Solid State Transformer Market Forecasts to 2028 – Global Analysis By Type (Traction Solid State Transformer, Distribution Solid State Transformer and Power Solid State Transformer), Component (Switches, Converters, High-frequency Transformers and Other C

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,150	175 Pages	Stratistics Market Research Consulting	March, 2023	SMR17801262

Best Price Guarantee
Price	from $4,150
Length	175 Pages
Publisher	Stratistics Market Research Consulting
Published Date	March, 2023
SKU	SMR17801262

Solid State Transformer Market Forecasts to 2028 – Global Analysis By Type (Traction Solid State Transformer, Distribution Solid State Transformer and Power Solid State Transformer), Component (Switches, Converters, High-frequency Transformers and Other Components), Classification (Isolation Stage Controls and Power Stages), Voltage Level (Traction Locomotives, Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution and Other Applications), End User and Geography

According to Stratistics MRC, the Global Solid State Transformer Market is accounted for $117.58 million in 2022 and is expected to reach $248.73 million by 2028 growing at a CAGR of 13.3% during the forecast period. Solid-state transformers (SST) are made up of high-power semiconductors, control circuits, and high-frequency transformers. It is also known as a smart transformer or an intelligent universal transformer. Smart transformers provide increased control flexibility in power distribution networks, enabling for seamless AC-DC and DC-AC conversions as needed. It is being used in a variety of applications, including alternative energy generation, traction trains, the power grid, and the electric industry. When linked to the electricity grid, solid-state transformers handle voltage changes independently.

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.

Market Dynamics:

Driver:

Modernization of aging power distribution infrastructure

The upgrade of ageing power distribution systems is projected to fuel SST market growth. The industry is projected to benefit from the growing demand for intelligent and upgraded power distribution infrastructure. Furthermore, government regulations to improve grid efficiency are driving the adoption of smart transformers across multiple utility and energy sectors. In addition, the market is likely to expand as a result of the benefits provided by SST. SST has a number of advantages, including efficient power transmission, AC to DC conversion, and bidirectional power flow.

Restraint:

Lack of knowledge and awareness

Solid-state transformer adoption is projected to decline dramatically in both developing and developed countries. Because end users, such as utilities and industrial players, have little expertise of Solid-state transformer technology. This can make it difficult for firms to understand the technology's benefits and possible applications. Solid-state transformers are viewed as a vital facilitator for the development of future electric power systems. The lack of awareness of the utilisation of semiconductor transformers in numerous applications is projected to impede market expansion even more.

Opportunity:

Growth in new power electronics

When compared to traditional transformer technology, solid-state transformer technology is in its infancy; periodic improvements in many design features will improve the functionality and lifespan cycle of solid-state transformers. Because they are composed of several high-powered power electronic components, any innovation in these areas will benefit the solid-state transformer market over the forecast period. Various research institutes throughout the world are actively engaged in solid-state technology research and development. Proactive research investigations are also required and are currently being conducted around the world to accelerate the product development process.
Threat:

High implementation cost

Solid-state transformers are now more expensive than other types of traditional transformers due to the use of high-powered power electronic components and streamlined technology. As a result, smart transformers are not widely accepted in impoverished and emerging countries around the world. Furthermore, SSTs have performance limitations due to their reliability and are not widely commercialised. The high implementation cost of solid-state transformers limits industry growth.

Covid-19 Impact

The COVID-19 pandemic has had a significant influence on the global smart transformer market, with the majority of companies/industries going out of business. The regional lockdown impacted the operations of various power distribution firms, resulting in a decrease in demand for transformers across industries. Renewable energy generation is the most important smart transformer application, and it has been seriously impacted by the pandemic. The pandemic's detrimental impact on renewable energy generation has caused a delay in the development of a solid-state transformer project. As a result, this has a significant impact on the commissioning of various renewable projects.

The power solid state transformer segment is expected to be the largest during the forecast period

The power solid state transformer segment is estimated to have a lucrative growth. The increasing rate of greenhouse gas emissions, combined with the rising usage of non-renewable energy sources such as uranium, coal, oil, and other fossil fuels, is expected to drive the use of solid-state transformers in power grids. Because these SSTs are inexpensive, they are projected to be more widely used in developing regions such as Asia Pacific and Latin America. Power transformer demand is also rising as a result of increased industrialization and modernization, supporting the global solid-state transformers market.

The renewable power generation segment is expected to have the highest CAGR during the forecast period

The renewable power generation segment is anticipated to witness the fastest CAGR growth during the forecast period, because of the acceptability of these transformers for alternative power generation using non-conventional energy sources such as solar, wind, and tidal energy. The renewable energy generation section is further subdivided into wind, tidal, and solar power. Smart transformers are required for better power management in renewable energy generating such as wind turbines and solar panels.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased investment in smart grid technologies and growing demand for electricity, there has been an increase in investment in power infrastructure throughout the region. The numerous infrastructural initiatives promoted by developing countries to create necessary demand for commercial trade provide great room for growth in this region's semiconductor transformer industry. China has the greatest market share and dominates the regional market. Due to the region's high need for smart grids and energy, especially traction locomotives, China has the fastest expanding solid state transformer market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the presence of key players in the region. The need for power distribution systems is likely to rise as numerous foreign corporations boost their investments. New technical breakthroughs in the industrial sector, together with an increase in the number of electric vehicles in the region, are likely to enhance the market outlook even further. Furthermore, various current contracts by key businesses are expected to boost the industry in the region.

Key players in the market

Some of the key players profiled in the Solid State Transformer Market include Ermco, Siemens AG, Mitsubishi Electric Corporation, Maschinenfabrik Reinhausen (MR), ABB, Eaton Corporation plc, Cooper Power Systems, Hitachi, General Electric Co., Alstom SA, SPX Transformer Solutions, Schneider Electric SE, Varentec, Inc., Amantys Limited, Gridbridge, Inc, Delta Electronics Inc, Red Box Aviation and Power Systems & Controls Inc.

Key Developments:

In October 2021, The SPX Corporation's SPX Transformer Solutions division has been acquired by GE-Prolec Transformers, Inc. Subject to a net working capital adjustment and other customary adjustments, the contract purchase price was $645 million. By acquiring SPX Transformer Solutions, a company well-known for its Waukesha transformers, components, and services, Prolec GE will be able to provide a wider range of cutting-edge and environmentally friendly solutions for the transmission of electrical energy to the expanding American market.

In July 2021, GE Renewable Energy Grid Solutions business secured multiple orders to supply765 kV transformers, including solid-state transformers and reactors in India. The contracts have been granted by Power Grid Corporation of India, one of India's largest state-owned transmission companies. As part of the agreement, GE will deliver 13 units of 765 kV transformers and around 32 units of 765 kV reactors.

In August 2021, Statnett, a state-owned grid operator in Noway, selected Cognite for the development of various power systems and asset management platforms. Statnett will conduct orderly maintenance of transformers, gas-insulated substations, and power lines that form the power grid. Cognite secured three years contracts from Statnett to deliver and develop digital solutions within the areas of smart asset management and power system analysis.

Products Covered:
• Traction Solid State Transformer
• Distribution Solid State Transformer
• Power Solid State Transformer

Components Covered:
• Switches
• Converters
• High-frequency Transformers
• Other Components

Classifications Covered:
• Isolation Stage Controls
• Power Stages

Voltage Levels Covered:
• High Voltage/Medium Voltage
• Medium Voltage/Low Voltage

Applications Covered:
• Traction Locomotives
• Renewable Power Generation
• Electric Vehicle Charging Stations
• Power Distribution
• Other Applications

End Users Covered:
• Energy
• Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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 2020, 2021, 2022, 2025, and 2028
- 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

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 Market, By Type: 5.1 Introduction; 5.2 Traction Solid State Transformer; 5.3 Distribution Solid State Transformer; 5.4 Power Solid State Transformer
6 Global Solid State Transformer Market, By Component: 6.1 Introduction; 6.2 Switches; 6.2.1 Power Diodes; 6.2.2 Insulated-Gate Bipolar Transistors; 6.2.3 SIC Power Mosfets; 6.3 Converters; 6.3.1 AC to DC Converters; 6.3.2 DC to AC Converters; 6.3.3 DC to DC Converters; 6.4 High-frequency Transformers; 6.5 Other Components
7 Global Solid State Transformer Market, By Classification: 7.1 Introduction; 7.2 Isolation Stage Controls; 7.2.1 Decoupled Isolation Stage Controls; 7.2.2 Coupled Isolation Stage Controls; 7.3 Power Stages; 7.3.1 One Stage; 7.3.2 Two Stage; 7.3.3 Three Stage
8 Global Solid State Transformer Market, By Voltage Level: 8.1 Introduction; 8.2 High Voltage/Medium Voltage; 8.3 Medium Voltage/Low Voltage
9 Global Solid State Transformer Market, By Application: 9.1 Introduction; 9.2 Traction Locomotives; 9.3 Renewable Power Generation; 9.3.1 Tidal Power; 9.3.2 Wind Power; 9.3.3 Solar Power; 9.4 Electric Vehicle Charging Stations; 9.5 Power Distribution; 9.6 Other Applications
10 Global Solid State Transformer Market, By End User: 10.1 Introduction; 10.2 Energy; 10.3 Transportation; 10.4 Other End Users
11 Global Solid State Transformer Market, By Geography: 11.1 Introduction; 11.2 North America; 11.2.1 US; 11.2.2 Canada; 11.2.3 Mexico; 11.3 Europe; 11.3.1 Germany; 11.3.2 UK; 11.3.3 Italy; 11.3.4 France; 11.3.5 Spain; 11.3.6 Rest of Europe; 11.4 Asia Pacific; 11.4.1 Japan; 11.4.2 China; 11.4.3 India; 11.4.4 Australia; 11.4.5 New Zealand; 11.4.6 South Korea; 11.4.7 Rest of Asia Pacific; 11.5 South America; 11.5.1 Argentina; 11.5.2 Brazil; 11.5.3 Chile; 11.5.4 Rest of South America; 11.6 Middle East & Africa; 11.6.1 Saudi Arabia; 11.6.2 UAE; 11.6.3 Qatar; 11.6.4 South Africa; 11.6.5 Rest of Middle East & Africa
12 Key Developments: 12.1 Agreements, Partnerships, Collaborations and Joint Ventures; 12.2 Acquisitions & Mergers; 12.3 New Product Launch; 12.4 Expansions; 12.5 Other Key Strategies
13 Company Profiling: 13.1 Ermco; 13.2 Siemens AG; 13.3 Mitsubishi Electric Corporation; 13.4 Maschinenfabrik Reinhausen (MR); 13.5 ABB; 13.6 Eaton Corporation plc; 13.7 Cooper Power Systems; 13.8 Hitachi; 13.9 General Electric Co.; 13.10 Alstom SA; 13.11 SPX Transformer Solutions; 13.12 Schneider Electric SE; 13.13 Varentec, Inc.; 13.14 Amantys Limited; 13.15 Gridbridge, Inc; 13.16 Delta Electronics Inc; 13.17 Red Box Aviation; 13.18 Power Systems & Controls Inc.
List of Tables: Table 1 Global Solid State Transformer Market Outlook, By Region (2020-2028) ($MN); Table 2 Global Solid State Transformer Market Outlook, By Type (2020-2028) ($MN); Table 3 Global Solid State Transformer Market Outlook, By Traction Solid State Transformer (2020-2028) ($MN); Table 4 Global Solid State Transformer Market Outlook, By Distribution Solid State Transformer (2020-2028) ($MN); Table 5 Global Solid State Transformer Market Outlook, By Power Solid State Transformer (2020-2028) ($MN); Table 6 Global Solid State Transformer Market Outlook, By Component (2020-2028) ($MN); Table 7 Global Solid State Transformer Market Outlook, By Switches (2020-2028) ($MN); Table 8 Global Solid State Transformer Market Outlook, By Power Diodes (2020-2028) ($MN); Table 9 Global Solid State Transformer Market Outlook, By Insulated-Gate Bipolar Transistors (2020-2028) ($MN); Table 10 Global Solid State Transformer Market Outlook, By SIC Power Mosfets (2020-2028) ($MN); Table 11 Global Solid State Transformer Market Outlook, By Converters (2020-2028) ($MN); Table 12 Global Solid State Transformer Market Outlook, By AC to DC Converters (2020-2028) ($MN); Table 13 Global Solid State Transformer Market Outlook, By DC to AC Converters (2020-2028) ($MN); Table 14 Global Solid State Transformer Market Outlook, By DC to DC Converters (2020-2028) ($MN); Table 15 Global Solid State Transformer Market Outlook, By High-frequency Transformers (2020-2028) ($MN); Table 16 Global Solid State Transformer Market Outlook, By Other Components (2020-2028) ($MN); Table 17 Global Solid State Transformer Market Outlook, By Classification (2020-2028) ($MN); Table 18 Global Solid State Transformer Market Outlook, By Isolation Stage Controls (2020-2028) ($MN); Table 19 Global Solid State Transformer Market Outlook, By Decoupled Isolation Stage Controls (2020-2028) ($MN); Table 20 Global Solid State Transformer Market Outlook, By Coupled Isolation Stage Controls (2020-2028) ($MN); Table 21 Global Solid State Transformer Market Outlook, By Power Stages (2020-2028) ($MN); Table 22 Global Solid State Transformer Market Outlook, By One Stage (2020-2028) ($MN); Table 23 Global Solid State Transformer Market Outlook, By Two Stage (2020-2028) ($MN); Table 24 Global Solid State Transformer Market Outlook, By Three Stage (2020-2028) ($MN); Table 25 Global Solid State Transformer Market Outlook, By Voltage Level (2020-2028) ($MN); Table 26 Global Solid State Transformer Market Outlook, By High Voltage/Medium Voltage (2020-2028) ($MN); Table 27 Global Solid State Transformer Market Outlook, By Medium Voltage/Low Voltage (2020-2028) ($MN); Table 28 Global Solid State Transformer Market Outlook, By Application (2020-2028) ($MN); Table 29 Global Solid State Transformer Market Outlook, By Traction Locomotives (2020-2028) ($MN); Table 30 Global Solid State Transformer Market Outlook, By Renewable Power Generation (2020-2028) ($MN); Table 31 Global Solid State Transformer Market Outlook, By Tidal Power (2020-2028) ($MN); Table 32 Global Solid State Transformer Market Outlook, By Wind Power (2020-2028) ($MN); Table 33 Global Solid State Transformer Market Outlook, By Solar Power (2020-2028) ($MN); Table 34 Global Solid State Transformer Market Outlook, By Electric Vehicle Charging Stations (2020-2028) ($MN); Table 35 Global Solid State Transformer Market Outlook, By Power Distribution (2020-2028) ($MN); Table 36 Global Solid State Transformer Market Outlook, By Other Applications (2020-2028) ($MN); Table 37 Global Solid State Transformer Market Outlook, By End User (2020-2028) ($MN); Table 38 Global Solid State Transformer Market Outlook, By Energy (2020-2028) ($MN); Table 39 Global Solid State Transformer Market Outlook, By Transportation (2020-2028) ($MN); Table 40 Global Solid State Transformer Market Outlook, By Other End Users (2020-2028) ($MN); Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.