Solid State Transformer Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Voltage (High Voltage/Medium Voltage, Medium Voltage/Low Voltage), By Application (Power Grids, Traction Locomotives, Renewable Power Generation, Automotive, Others), And By Geography - Forecasts From 2022 to 2027

The solid-state transformer market is evaluated at US$158.820 million for the year 2020 and is projected to grow rapidly during the forecast period.

A Solid-State Transformer (SST) or power electronic transformer(PET) are modern network device that combines multiple power electronic converter stages with high or low-frequency transformers.  A solid-state transformer provides several benefits, such as being highly reliable and robust, efficient in utilization, and comparatively inexpensive as compared to traditional transformers. Solid-state transformers are widely used in applications that facilitate a smooth transition between AC and DC and aid in voltage conversion.

A solid-state transformer is a key enabler for the Internet of Energy, enabling uni-or bi-directional power flow with local autonomous control and distributed intelligence through communications. The solid-state transformer market is projected to grow at a significant rate over the forecasted period. Solid-state transformers are widely used in applications that facilitate a smooth transition between AC and DC and aid in voltage conversion. Alternative power generation is the most dominant usage of solid-state transformers, driving market growth.

Furthermore, the rising adoption of renewable energy sources such as solar energy and wind energy, as well as the widespread use of traction locomotives, are major factors driving growth in the global solid-state transformer market.  Moreover, complementary to the widespread adoption of renewable power sources, the ageing transmission, and distribution infrastructure is estimated to further augment growth in the solid-state transformer market. However, high initial investment costs and inadequate SST testing infrastructure are likely to hinder the growth in the solid-state transformer market globally.

The outbreak of the novel coronavirus disease severely impacted the solid-state transformer market. The growth in the solid-state transformer market can be largely attributed to the rising application of electric vehicles and increasing investments in renewable sources for energy generation. However, owing to lockdown and movement restrictions in countries to curb the spread of the virus, it severely impacted the SST market, leading to the unavailability of raw materials for the manufacturing of electric equipment.

Additionally, the transportation and distribution of this equipment were further affected, leading to supply chain disruptions in the solid-state transformer market. The Solid-State Transformer market has been segmented based on product type, application, and geography. Geographically, the analyzer market is segmented into the North American, European, Asian Pacific, South American, and Middle East and African regions.

Medium Voltage/Low Voltage based Solid State Transformer segment is showing promising growth.

By voltage, the solid-state transformer market has been classified into High voltage/ Medium and Medium Voltage/Low Voltage.

The Medium Voltage/Low Voltage is expected to grow at a significant rate over the forecasted period. The growth in the Medium Voltage/Low Voltage segment can be attributed to the growing demand for electric vehicles.

The growing demand for electric vehicles is majorly supported by increasing government investments in the development of electric vehicle charging infrastructure. Thus, the growing demand for EVs is estimated to further complement the growth of the development of electric charging stations. Therefore, creating growth opportunities for the MV/LV solid-state transformer market. Moreover, the MV/LV segment is instrumental in the application of power production in photovoltaic systems, cogeneration systems, and other industrial applications.

Renewable Power Generation Segment to hold a significant market share.

 By application, the classification of the market has been done as power grids, traction locomotives, renewable power generation, electric vehicle charging stations, and others.

The renewable power generation segment can be further segmented into wind, solar, and tidal power. The renewable power generation segment is projected to hold a significant share of the market over the forecasted period. The growth can be attributed to the adoption of transformers for power generation using non-conventional energy sources such as wind, solar and tidal energy. Wind energy is a key benefactor to the power generated through alternative sources of energy, whereas, the APAC region is a leader in the domain.

The rising adoption of these alternative energy sources is estimated to drive further growth in the Solid-state transformers market. Moreover, the increasing adoption of smart transformers based on SST technologies in electric vehicles and renewable energy stations for electric flow controllability and DC connectivity is expected to drive demand over the forecasted period.

The Asia Pacific region is witnessing lucrative growth opportunities.

Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific.

The North American region is expected to witness noteworthy growth in the market over the forecasted period owing to increasing growth in renewable energy capabilities in advanced power grid systems. Moreover, rising investments and technological advancements in power distribution systems are projected to further augment the demand in the market.

However, the APAC region is anticipated to dominate the market and witness rapid growth owing to the large population residing in countries like China and India, with these two countries accounting for a significant share of global electricity demand for various applications.

Participation by market players.

The market players are actively participating in the form of increased investments in R&D and are making collaborative efforts to launch new products to expand their market share and meet the growing end-use requirements. For instance, Hitachi ABB Power Grids recently partnered with NTU Singapore to develop advanced solid-state transformer solutions. The project is part of the Singapore government's flagship Energy Grid 2.0 initiative and is aimed at shaping the next-generation grid system and focuses on how to transform how efficiently energy can be consolidated into a single intelligent network.

Recent developments and expansions

• Solid State Logic (SSL) launched the Fusion Transformer colouration effect plugin in January 2022. The SSL Fusion Transformer plugin combines high-frequency phase-shift, harmonic distortion, and natural low-frequency roll-off. The new plugin's controls and parameters go far beyond the original hardware version.
• Amazon invested in Resilient Power, a transformer-based EV fast-charging manufacturer, in October 2021. GS Futures joined Amazon in a $5 million seed round investment. Resilient manufactures a solid-state transformer that combines a traditional step-down transformer, charger, power management, and bi-directional inverter into one device. In the same unit, the charger can handle solar and storage, vehicle-to-grid, and microgrid capabilities. Amazon's investment is in line with the company's goal of having 100,000 electric vehicles on the road by 2030.
• Hitachi ABB Power Grids and Nanyang Technological University, Singapore (NTU Singapore), a leading research-intensive university, collaborated on solid-state transformer (SST) technology advancement in March 2021. The Energy Research Institute is in charge of the project, which is funded by the Singapore National Research Foundation (NRF). It was a part of Singapore's flagship Energy Grid 2.0 initiative, which aimed to shape the next-generation grid system and transform energy management by combining multiple energy sources into a more efficient, sustainable, and resilient intelligent network

COVID-19 impact on Solid State Transformer Market

The COVID-19 pandemic had a major impact on the solid-state transformer market. Several transmission and renewable projects were delayed due to the pandemic, resulting in a decrease in demand for transformers. Due to global lockdowns and restrictions, the majority of manufacturers were shut down.

Solid State Transformer Market Scope:

Report Metric	Details
Market Size Value in 2020	US$158.820 million
Base Year	2020
Forecast Period	2022–2027
Forecast Unit (Value)	USD Million
Segments Covered	Voltage, Application, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Hitachi ABB Power Grids, Schneider Electric SE, Siemens AG, Mitsubhi Electric Corporation, General Electric Company, Eaton Corporation, Electric Research and   Manufacturing Cooperative, Inc. (ERMCO), Alstom SA, TBEA Co., Ltd, SPX Transformer Solutions, Inc. (Acquired by Prolec GE)
Customization Scope	Free report customization with purchase

 

Market Segmentation

• By Voltage
  • High Voltage/Medium Voltage
  • Medium Voltage/Low Voltage
• By Application
  • Power Grids
  • Traction Locomotives
  • Renewable Power Generation
  • Automotive
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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1. Introduction
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis

5.  Solid State Transformer Market Analysis, by Product Type
5.1. Introduction
5.2.  High Voltage/Medium Voltage
5.3.  Medium Voltage/Low Voltage

6. Solid State Transformer Market Analysis, by Application
6.1. Introduction
6.2. Power Grids
6.3. Traction Locomotives
6.4. Renewable Power Generation
6.5. Electric Vehicle Charging Stations

7. Solid State Transformer Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.2.1.  USA
7.2.2.  Canada
7.2.3.  Mexico
7.3. South America
7.3.1. Brazil
7.3.2.  Argentina
7.3.3.  Others
7.4. Europe
7.4.1.  Germany
7.4.2.  France
7.4.3. UK
7.4.4.  Others
7.5.  Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3.  South Africa
7.5.4.  Others
7.6. Asia Pacific
7.6.1.  China
7.6.2.  Japan
7.6.3.  India
7.6.4. South Korea
7.6.5. Taiwan
7.6.6.  Thailand
7.6.7. Indonesia 
7.6.8. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1.  Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. COMPANIES PROFILES 
9.1.  Hitachi ABB Power Grids
9.2.  Schneider Electric SE
9.3. Siemens AG
9.4.  Mitsubhi Electric Corportation
9.5. General Electric Company
9.6.  Eaton Corporation
9.7. Electric Research and Manufacturing Cooperative, Inc. (ERMCO)    
9.8. SPX Transformer Solutions, Inc. (Acquired by Prolec GE)

Hitachi ABB Power Grids

Schneider Electric SE

Siemens AG

Mitsubhi Electric Corportation

General Electric Company

Eaton Corporation

Electric Research and Manufacturing Cooperative, Inc. (ERMCO)

Alstom SA

TBEA Co., Ltd

SPX Transformer Solutions, Inc. (Acquired by Prolec GE)