Solid State Transformer Market Growth, Demand and Challenges of the Key Industry Players 2023-2028
                     Global Solid State 
Transformer Market 
Research and Forecast 
Report 2023-2028
Format: PDF+EXCEL
© 2023 IMARC All Rights Reserved 
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A cc o r d i ng  t o  t h e  l a t e s t  r e po r t  b y  IM A R C  G r o up ,  t i t l e d  " S o l id  S t a te  T r a n s f o r m er  
Ma r k e t :  G l o b a l  In d u s t r y  T r e n d s ,  S h a r e ,  S i ze ,  G r o w t h ,  O p p o r t u n i ty  a n d  F o r e c a s t  
20 2 3 - 2 02 8 , "  t h e  g l ob a l  s o l i d  s t a t e  t r a n s f o r m e r  ma r k e t  s i z e  r e ac h e d  U S $  1 8 7 . 9  M i l l i on  
i n  2 0 2 2 .
Report A  s o l i d  s t a te  t r an s f o r me r ,  o r  S S T ,  r e f e r s  t o  a  s i ng l e - i n pu t  d ua l - o u t pu t  p o w e r  c on v e r t e r  t ha t  f a c i l i t a t es  v o l t a g e  co n v e rs i o n  f r o m a l t e r n a t e  c u r r e n t  ( A C )  t o  d i r e c t  c u r r e n t  ( D C ) ,  
D C  t o  D C ,  a n d  D C  to  A C  o n  d i f f e r e n t  v o l t a g e  l e v e l s .  I t  o f f e r s  h i g h  c on t r o l l a b i l i t y  a n d  
Highlight and en a b l e s  f l e x i b l e  c o n n ec t i v i t y  b e t w e e n  e x i s t i ng  m e d i um - vo l t a g e  po w e r  d i s t r i b u t i on  
ne t w o r k s ,  l o w -v o l t a g e  A C  r es i d e n t i a l  s y s te m s ,  a n d  en v i s i o n e d  D C  r e s i d e n t i a l  s y s te m s .  
I t  a l s o  c o m pe n s a t es  t h e  v o l t a g e  s a g s  a n d  h a r mo n i c  d i s t o r t i o n ,  i n t e r co n n e c ts  
Description as y n c h r on o u s  n e t w o r k s ,  a n d  i n te r f a c es  D C  a n d  A C  p o r t s .  I n  a dd i t i o n ,  i t  c a n  i s o l a te  
d i s t u r b an c e s  f r o m  t h e  s o u rc e  an d  l o a d  o r  v i c e  v e r s a  w h i l e  e l i m i n a t i n g  t h e  us e  o f  t ap  
ch a n g e rs  o r  m e c ha n i c a l  a c t u a t o r s .  A s  a  r e s u l t ,  S S T  f i nd s  e x t e n s i v e  a p p l i c a t i o n s  i n  
po w e r  g r i d s ,  t r a c t i o n  o r  l o co m o t i ve s ,  re n e w a b l e  p o w e r  g e ne r a t i on ,  a n d  e l e c t r i c  s h i p s .
R eq u e s t  f o r  a  P D F  sa m p l e  o f  t h i s  re p o r t :  
h t t p s : / /w w w . i ma r c g r o u p . co m / so l i d - s t a te - t r an s f o r me r - ma r k e t / r e q u es t s a mp l e
Report Description
G l o b a l  S o l i d  S t a t e  T r a n s f o r m e r  M a r k e t  T r e n d s :
T h e  e x p a n d i n g  e n e r g y  s e c t o r ,  c o u p l e d  w i t h  h e a v y  i n v e s t m e n t s  i n  s m a r t  g r i d  i n f r a s t r u c t u r e ,  r e p r e s e n t s  t h e  p r i m a r y  f a c t o r  d r i v i n g  t h e  
m a r k e t  g r o w t h .  M o r e o v e r ,  S S T  i s  g a i n i n g  i m m e n s e  t r a c t i o n  a s  a  s u p e r i o r  a l t e r n a t i v e  t o  c o n v e n t i o n a l  t r a n s f o r m e r s  i n  s m a r t  g r i d s  a s  i t  
o f f e r s  v o l t a g e  r e g u l a t i o n ,  p o w e r  q u a l i t y  i m p r o v e m e n t ,  c u r r e n t  l i m i t i n g ,  r e a c t i v e  p o w e r  c o m p e n s a t i o n ,  a n d  p o w e r  f a c t o r  c o r r e c t i o n .  
B e s i d e s  t h i s ,  t h e  r a p i d  m o d e r n i z a t i o n  o f  s m a r t  g r i d s  a n d  t h e  w i d e s p r e a d  i n c o r p o r a t i o n  o f  e l e c t r o n i c  i n t e l l i g e n c e  c a p a b i l i t i e s  f o r  p o w e r  
c o n t r o l  a n d  o p e r a t i o n s  m o n i t o r i n g  h a v e  a u g m e n t e d  t h e  d e m a n d  f o r  s m a r t  g r i d  t e c h n o l o g i e s ,  s u c h  a s  S S T s .  A d d i t i o n a l l y ,  t h e r e  h a s  b e e n  
a  r i s e  i n  t h e  u s e  o f  S S T s  i n  e l e c t r i c  v e h i c l e  ( E V )  c h a r g i n g  s t a t i o n s .  I n  l i n e  w i t h  t h i s ,  t h e  e l e v a t i n g  E V  s a l e s  a c r o s s  t h e  g l o b e  d u e  t o  t h e  
g r o w i n g  e n v i r o n m e n t a l  c o n c e r n s  a m o n g  i n d i v i d u a l s  a n d  t h e  i m p l e m e n t a t i o n  o f  f a v o r a b l e  g o v e r n m e n t  i n i t i a t i v e s  p r o m o t i n g  t h e  u s e  o f  
E V s  h a v e  a c c e l e r a t e d  p r o d u c t  a d o p t i o n  r a t e s .  F u r t h e r m o r e ,  t h e  i n c r e a s i n g  p r e f e r e n c e s  f o r  r e n e w a b l e  e n e r g y  s o u r c e s ,  s u c h  a s  w i n d  a n d  
s o l a r  e n e r g y ,  f o r  p o w e r  g e n e r a t i o n  d u e  t o  e s c a l a t i n g  e l e c t r i c i t y  d e m a n d  a n d  t h e  s u r g i n g  n e e d  t o  r e d u c e  c a r b o n  f o o t p r i n t s  h a s  f u e l e d  t h e  
m a r k e t  g r o w t h .  O t h e r  f a c t o r s ,  i n c l u d i n g  t h e  r i s i n g  p u b l i c  a n d  p r i v a t e  i n v e s t m e n t s  i n  d i s t r i b u t i o n  a n d  p o w e r  t r a n s m i s s i o n  i n f r a s t r u c t u r e ,  
o n g o i n g  r e s e a r c h  a n d  d e v e l o p m e n t  ( R & D )  a c t i v i t i e s  b y  k e y  p l a y e r s ,  a n d  t e c h n o l o g i c a l  a d v a n c e m e n t s ,  a r e  a l s o  c r e a t i n g  a  p o s i t i v e  
m a r k e t  o u t l o o k .
L o o k i n g  f o r w a r d ,  I M A R C  G r o u p  e x p e c t s  t h e  m a r k e t  v a l u e  t o  r e a c h  U S $  4 3 0 . 2  M i l l i o n  b y  2 0 2 8 ,  g r o w i n g  a t  a  C A G R  o f  1 4 . 3 %  d u r i n g  
2 0 2 3 - 2 0 2 8 .
V i e w  R e p o r t  T O C ,  F i g u r e s  a n d  T a b l e s :  h t t p s : / / w w w . i m a r c g r o u p . c o m / s o l i d - s t a t e - t r a n s f o r m e r - m a r k e t
Breakup by Product:
• Distr ibut ion Sol id State Transformer
• Power Sol id State Transformer
• Tract ion Sol id  State Transformer
 
Breakup by Component:
• Converters
Report • High-frequency Transformers
• Switches
Segmentation • Others
Breakup by Voltage Level:
• HV/MV
• MV/LV
Breakup by Application:
• Alternat ive Power Generat ion
• Electr ic  Vehic le Charging Stat ions
• Power Distr ibut ion
• Tract ion Locomotives
• Others
Breakup by End User:
• Energy
Report • Transportat ion
Segmentation • Others
Breakup by Region:
• North America
• Asia-Pacifi c
• Europe
• Lat in Amer ica
• Middle East  and Afr ica
• ABB Ltd.
• Alstom SA
• Eaton Corporation PLC
• Electr ic  Research and Manufactur ing 
Competitive Cooperat ive Inc.  (ERMCO) (Arkansas Electr ic 
Cooperat ives Inc.)
Landscape • General  E lectr ic  Company
with Key • Hitachi  Ltd.
• Kir loskar E lectr ic  Company Ltd.
Players • Mitsubishi  E lectr ic  Corporat ion
• Schneider Electr ic SE
• Siemens AG
• Synergy Transformers
• Vol lspark.
How big is the global solid state transformer 
market?
What is the expected growth rate of the global 
solid state transformer market during 2023-2028?
Key 
Questions What are the key factors driving the global solid state transformer market?
Answered in 
What has been the impact of COVID-19 on the 
the Report global solid state transformer market?
What is the breakup of the global solid state 
transformer market based on the product?
What is the breakup of the global solid state 
transformer market based on the component?
What is the breakup of the global solid state 
transformer market based on the voltage level?
What is the breakup of the global solid state 
transformer market based on the end user?
Key What are the key regions in the global solid state 
transformer market?
Questions 
Answered in Who are the key players/companies in the global solid state transformer market?
the Report
1     P r e f a c e
2     S c o p e  a n d  M e t h o d o l o g y
    2 . 1     O b j e c t i v e s  o f  t h e  S t u d y
    2 . 2     S t a k e h o l d e r s
    2 . 3     D a t a  S o u r c e s
        2 . 3 . 1     P r i m a r y  S o u r c e s
        2 . 3 . 2     S e c o n d a r y  S o u r c e s
    2 . 4     M a r k e t  E s t i m a t i o n
        2 . 4 . 1     B o t t o m - U p  A p p r o a c h
Table of         2 . 4 . 2     T o p - D o w n  A p p r o a c h    2 . 5     F o r e c a s t i n g  M e t h o d o l o g y
3     E x e c u t i v e  S u m m a r y
4     I n t r o d u c t i o n
    4 . 1     O v e r v i e w
Contents     4 . 2     K e y  I n d u s t r y  T r e n d s5     G l o b a l  S o l i d  S t a t e  T r a n s f o r m e r  M a r k e t
    5 . 1     M a r k e t  O v e r v i e w
    5 . 2     M a r k e t  P e r f o r m a n c e
    5 . 3     I m p a c t  o f  C O V I D - 1 9
    5 . 4     M a r k e t  F o r e c a s t
6      M a r k e t  B r e a k u p  b y  P r o d u c t
    6 . 1     D i s t r i b u t i o n  S o l i d  S t a t e  T r a n s f o r m e r
        6 . 1 . 1  M a r k e t  T r e n d s
        6 . 1 . 2  M a r k e t  F o r e c a s t
    6 . 2     P o w e r  S o l i d  S t a t e  T r a n s f o r m e r
        6 . 2 . 1  M a r k e t  T r e n d s
        6 . 2 . 2  M a r k e t  F o r e c a s t
    6 . 3     T r a c t i o n  S o l i d  S t a t e  T r a n s f o r m e r
        6 . 3 . 1  M a r k e t  T r e n d s
        6 . 3 . 2  M a r k e t  F o r e c a s t
7    M a r k e t  B r e a k u p  b y  C o m p o n e n t
       
    7 . 1     C o n v e r t e r s
        7 . 1 . 1  M a r k e t  T r e n d s
        7 . 1 . 2  M a r k e t  F o r e c a s t
    7 . 2     H i g h - f r e q u e n c y  T r a n s f o r m e r s
        7 . 2 . 1  M a r k e t  T r e n d s
        7 . 2 . 2  M a r k e t  F o r e c a s t
    7 . 3     S w i t c h e s
        7 . 3 . 1  M a r k e t  T r e n d s
        7 . 3 . 2  M a r k e t  F o r e c a s t
    7 . 4     O t h e r s
        7 . 4 . 1  M a r k e t  T r e n d s
Table of         7 . 4 . 2  M a r k e t  F o r e c a s t8    M a r k e t  B r e a k u p  b y  V o l t a g e  L e v e l
    8 . 1     H V / M V
        8 . 1 . 1  M a r k e t  T r e n d s
Contents         8 . 1 . 2  M a r k e t  F o r e c a s t    8 . 2     M V / L V
        8 . 2 . 1  M a r k e t  T r e n d s
        8 . 2 . 2  M a r k e t  F o r e c a s t
9    M a r k e t  B r e a k u p  b y  A p p l i c a t i o n
    9 . 1     A l t e r n a t i v e  P o w e r  G e n e r a t i o n
        9 . 1 . 1  M a r k e t  T r e n d s
        9 . 1 . 2  M a r k e t  F o r e c a s t
    9 . 2     E l e c t r i c  V e h i c l e  C h a r g i n g  S t a t i o n s
        9 . 2 . 1  M a r k e t  T r e n d s
        9 . 2 . 2  M a r k e t  F o r e c a s t     
      9 . 3       Po w e r  D i s t r i b u t i o n
            9 . 3 .1  M a r ke t  Tren d s
            9 . 3 .2  M a r ke t  Fo rec a s t
F o r  m o r e  i n f o r m a t i o n ,  v i s i t :  
h t t p s : / / w w w. im a rcg ro u p . co m / s o l i d - s t a t e - t r a n s fo rm er- m a r ke t / t o c
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