- Summary
- Table Of Content
- Methodology
Solid State Transformer Market Size:
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 Transformer Market Scope & Overview:
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.
Solid State Transformer Market Dynamics - (DRO) :
Key Drivers:
Growing Investment in Electric Vehicle Charging Infrastructure is Driving the Market
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.
- For instance, according to the International Energy Agency (IEA), the total sales of electric cars in Europe reached approximately 3.4 million units in 2024, witnessing an increase of 6.3% in comparison to 3.2 million units in 2023, as depicted in the graph below. Meanwhile, the total sales of electric cars in the European region reached 2.7 million in 2022 and 2.3 million in 2021 respectively.
Thus, based on the above analysis, the growing investment in electric vehicle charging infrastructure is driving the market during the forecast period.
Key Restraints:
High Cost and Technological Complexity is Limiting the Market
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.
Future Opportunities :
Growing Trend of Industrial Automation Drives the Solid State Transformer Market Opportunities
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.
Solid State Transformer Market Segmental Analysis :
By Voltage Level:
Based on the voltage level, the market is bifurcated into HV/MV and MV/LV.
Trends in the Voltage Level:
- Increasing trends in the adoption of the transformer to provide better control over power flow and faster response times during grid disturbances.
- Increasing use of transformers in offshore wind farm applications due to compact size and ability to handle high voltage DC/AC conversions.
HV/MV accounted for the largest revenue share in the year 2024.
- Increasing use of HV/MV transformers in large-scale solar and wind power plants to efficiently connect to the high-voltage transmission grid.
- Further, increasing trends of investment in the renewable energy sector and modernization of power grids is driving the solid state transformer market size.
- Thus, based on solid state transformer market analysis, increasing investment in modernization of power grids and integration of renewable energy grids is driving solid state transformer market share.
MV/LV is anticipated to register the fastest CAGR during the forecast period.
- Rapid expansion of electric vehicle charging infrastructure is driving the solid state transformer market share.
- Further, MV/LV transformers provide industrial facilities with precise power control to improve power quality for sensitive industrial equipment which, in turn, drives the solid state transformer market demand.
- Therefore, based on solid state transformer market analysis, rapid progression of electric vehicle charging infrastructure and precise power in industrial facilities is anticipated to boost the market during the forecast period.
By Application:
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:
- Increasing demand for solid state transformers in power grids modernization to enable advanced voltage regulation, power flow control, and fault isolation is driving the solid state transformer market expansion.
- The growing adoption of the transformer into electric locomotives for improving energy efficiency, reducing energy consumption, and minimizing the operational costs is driving the solid state transformer market expansion.
Renewable Power Generation accounted for the largest revenue share of 38.1% in the year 2024.
- Increasing adoption of the transformers to maximize the efficiency of renewable energy plants by optimizing power conversion and reducing losses.
- Further, the transformer is being used to optimize the integration of large-scale solar farms into the power grid.
- Furthermore, rising adoption of the transformer to stabilize the power grid from the intermittent nature of renewable power generation is driving the solid state transformer market trends.
- Thus, as per analysis, increased efficiency of renewable plants and solar power integration is driving the solid state transformer market size.
EV Charging Infrastructure is anticipated to register the fastest CAGR during the forecast period.
- Growing government regulations on sustainability and rising investment in EV charging infrastructure are driving the solid state transformer market trends.
- Further, the transformers are necessary for enabling ultra-fast DC charging and reducing the EV charging times significantly which, in turn, drives the solid state transformer market demand.
- Therefore, as per analysis, increasing investment in charging infrastructure and fast charging is anticipated to boost the solid state transformer industry.
By Application:
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:
- Increasing demand for solid state transformers in power grids modernization to enable advanced voltage regulation, power flow control, and fault isolation is driving the solid state transformer market expansion.
- The growing adoption of the transformer into electric locomotives for improving energy efficiency, reducing energy consumption, and minimizing the operational costs is driving the solid state transformer market expansion.
Renewable Power Generation accounted for the largest revenue share of 38.1% in the year 2024.
- Increasing adoption of the transformers to maximize the efficiency of renewable energy plants by optimizing power conversion and reducing losses.
- Further, the transformer is being used to optimize the integration of large-scale solar farms into the power grid.
- Furthermore, rising adoption of the transformer to stabilize the power grid from the intermittent nature of renewable power generation is driving the solid state transformer market trends.
- Thus, as per analysis, increased efficiency of renewable plants and solar power integration is driving the solid state transformer market size.
EV Charging Infrastructure is anticipated to register the fastest CAGR during the forecast period.
- Growing government regulations on sustainability and rising investment in EV charging infrastructure are driving the solid state transformer market trends.
- Further, the transformers are necessary for enabling ultra-fast DC charging and reducing the EV charging times significantly which, in turn, drives the solid state transformer market demand.
- Therefore, as per analysis, increasing investment in charging infrastructure and fast charging is anticipated to boost the solid state transformer industry.
Regional Analysis:
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.
- For instance, in March 2021, Hitachi ABB Power Grids and NTU Singapore collaborated to improve solid-state transformer (SST) technology. The project is supported by Singapore's National Research Foundation and is a part of the Energy Grid 2.0 initiative of the government.
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.
- For instance, in December 2021, Eaton received USD 4.9 million from US Department of Energy to develop a cheaper, faster electric vehicle charging system. This will be achieved through improved power conversion, grid integration, and a modular design, featuring a novel solid-state transformer for direct grid connection and integrated energy management.
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.
Top Key Players and Market Share Insights:
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-
- 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)
Recent Industry Developments :
Collaborations and Partnerships:
- In October 2024, PSA unboXed and Amperesand signed MoU to test Amperesand's solid-state transformer (SST) technology at Singapore's port. The collaboration is aimed at improving the efficiency and sustainability of electric vehicle charging.
Solid State Transformer Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 364.96 Million |
| CAGR (2025-2032) | 14.3% |
| By Voltage Level |
|
| By Application |
|
| By Region |
|
| Key Players |
|
| 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 |
|
Key Questions Answered in the Report
How big is the solid state transformer market? +
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.
What specific segmentation details are covered in the solid state transformer report? +
The solid state transformer report includes specific segmentation details for voltage level, application, and region.
Which is the fastest segment anticipated to impact the market growth? +
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.
Who are the major players in the solid state transformer market? +
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.
What are the key trends in the solid state transformer market? +
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.
