Id: CBI_2633 | Pages: 300 | Format : PDF | Published : | Author : Consegic Business Intelligence | Category : Power Generation
Solid State Transformer Market Size is estimated to reach over USD 364.96 Million by 2032 from a value of USD 139.48 Million in 2024 and is projected to grow by USD 154.87 Million in 2025, growing at a CAGR of 14.3% from 2025 to 2032.
Solid-state transformers are advanced power electronic devices that are replacing traditional magnetic transformers. The transformer utilizes semiconductor components to perform voltage conversion which, in turn, results in enhanced control and efficiency. Further, advantages including faster response time, precise voltage regulation, and better harmonic suppression are driving the solid-state transformer market growth. Moreover, the transformer is used for a wide range of applications including EV charging infrastructure, power grids, renewable power generation, traction locomotives, and others. Furthermore, the solid state transformer market growth is driven by trends including the increasing adoption of renewable energy sources and the growing demand for smart grids. Additionally, the rise of electric vehicles and the need for robust charging infrastructure significantly propels the market growth during the forecast period.
The surge in electric vehicle (EV) adoption results in the growing demand for robust charging infrastructure which, in turn, drives the need for efficient power conversion solutions. Solid-state transformers (SSTs) are emerging as a key technology due to compactness, higher efficiency, and enhanced grid integration capabilities. Further, SSTs enable faster and more reliable EV charging, crucial for both public and private charging stations. Also, as governments and private entities invest heavily in EV charging networks, the SST market experiences substantial growth, driven by the need for advanced, adaptable power infrastructure.
Thus, based on the above analysis, the growing investment in electric vehicle charging infrastructure is driving the market during the forecast period.
High cost and technological complexity play a potential role in hindering the widespread adoption of SSTs. The significant cost of producing the transformers is mainly driven by complex control systems and specialized semiconductors which are used in these devices. Furthermore, the technological complexity of the transformer requires specialized expertise in design, manufacturing, and maintenance. Moreover, issues like thermal management, switching losses, and long-term reliability in diverse operating conditions also contribute in limiting the market growth.
The rising trend of industrial automation presents a significant growth opportunity for the solid-state transformer market. Advanced industrial facilities require precise and reliable power delivery to support complex automated systems, robotics, and advanced manufacturing processes. The transformer offers superior voltage regulation, power quality, and fault handling capabilities which are crucial for sensitive industrial equipment. Further, the compactness and flexibility of the transformer facilitate its integration into space-constrained environments. Moreover, as industries increasingly adopt automation to enhance productivity and reduce costs, the need for advanced power solutions is poised to surge, driving solid state transformer market opportunities.
Based on the voltage level, the market is bifurcated into HV/MV and MV/LV.
Trends in the Voltage Level:
HV/MV accounted for the largest revenue share in the year 2024.
MV/LV is anticipated to register the fastest CAGR during the forecast period.
Based on the application, the market is segmented into EV charging infrastructure, power grids, renewable power generation, traction locomotives, and others.
Trends in the Application:
Renewable Power Generation accounted for the largest revenue share of 38.1% in the year 2024.
EV Charging Infrastructure is anticipated to register the fastest CAGR during the forecast period.
Based on the application, the market is segmented into EV charging infrastructure, power grids, renewable power generation, traction locomotives, and others.
Trends in the Application:
Renewable Power Generation accounted for the largest revenue share of 38.1% in the year 2024.
EV Charging Infrastructure is anticipated to register the fastest CAGR during the forecast period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The regions covered are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 50.61 Million in 2024. Moreover, it is projected to grow by USD 56.33 Million in 2025 and reach over USD 136.24 Million by 2032. Out of this, China accounted for the maximum revenue share of 31.4%. The market growth for solid state transformers is mainly driven by the region’s focus towards renewable energy adoption and thereby subsequent need for advanced grid integration solutions. Additionally, rapid urbanization and industrial development is driving the need for modernization of electrical infrastructure.
North America is estimated to reach over USD 99.27 Million by 2032 from a value of USD 38.16 Million in 2024 and is projected to grow by USD 42.35 Million in 2025. The North American market’s growth is driven by the need for modernization of the aging grid infrastructure and a growing renewable energy integration. Further, growing investments in electric vehicle charging infrastructure plays a significant role in driving the market.
The regional trends analysis depicts that the growing electric vehicle sector and increasing integration of renewable energy in Europe is driving the market. Additionally, the growing urbanization is resulting in increased demand for modernization of grid infrastructure which, in turn, is driving the market in the Middle East and African region. Further, the rising investment in solar power generation, urbanization, and rising demand for electric vehicles is paving the way for the progress of market trend in Latin America region.
The global solid state transformer market is highly competitive with major players providing products to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the solid state transformer industry. Key players in the solid state transformer market include-
Collaborations and Partnerships:
Report Attributes | Report Details |
Study Timeline | 2019-2032 |
Market Size in 2032 | USD 364.96 Million |
CAGR (2025-2032) | 14.3% |
By Voltage Level |
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By Application |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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The solid state transformer market is estimated to reach over USD 364.96 Million by 2032 from a value of USD 139.48 Million in 2024 and is projected to grow by USD 154.87 Million in 2025, growing at a CAGR of 14.3% from 2025 to 2032.
The solid state transformer report includes specific segmentation details for voltage level, application, and region.
In the solid state transformer market, the MV/LV is the fastest-growing segment during the forecast period due to growth of the EV charging infrastructure.
The key participants in the Solid State Transformer Market are Delta Electronics, Inc. (Taiwan), Hitachi (Japan), Eaton (Ireland), Mitsubishi Electric (Japan), General Electric (US), Schneider Electric (France), Siemens (Germany), SPX Corporation (US), Amantys (UK), ERMCO Distribution Transformers (US), and others.
The solid state transformer market is being shaped by several key trends including trend towards rising investment in EV infrastructure, modernization of power grids, and increasing demand for renewable energy sources.