Solid-State Transformer Market Report Scope & Overview:

The Solid-State Transformer Market size was valued at USD 85.3 million in 2023 and is expected to grow to USD 279.6 million by 2031 and grow at a CAGR of 16% over the forecast period of 2024-2031.

The solid-state transformer is a smart transformer that converts electrical energy by using semiconductor devices. A solid-state transformer (SST) is comprised of a conventional high-frequency transformer, high-powered semiconductor devices, and a control circuit that helps to provide a high level of flexible control to power distribution networks.

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The solid-state transformer can step up or step down the AC voltage and also allow two-way power flow. This type of transformer has the ability to control the voltage and current. It is more complex than the conventional converter but it is small in size and more profitable than conventional transformers.

Nowadays solid-state transformer is an emerging technology in the power transformer market because of their low weight, low volume, various potential functions, and fault isolation. The SST replaces the 50/60 Hz power traditional transformer with the high-frequency transformer by using the AC-AC conversion technique. The SST first change the 50/60 Hz AC voltage to the tens of kilohertz frequency and then this high-frequency voltage is stepped down/stepped down by this high-frequency transformer.

Impact of COVID-19:

Due to the COVID-19 pandemic, the solid-state transformer market faced a severe impact in terms of market share and revenue. Due to stringent rules and regulations by the government such as strict lockdowns and social distancing, the manufacturing of components of the solid-state transformers was disrupted. The shortage of labor and supply chain disruption further impacted the market of solid-state transformers. During the pandemic investment in the power and energy sector has reduced which severely affected the transformer market but after the pandemic, there is an increase in the investment by the government in the renewable energy sector which increases the demand for the solid-state transformer market significantly.

Market Dynamics

Drivers

• Growing adoption of the renewable energy sources

• Increase in the number of electrical vehicles

• Use of solid-state transformer over traditional converter

• Increase in the usage of electricity in houses, public institutions, and businesses

The solid-state transformer is an upgraded smart grid that reduces the use of energy by providing real-time information on monitoring and feedback and helps to reduce greenhouse gas emissions. This application of solid-state transformers helps to protect the environment and increases the adoption of renewable energy sources which drives the solid-state transformer market. Along with this modernization of the transformer market from the traditional transformer to the smart transformer also helps to propel the market.

Restrain

• High cost associated with the installation of solid-state transformer

• Fluctuating raw material prices

• Less awareness regarding the product

Opportunities

• Increasing investment in the smart power grid

Challenges

• High maintenance cost

High initial investment and high operational and maintenance costs of the solid-state transformer increase the financial burden on the government. These factors limit the adoption of solid-state transformers which hamper the growth of the solid-state transformer market.

 Impact of Russia-Ukraine War:

The Russian invasion of Ukraine affected the Solid-state transformers market significantly. The Russia-Ukraine war has disrupted the supply chain of solid-state transformers, causing a shortage of raw materials and components. This has led to an increase in the prices of solid-state transformers, making them less affordable for many consumers and businesses. This has resulted in a slowdown in the growth of the solid-state transformer market.

Impact of Recession:

The global economy has been hit hard by the recent ongoing recession. This economic crisis also impacted the solid-state transformer market. The recession has had a significant impact on the demand for solid-state transformers, as companies and individuals alike have been forced to cut back on their spending. Solid-state transformers are a relatively new technology that offers many advantages over traditional transformers. They are more efficient, smaller, and lighter, making them ideal for use in a wide range of applications. However, the high cost of solid-state transformers has been a barrier to their widespread adoption. The recession has made this barrier even more significant, as companies and individuals are less willing to invest in new technology. As a result, the demand for solid-state transformers has decreased, and many companies in the industry have been forced to cut back on their production.

Key Market Segmentation

By Product:

• Distribution Solid State Transformer

• Power Solid State Transformer

• Traction Solid State Transformer

By Component:

• Converters

• High-frequency Transformers

• Witches

• Others

By Voltage Level:

• HV/MV

• MV/LV

By End-use:

• Energy

• Transportation

• Others

By Application:

• Alternative Power Generation

• Electric Vehicle Charging Stations

• Power Distribution

• Traction Locomotives

• Others

Regional Analysis:

Asia-Pacific region dominated the solid-state transformer market in 2021 and is expected to grow significantly during the projected period. This growth is attributed to increasing adoption of clean, green, and renewable energy in the region. Increasing number of government projects for renewable energy resources and rising investment for the same drives the market of solid-state transformers in this region. China is the fast-growing country in this region due to the increasing demand for smart grid and increasing usage of energy. China holds the major market and contributes major to the dominance of this region.

North America is also expected to show lucrative growth during the forecast period due to rapid and continuous technological advancement, rising investment in the smart grid, and increasing popularity of using renewable energy resources than conventional energy sources.

The solid-state transformer market in Europe is also anticipated to witness significant growth during the estimated period. This is because of the presence of key market players in Europe like Schneider Electric, Siemens Ag, etc.

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REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Players

The major players are Alstom SA, Eaton Corporation, General Electric Company, Hitachi ABB, Power Systems and Controls, Inc., Red Box Aviation, Schneider Electric, Siemens Ag, Varentec Inc., Vollspark, Mitsubishi Electric Corporation, and other players

General Electric-Company Financial Analysis