Solid State Transformer Market size

Solid State Transformer Market Size to Hit US$ 1.0 bn by 2027

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The global Solid State Transformer market gathered revenue around USD 1.0 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18% during the prediction period 2021 to 2027.

The global solid state transformer market is broadly affected by several factors, including usage of solid state transformer in power distribution and alternate power generation; and increasing applications in electric vehicle charging. Thus, expanding applications of solid state transformers in different sectors are propelling the global market. Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as smart transformer and intelligent universal transformer.

The smart transformers are used to provide additional flexibility to control power distribution networks; thereby, facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Presently, it caters to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others.

The global solid-state transformer market is presently driven by various factors such as growing renewable electricity production, electric mobility, and heavy investments in smart grids and energy systems. The global shift from fossil-fuel based electricity toward cleaner renewable energy sources has put focus on the development of energy grids for providing load integration and power compensation.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

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Report Coverage

Report Scope Details
Market Size USD 1.0 Billion by 2027
Growth Rate CAGR of 18% From 2021 to 2027
Base Year 2020
Forecast Period 2021 to 2027
Historic Data 2017 to 2020
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered Type, Component, Application,and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, and Alstom SA.

The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Solid State Transformer Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Solid State Transformer market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

The report includes thorough compilation of the quantitative analysis of the industry for the period of 7 years in order to assist players to grow in the market. Insights on specific revenue figures generated are also given in the report, along with projected revenue at the end of the forecast period. This study includes a widespread analysis of the key segments of the industry. This analysis sheds light in the current trends and opportunities in the global Solid State Transformer market.

Highlights of the Report:

In-depth analysis of various insights, namely, Solid State Transformer Market trends, growth drivers, opportunities, and other related challenges.

Comprehensive details of key market players, their core competencies, and Solid State Transformer Market share.

The potency of suppliers and buyers to make better business decisions.

Lists out the market size in terms of volume.

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Competitive Analysis

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Solid State Transformer market are included as given below:

Some of the prominent players in the Solid State Transformer Market include:  ABB, Eaton Corporation plc., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Kirloskar Electric Company, Synergy Transformers, SPX Transformers Solutions Inc., ERMCO, and Alstom SA.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Solid State Transformer Market: Segmentation

Solid State Transformer Market, by Type

  • Distribution SST
  • Traction SST
  • Power SST

Solid State Transformer Market, by Component

  • Converters
  • Switches
  • High-frequency Transformers
  • Other

Solid State Transformer Market, by Application

  • Alternate Power Generation
  • Traction Locomotives
  • Power Distribution
  • Electric Vehicle Charging
  • Unified Power Quality Controller (UPQC)
  • Photovoltaic System
  • Others

The regional segmentation covers:

-North America Region (U.S., Canada, Mexico)

-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)

-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

-South America Region (Brazil, Argentina, Columbia, Rest of South America)

-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

COVID-19 Impact on Solid State Transformer Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Solid State Transformer market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Solid State Transformer market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Emerging Nations to Continue Attracting Investments :

The expansion of various industries across India, China, Brazil, and other emerging countries will help the Solid State Transformer market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.

Expansion initiatives undertaken by various countries will aid the growth of the Solid State Transformer market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Solid State Transformer market.

Key Points of the Global Solid State Transformer Market Report:

The report provides a basic overview of the Solid State Transformer industry including its definition, applications, and manufacturing technology.

The report also explores the major international players in detail. In this part, the report presents the company profile, product specifications, capacity, and production value up to 2027 year along with the market shares for each company.

Through the statistical analysis, the study depicts the global market for Solid State Transformer including capacity, production, production value, cost/profit, and supply/demand from an international perspective.

Considering segmentation, the market is divided in terms of product, end-use, company, region, and other important aspects. Each of these categories forms an important base point for the competitive landscape analysis.

The report then estimates the market development and trends of the Solid State Transformer industry up to 2027.

The report hints at crucial information associated with new market developments being undertaken in the Solid State Transformer industry before evaluating its feasibility.

Reasons to Purchase this Report:

  • Estimates Solid State Transformer development trends with SWOT analysis
  • Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
  • Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
  • Market dynamics scenario, along with growth opportunities for players in the years to come
  • Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects

Final Report will add the analysis of the impact of COVID-19 on this industry.

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