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Solid State Transformer Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Global Solid State Transformer Market: By Component (Converters, Switches, High-frequency Transformers and Others); Product Type (Distribution Solid State Transformer, Power Solid State Transformer and Traction Solid State Transformer); Application (Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives and Others); Region—Market Size, Industry Dynamics, Opportunity Analysis, and Forecast for 2023–2031

  • Published On: 20-Jan-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA0123348
    Delivery: 2 to 4 Hours


Report AttributeDetails
Market Size Value in 2022US$ 591.49 Million
Expected Revenue in 2031US$ 1,418.18 Million
Historic Data2018-2021
Base Year2022
Forecast Period2023-2031
UnitValue (USD Mn)
CAGR9.71% (2023-2031)
Segments coveredBy Component, By Product Type, By Application, By Region
Key Companies                                                                                 Alstom SA, Eaton Corporation PLC, General Electric Company, Hitachi, Ltd, Kirloskar Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, ERMCO, Maschinenfabrik Reinhausen GmbH, Prolec GE, Red Box Aviation, Sentient Energy, Inc., Synergy Transformers, Triad Magnetics, Other Prominent Players
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The Global Solid State Transformer Market was valued at US$ 591.49 Mn in 2022.

The market is projected to grow at a CAGR of 9.71% during 2023-2030.

Rise in electricity consumption and increase in number of EVs being launched in the market are the factors which drive the market growth.

High cost of transformer as compared to conventional transformer may restrain market growth.

The market is analyzed based on component, product type, application and region. 

Recent advances in solid-state transformer technology is expected to provide an opportunity during the forecast period. 

High-frequency transformers held the highest segmental share in 2022.

Distribution solid state transformer held the highest segmental share based on product type.

Power distribution is the highest application segment in 2022.

Asia Pacific dominated the market in 2022.

The key players in the Global Solid State Transformer Market are Hitachi, Ltd, Synergy Transformers, Eaton Corporation PLC, Maschinenfabrik Reinhausen GmbH, Triad Magnetics, Prolec GE, Alstom SA, Siemens AG, Kirloskar Electric Company, General Electric, Red Box Aviation, Sentient Energy, Inc and ERMCO among others.