PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1148908
PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1148908
“Global Solid-State Transformer Market to Reach $467.0 Million by 2031.”
The global solid-state transformer market is expected to value $207.3 million in 2025 and is projected to reach $467.0 million in 2031, following a CAGR of 14.34% during the forecast period 2026-2031. The growth in the global solid-state transformer market is expected to be driven by an increase in investment toward the building and construction of power transmission and distribution networks, renewable power generation, and EV charging station infrastructure across the globe.
The solid-state transformer market is in the research and development phase. Solid-state transformers are expected to be the replacement for conventional transformers in the coming years.
Due to the COVID-19 pandemic, research and development slowed down across many industries owing to the lack of funding, halted manufacturing activities, and components or raw material supply chain disruptions. In addition, a halt in the building and construction of renewable power infrastructure and smart grid projects has also been induced by COVID-19, which is resulted in a decrease in demand for transformer products and further affected R&D projects worldwide.
Based on applications, the global solid-state transformer market is expected to be dominated by renewable power integration applications. This is followed by the EV charging stations segment, which is expected to account for the second-largest share in the solid-state transformer market due to increasing demand for electric vehicles and the building and construction of EV charging stations across the globe.
Based on product types, the distribution transformer segment is estimated to capture the highest market share during the period 2026 to 2031. This type of transformer is increasingly used in power distribution networks and in renewable power integration. In addition, the replacement of aged power distribution systems in the countries such as Germany, India, the U.S., the U.K., and other countries is further expected to fuel the demand for distribution transformers during the forecast period.
Asia-Pacific is anticipated to generate the highest revenue of $61.0 million in 2025. The region is experiencing an increase in renewable power generation, distributed generation, and sales of electric vehicles. Therefore, conventional transformer technology will be challenged by solid-state transformer (SST) alternatives in renewable power transmission and distribution infrastructures. The Asia-Pacific region is anticipated to grow at a faster rate compared to any other region.
The following are the demand drivers for the solid-state transformer market:
The market is expected to face the following challenges:
Product/Innovation Strategy: The product type segment helps the reader understand the different types of transformers that are expected to be available for deployment in the power infrastructures. Moreover, the study provides the reader with a detailed understanding of the different product types by applications (smart grid, renewable power integration, electric vehicle charging stations, traction locomotives, and others). A solid-state transformer is expected to be a highly efficient power transformer when compared to conventional transformers. Therefore, the solid-state transformer market is expected to be a moderate investment and high revenue generating product in the coming years owing to the rise in investment toward smart grid, renewable power expansion, and others.
Growth/Marketing Strategy: The global solid-state transformer market has seen major development by key players operating in the market, such as acquisitions, partnerships, agreements, and product launches. The favored strategy for the companies has been collaborations, agreements, and acquisitions to strengthen their positions in the solid-state transformer market.
For instance, in March 2021, Hitachi Energy (formerly Hitachi ABB Power Grids) collaborated with Nanyang Technological University (NTU) Singapore. This collaboration was aimed at advancing developments in solid-state transformer (SST) technology. This project is supported by the National Research Foundation, Singapore (NRF). This would enhance the product portfolio of the company and improve developments in solid-state transformers.
Competitive Strategy: Key players in the global solid-state transformer (SST) market analyzed and profiled in the study involve transformer manufacturers that are engaged in the R&D of solid-state transformers and raw component suppliers in the manufacturing of SST. Moreover, a detailed competitive benchmarking of the players operating in the global solid-state transformer market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
The top segment players leading the market include key power, distribution, and traction transformer manufacturers in the market and the ones engaged in the research and development of solid-state transformers across the globe.