Wilmington, Delaware, United States, June 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solid state transformer market was valued at US$ 185.9 Mn in 2022 and is projected to expand at a CAGR of 13.1% during the forecast period from 2023 to 2031.
Increase in development of smart grid infrastructure to support expansion of the renewable energy sector is a key factor fueling the solid state transformer market. Furthermore, need for advanced infrastructure for the growing popularity of electric vehicles is boosting market development.
Solid state transformer (SST) is an advanced power electronic device. It is designed to perform the functions of a conventional power transformer utilizing solid state components instead of electromagnetic coils.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 185.9 Mn | |
| Estimated Value | US$ 563.5 Mn | |
| Growth Rate - CAGR | 13.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 186 Pages | |
| Market Segmentation | Stage, Voltage Level, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Alstom, Delta Electronics, Inc., Eaton, General Electric, Hitachi Energy Ltd., ABB, Mitsubishi Electric, Power Systems & Controls Inc., Schneider Electric, Siemens AG, SPX Transformer Solutions | |
Key Findings of Report
Rise in Need for Fast Charging of Electric Vehicles Fueling Market Demand – Installation of solid state transformers is emerging as an appealing solution in the rapidly expanding electric vehicle landscape. Solid state transformers enable fast charging of electric vehicles, which is significantly boosting the adoption of EVs.
SST-based extreme fast charging offers tangible advantages, including reduced maintenance, higher efficiency, and decreased dependence on fossil fuels.
While SST technology is still nascent, SSTs have the potential to shape the future of EV charging infrastructure. This, however, will require further work for improved SST design, address cost considerations for widespread adoption, and blend with existing charging infrastructure.
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Development of Smart Grid Infrastructure Driving Market Expansion – Utility companies in several parts of the world are increasingly upgrading to smart grid infrastructure to serve the expanding energy needs. Establishment of smart grid infrastructure involves integration of smart grid components and numerous non-linear DC/AC loads into the modern grid.
Solid state transformers possess several distinguishing features. Some of these features include improved efficiency, increased power density, enhancement of power quality, ability to control bidirectional power flow, availability of DC/AC ports at different power and voltage levels, and compatibility with smart grid components.
Rise in Adoption of Three Stage Solid State Transformers Steering Market Progress – Slew of functional advantages of three stage solid state transformers favors adoption in comparison to single stage and two stage devices. Three stage configuration outperforms single stage and two stage topography in terms of protection, voltage regulation, utilization in energy storage applications, power factor regulation, renewable energy sources, and distributed power systems.
Furthermore, three stage solid state transformers are designed for utilization in smart grid applications. This is due to their ability to provide bidirectional power flow for transfer of energy between high voltage and low voltage or vice versa.
Three stage solid state transformers provide isolation between input and output, and, as such enable improved safety and flexibility in power distribution applications. Additionally, high-frequency operation enables efficiency and power density as compared to traditional power transformers. This is fueling the growth of three stage solid state transformers segment.
Growth Drivers
- Increase in shift to smart grid infrastructure for the expanding renewable energy sector is fueling solid state transformer market
- Need for advanced infrastructure for fast charging of EVs is augmenting market growth
Regional Analysis
Asia Pacific is anticipated to account for leading share of the global industry during the forecast period. Rise in need for efficient and fast charging infrastructure to meet the increase in adoption of EVs is anticipated to boost market size in the region.
North America is a key region of the global solid state transformer market. Government bodies and private corporations are engaging in product development, and thus fueling the solid state transformer market in North America. Increase in grid modernization to support development of the renewable energy sector is fueling demand for SSTs. Rise in sales of electric vehicles and expansion of telecommunication networks are augmenting market dynamics in the region.
Europe is a key market for solid state transformers. Increase in leaning for advanced electronics, rise in research activities, stringent safety regulations for EVs, and surge in demand for dependable energy distribution solutions are the key factors boosting market statistics in the region.
Competitive Landscape
The global industry is consolidated, with the presence of few key players that control majority share. Key players are engaging in design and development of commercial solid state transformers. These initiatives are assisted by the rapid development of solid state technologies such as GaN and SiC.
Prominent players in the solid state transformer market include Eaton, Mitsubishi Electric, Schneider Electric, ABB, Hitachi Energy Ltd., Delta Electronics Inc., General Electric, and ABB Siemens AG.
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The solid state transformer market is segmented as follows;
Solid State Transformer Market, by Stage
- Single Stage
- Two Stage
- Three Stage
Solid State Transformer Market, by Voltage
- HV/ML
- MV/LV
Solid State Transformer Market, by Application
- Renewable Power Integration
- Automotive Charging
- Traction Transformer
- Others
Solid State Transformer Market, by End-use Industry
- Consumer Electronics
- Automotive
- IT and Telecom
- Energy and Utility
- Others
Solid State Transformer Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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