Solid State Transformer Market Size & Analysis - Forecasts To 2025 By Product (Power Solid State Transformer, Distribution Solid State Transformer, Traction Solid State Transformer), By Component (Converter, Switches, High-Frequency Transformers, Others), By Application (Traction Locomotive, Alternative Power Generation, Power Distribution Grid, Electric Vehicle Charging Stations, Others), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), End-Use Landscape, Vendor Landscape and Market Share & Competitive Landscape - Global Market Estimates
Solid State Transformer Market Insights
The global solid state transformer market is expected to grow at a CAGR of more than 20% over the forecast period. The market is expected to be influenced by increasing demand for solid state transformers to fulfill power requirements in various sectors. Along with this, increasing sale of electric vehicles coupled with rising inclination towards implementation of SST is also likely to stimulate the market growth.
Along with efficient power supply, growing need for low-cost electricity by countries such as U.S., China and South Korea among others is projected to encourage power companies to develop the product over the coming years. The increasing advancements in smart grid solutions are also expected to foster the market demand over the coming years. However, high cost associated with installation of these transformers is anticipated to affect the profitability of market.
Solid State Transformer Market: Product Insights
On the basis of product, the industry is segmented into power solid state transformer, distribution solid state transformer, and traction solid state transformer. The market for power SST is expected to occupy the highest share owing to factors such as cost efficiency and bi-directional supply. Along with this, rising application of the product in regions such as Latin America and Asia Pacific among others is likely to boost the overall market growth.
The traction SST is projected to grow significantly over the forecast period. This can be attributed to increasing application in railway infrastructure. Moreover, factors such as light-weightiness and compact design are also anticipated to favor the market.
Solid State Transformer Market: Component Insights
By form, the industry is segmented into converter, switches, and high-frequency transformers among others. The switches’ segment is further segregated into SIC power mosfets, power diodes, insulated-gate bipolar transistors (IGBTS) and SIC power thyristors among others. The converter segment is anticipated to grow at a significant rate over the forecast period on account of increasing application in manufacturing of SST’s.
The High-frequency transformer segment is also projected to occupy a substantial share of the market in the foreseeable future.
Solid State Transformer Market: Application Insights
Solid State Transformer finds its application in traction locomotive, alternative power generation, power distribution grid, and electric vehicle charging stations among others. The power distribution grid is anticipated to hold a considerable market share over the forecast period. This can be associated with increasing adoption of SSTs over conventional transformers as the former is more efficient in power distribution.
Solid State Transformer Market: Regional Insights
Europe occupied the largest share of the market in 2016. This can be attributed to presence of key manufactures coupled with growing adoption of SSTs in this region. Along with this, increasing government support through investment in smart grid is likely to favor the sector.
The market in Asia Pacific is anticipated to witness an accelerated growth over the forecast period owing to developing transport infrastructure. Demand is expected to arise from countries such as China and India among others.
Solid State Transformer Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Solid State Transformer Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase solid state transformer over the coming years. Some of the leading consumers of this market are National Grid, NextEra, and Enel among others.
Solid State Transformer Market: Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players include Mitsubishi Electric Corporation, General Electric Co., Alstom SA, ABB Ltd., Schneider Electric Se, Seimens AG, Cooper Power Systems, Varentec, Inc., Amantys Limited, and Gridbridge, Inc.
Please note: This is not an exhaustive list of companies profiled in the report.
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The global Solid State Transformer Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Solid State Transformer Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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