Solid State Transformers (SST) Market
Solid State Transformer Market size is evaluated at USD 440 Million in 2024 and is likely to exceed USD 824 Million by the end of 2037, growing at over 5.20% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solid state transformer is assessed at USD 448 Million. The growth of the market can be attributed to the surging sale of electric cars.
According to the International Energy Agency, in 2022 over 10 million electric cars were estimated to be sold across the world and these sales were predicted to rise by an additional 35% in the year 2023. Hence, with this, the demand for solid state transformer is poised to rise since the development of DC fast chargers with the adoption of electric vehicles is also foreseen to grow.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.20% |
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Base Year Market Size (2024) |
USD 440 Million |
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Forecast Year Market Size (2037) |
USD 824 Million |
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Regional Scope |
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Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotive, Others)
Renewable power generation segment in the solid state transformer market is projected to exceed USD 317 million by the end of 2037 up from a revenue of USD 149 million in the year 2025. This growth of the market can be dominated by the growing production of wind energy. According to the Global Wind Energy Council, across the globe, in 2022 77.6 GW of new wind power capacity was connected to power grids, bringing to 906 GW1 total installed wind capacity, a rise of 9% in contrast with 2021. Hence, the demand for solid state transformer is projected to rise.
Additionally, the automotive segment will hold notable growth in the market over the forecast period. This is because electric vehicles are gaining huge prominence in the market which is a further need for charging centers. Wireless charging for EVs has high efficiency and is anticipated to be faster than charging with a plug due to which the popularity of wireless charging is also growing in electric vehicles. For instance, EV plugs have over 79-94% rate of efficiency. However, the wireless EV chargers hold about 89-92% efficiency. Hence, the market for SST is poised to rise since LFT is replayed with solid-state transformers in wireless charging.
Voltage Type (High Voltage, Medium Voltage, Low Voltage)
In solid state transformer market, medium voltage segment is anticipated to reach USD 342 million by the end of 2037. This is highest as compared to the year 2024 when the revenue will be USD 163 million. In medium-voltage applications, solid-state transformers perform an important role in bridging medium-voltage AC grids to low-voltage power distribution. They perform the role of electronic power interfaces between low voltage (LV) systems and medium voltage (MV), offering pliable connectivity and allowing various smart functionalities.
Our in-depth analysis of the market includes the following segments:
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Voltage Type |
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Application |
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APEJ Market Statistics
The Asia Pacific market excluding Japan's solid state transformer market is poised to capture the highest revenue of USD 344 million by the end of 2037. This growth of the market is set to be influenced by the rising urban population. For instance, according to UNICEF, Asia’s cities are rising significantly reaching over 55 percent of the population by 2030. Therefore, the need for energy is growing which is further increasing revenue for solid state transformer in this region.
The China market for solid state transformer is predicted to gather the highest market revenue of USD 0.155 billion by the end of 2037 on account of the rising demand for electricity.
There has been a growing installation of solar panels in Indian market leading to the market’s growth.
The market for solid state transformer in Indonesia country will hold notable growth in its revenue. This could be owing to the rising presence of key players.
European Market Analysis
The Europe solid state transformer market is projected to have a significant rise over the forecast period. This growth of the market in this region can be impelled by the growing investment in the cloud. Expenditure in Europe on public cloud services is anticipated to rise to over USD 123 million in 2024 and close to USD 222 million by 2027. Hence, this is further evaluated to benefit solid state transformer greatly.
The growth in the Germany country is expected to be influenced by the growing emphasis on net zero which has further boosted demand for sustainable energy.
The UK market for solid state transformer is also poised to rise in this region on account of the surging development of advanced SST equipment to satisfy a large number of customers.
The market in France for solid state transformer is also estimated to have notable growth in the market owing to the rise in population.
The key player in the field of solid state transformer market is estimated to have a significant influence on the growth owing to their rising initiatives and launch of number of products. Some of the major players consist of:
Author Credits: Dhruv Bhatia
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