Solid State Transformer Market Scope and overview, CAGR, Volume and Value 2022-2030

The solid state transformer market is estimated to grow at a promising compound annual growth rate (CAGR) of approximately 17% from 2022 to 2030

New York, United States –

Report Ocean published a new report on the solid state transformer market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2022 to 2030.

The solid state transformer market is estimated to grow at a promising compound annual growth rate (CAGR) of approximately 17% from 2022 to 2030. A solid-state transformer (SST), or smart transformer, is an advanced technology that replaces the traditional transformers. The solid-state transformer incorporates several semiconductor components, circuits added with a high-frequency transformer.

Request To Download Sample of This Strategic Report:-

The advancement of solid-state transformers will reduce the use of coal and crude oil. The decline in the use of renewable energy would promote the adoption of solid-state transformers in the upcoming years. Countries like the US, Germany, China, and Canada have started adopting wind energy and solar energy as the most efficient way to produce electricity. Solid-state transformers use these energy sources to maintain the efficiency of power transmission systems.

Moreover, smart transformers play a significant role in the electric mobility segment. Growing investment in the industry will be profitable to the global solid-state transformer market.

However, the expensive costs of solid-state transformers and lack of awareness can hinder the growth of the overall market. The SSTs market has witnessed the lowest adoption of the technology in the developing and underdeveloped economies, which can negatively impact the market.

Advanced SSTs designs are expected to help prominent players in developing innovative products. The new technologies and innovative advancements will fuel the growth of the global solid-state transformer market. Recently, Hitachi partnered with NTU to launch commercial transformers.

Apart from that, the applications of solid-state transformers in EV fast chargers, PV inverters, locomotives, light rail, and battery energy storage systems would offer profitable opportunities during the analysis period.

Regional Analysis

Europe is expected to dominate the global solid-state transformer market by holding a maximum share during the analysis period. The region witnessed a massive adoption of renewable energy in various states that contributed to the growth of the market. Meanwhile, Asia-Pacific is anticipated to grow at a rapid pace, owing to the growing investments in Asia-Pacific countries like China, India, Japan, and Australia.

Request To Download Sample of This Strategic Report:-

Impact Analysis of COVD-19

Most of the industries had to halt operational activities during the pandemic, which disrupted the financial health of the market.

Renewable energy generation was highly affected due to the broad expansion of COVID-19 infection, which ultimately impacted the growth of the global solid-state transformer market.

China accounts for a 40% share in the supply chain. Due to the significant impact, the COVID-19 outbreak had on China the solid-state transformer market experienced a slowdown.

Key Market Segments

By Application

Renewable power generation

Electric vehicle charging stations

Power distribution

Traction locomotives


By product

Distribution solid state transformer

Power solid state transformer

Traction solid state transformer

Get a Sample PDF copy of the report:-

By Region

North America

The U.S.




Western Europe

The UK





Rest of Western Europe

Eastern Europe



Rest of Eastern Europe

Asia Pacific




Australia & New Zealand


Rest of Asia Pacific

Middle East & Africa (MEA)


Saudi Arabia

South Africa

Rest of MEA

South America



Rest of South America

Key market players

Alstom SA (France)

Eaton Corporation (Ireland)

General electric company (U.S.)

Hitachi abb (Europe)

Power systems and controls, Inc (U.S.)

Red box aviation (U.K.)

Schneider Electric (France)

Siemens AG (Europe)

Varentec Inc. (U.S.)

Vollspark (Israel)

Other prominent players

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.

Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.

It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.

The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.

Access full Report Description, TOC, Table of Figure, Chart, etc.-

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:
Report Ocean:
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES Tel: +1 888 212 3539 (US – TOLL FREE)

Related Articles

Back to top button