associated with Solid-State Transformers (SSTs) stem from their intricate design, advanced functionality, and the use of expensive semiconductor materials such as silicon carbide (SiC) and gallium nitride (GaN). Additionally, the complex manufacturing processes required for these cutting-edge devices add to their substantial upfront price. These expenses can deter utilities and industries, particularly in price-sensitive and developing markets, where traditional transformers offer a more affordable alternative. The financial burden also slows adoption among small-scale enterprises and grid operators, delaying grid modernization. Furthermore, high costs hinder large-scale deployments, reducing economies of scale and complicating the case for investment without immediate returns.
Opportunity:
Increasing adoption of renewable energy systems
Growing use of renewable energy sources is one of the main factors propelling the solid-state transformer (SST) industry. SSTs are essential for assuring effective energy conversion and distribution as solar, wind, and other renewable energy sources become more and more integrated into the world's energy mix. They are crucial for renewable energy grids because of their capacity to manage unpredictable power outputs, integrate decentralized energy sources, and facilitate bidirectional power flow. Additionally, SSTs improve grid stability by effectively controlling the power variations that come with renewable energy sources. SSTs are becoming more and more necessary to satisfy sustainability and efficiency targets as governments and businesses prioritize clean energy transitions.
Threat:
Limited awareness and expertise
Advancement in the Solid-State Transformer (SST) sector is severely hampered by a lack of knowledge and experience. Adoption is hesitant since many utilities and grid operators are not well-informed about the advantages and uses of SSTs. Additionally, the complexity of SST technology requires specialized skills for design, installation, and maintenance, which are scarce in many regions. This skills gap is particularly pronounced in developing markets, where traditional transformers dominate, and advanced technologies are less understood. The lack of widespread education and training programs further exacerbates the issue, slowing the integration of SSTs into modern grids and hindering global energy transformation efforts.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the Solid-State Transformer (SST) market. Lockdowns and supply chain disruptions hindered manufacturing and installation processes. Reduced demand from sectors like renewable energy and electric vehicle charging infrastructure also slowed market growth. However, as economies recover and the focus shifts towards sustainability and digitalization, the demand for SSTs is expected to rebound. The long-term potential of SSTs in enabling a more efficient and resilient power grid remains strong.
The converters segment is expected to be the largest during the forecast period
The converters segment is estimated to be the largest, as they enable efficient energy transformation and bidirectional power flow. Their role in integrating renewable energy sources like solar and wind with the grid is crucial, ensuring stable energy distribution despite variable inputs. Converters also support smart grid applications by managing real-time power demands and enhancing energy efficiency. Power electronics advancements like gallium nitride (GaN) and silicon carbide (SiC) technologies increase converter performance even further, which propels their use in SST systems around the world.
The energy and utility sector segment is expected to have the highest CAGR during the forecast period
The energy and utility sector segment is anticipated to witness the highest CAGR during the forecast period, through requesting cutting-edge technologies to update outdated grid infrastructure and boost energy efficiency. SSTs enable seamless integration of renewable energy sources, enhance grid reliability, and support distributed energy systems. Their ability to manage bidirectional power flow is critical for accommodating electric vehicles and smart grid applications. Additionally, the sector’s focus on reducing transmission losses and meeting sustainability goals propels the adoption of SSTs, aligning with the transition to cleaner and smarter energy networks.
Region with largest share:
Asia Pacific is expected to have the largest market share during the forecast period due to rapid urbanization, industrialization, and the growing demand for smart grids and renewable energy integration. Governments in countries like China, Japan, and India are heavily investing in grid modernization and sustainable energy projects. The rising adoption of electric vehicles further boosts demand for SSTs to support charging infrastructure. Additionally, advancements in power electronics and the increasing focus on reducing energy losses drive the market’s growth in this dynamic region.
Region with highest CAGR:
North America is projected to witness the highest CAGR over the forecast period, owing to the push for grid modernization, renewable energy integration, and energy efficiency improvements. The growing adoption of smart grids and the need to manage decentralized energy sources, such as solar and wind, foster SST demand. Additionally, government initiatives, such as clean energy mandates and infrastructure investments, support the transition to sustainable energy systems. The rising popularity of electric vehicles also drives the need for advanced transformers to manage the growing charging infrastructure.
Key players in the market
Some of the key players profiled in the Solid-State Transformer (SST) Market include ABB Ltd., General Electric (GE), Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation, Hitachi Energy Ltd., Alstom SA, Honeywell International Inc., Fuji Electric Co., Ltd., Toshiba Corporation, S&C Electric Company, SPX Transformer Solutions, Inc., Varentec, Inc., Venture Manufacturing Group, GridBridge, Inc., Prolec GE, Efacec Power Solutions, Cambridge Electronics Inc., and Infineon Technologies AG.
Key Developments:
In June 2022, Alstom, the global leader in smart and sustainable mobility, has signed an agreement with GTS Rail, a Bari-based company that operates in intermodal rail freight transport, for the supply of 20 Traxx DC3 electric locomotives, named E.494 in Italy.
In June 2022, General Electric (GE) and Continuum Green Energy (India) Pvt Ltd or “Continuum,” a company majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, announced the financial close of GE Energy Financial Services (“GE EFS”) acquisition of a 49% stake in Continuum’s 148.5 megawatts (MW) Morjar onshore wind project (“Morjar”) in Gujarat, India.
In November 2021, Schneider Electric, the leader in the digital transformation of energy management and automation, launched its sustainability engagement initiative in India, Green Yodha, to encourage and support businesses, industries, and individuals to come together and take concrete climate action.
Product Types Covered:
• Distribution Solid-State Transformer
• Power Solid-State Transformer
• Traction Solid-State Transformer
Components Covered:
• Switches
• Converters
• High-Frequency Transformers
• Other Components
Voltage Levels Covered:
• Low Voltage (LV)
• Medium Voltage (MV)
• High Voltage (HV)
Applications Covered:
• Renewable Power Generation
• Electric Vehicle Charging Stations
• Smart Grids
• Traction Locomotives
• Power Distribution Systems
• Data Centers
• Other Applications
End Users Covered:
• Energy and Utility Sector
• Industrial
• Residential and Commercial
• Transportation
• 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 2022, 2023, 2024, 2026, and 2030
- 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 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 (SST) Market, By Product 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 (SST) Market, By Component
6.1 Introduction
6.2 Switches
6.3 Converters
6.4 High-Frequency Transformers
6.5 Other Components
7 Global Solid-State Transformer (SST) Market, By Voltage Level
7.1 Introduction
7.2 Low Voltage (LV)
7.3 Medium Voltage (MV)
7.4 High Voltage (HV)
8 Global Solid-State Transformer (SST) Market, By Application
8.1 Introduction
8.2 Renewable Power Generation
8.2.1 Wind Power
8.2.2 Solar Power
8.2.3 Tidal Power
8.3 Electric Vehicle Charging Stations
8.4 Smart Grids
8.5 Traction Locomotives
8.6 Power Distribution Systems
8.7 Data Centers
8.8 Other Applications
9 Global Solid-State Transformer (SST) Market, By End User
9.1 Introduction
9.2 Energy and Utility Sector
9.3 Industrial
9.4 Residential and Commercial
9.5 Transportation
9.6 Other End Users
10 Global Solid-State Transformer (SST) 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 Ltd.
12.2 General Electric (GE)
12.3 Schneider Electric SE
12.4 Siemens AG
12.5 Mitsubishi Electric Corporation
12.6 Eaton Corporation
12.7 Hitachi Energy Ltd.
12.8 Alstom SA
12.9 Honeywell International Inc.
12.10 Fuji Electric Co., Ltd.
12.11 Toshiba Corporation
12.12 S&C Electric Company
12.13 SPX Transformer Solutions, Inc.
12.14 Varentec, Inc.
12.15 Venture Manufacturing Group
12.16 GridBridge, Inc.
12.17 Prolec GE
12.18 Efacec Power Solutions
12.19 Cambridge Electronics Inc.
12.20 Infineon Technologies AG
List of Tables
1 Global Solid-State Transformer (SST) Market Outlook, By Region (2022-2030) ($MN)
2 Global Solid-State Transformer (SST) Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Solid-State Transformer (SST) Market Outlook, By Distribution Solid-State Transformer (2022-2030) ($MN)
4 Global Solid-State Transformer (SST) Market Outlook, By Power Solid-State Transformer (2022-2030) ($MN)
5 Global Solid-State Transformer (SST) Market Outlook, By Traction Solid-State Transformer (2022-2030) ($MN)
6 Global Solid-State Transformer (SST) Market Outlook, By Component (2022-2030) ($MN)
7 Global Solid-State Transformer (SST) Market Outlook, By Switches (2022-2030) ($MN)
8 Global Solid-State Transformer (SST) Market Outlook, By Converters (2022-2030) ($MN)
9 Global Solid-State Transformer (SST) Market Outlook, By High-Frequency Transformers (2022-2030) ($MN)
10 Global Solid-State Transformer (SST) Market Outlook, By Other Components (2022-2030) ($MN)
11 Global Solid-State Transformer (SST) Market Outlook, By Voltage Level (2022-2030) ($MN)
12 Global Solid-State Transformer (SST) Market Outlook, By Low Voltage (LV) (2022-2030) ($MN)
13 Global Solid-State Transformer (SST) Market Outlook, By Medium Voltage (MV) (2022-2030) ($MN)
14 Global Solid-State Transformer (SST) Market Outlook, By High Voltage (HV) (2022-2030) ($MN)
15 Global Solid-State Transformer (SST) Market Outlook, By Application (2022-2030) ($MN)
16 Global Solid-State Transformer (SST) Market Outlook, By Renewable Power Generation (2022-2030) ($MN)
17 Global Solid-State Transformer (SST) Market Outlook, By Wind Power (2022-2030) ($MN)
18 Global Solid-State Transformer (SST) Market Outlook, By Solar Power (2022-2030) ($MN)
19 Global Solid-State Transformer (SST) Market Outlook, By Tidal Power (2022-2030) ($MN)
20 Global Solid-State Transformer (SST) Market Outlook, By Electric Vehicle Charging Stations (2022-2030) ($MN)
21 Global Solid-State Transformer (SST) Market Outlook, By Smart Grids (2022-2030) ($MN)
22 Global Solid-State Transformer (SST) Market Outlook, By Traction Locomotives (2022-2030) ($MN)
23 Global Solid-State Transformer (SST) Market Outlook, By Power Distribution Systems (2022-2030) ($MN)
24 Global Solid-State Transformer (SST) Market Outlook, By Data Centers (2022-2030) ($MN)
25 Global Solid-State Transformer (SST) Market Outlook, By Other Applications (2022-2030) ($MN)
26 Global Solid-State Transformer (SST) Market Outlook, By End User (2022-2030) ($MN)
27 Global Solid-State Transformer (SST) Market Outlook, By Energy and Utility Sector (2022-2030) ($MN)
28 Global Solid-State Transformer (SST) Market Outlook, By Industrial (2022-2030) ($MN)
29 Global Solid-State Transformer (SST) Market Outlook, By Residential and Commercial (2022-2030) ($MN)
30 Global Solid-State Transformer (SST) Market Outlook, By Transportation (2022-2030) ($MN)
31 Global Solid-State Transformer (SST) Market Outlook, By Other End Users (2022-2030) ($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
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
