Solid-State Transformer Market

Solid-State Transformer Market by Voltage Level (HV/MV, MV/LV), Application (Renewable Power Generation, Automotive, Power Grids, Traction Locomotives, and Others), and Region (North America, APAC, Europe, and RoW) - Global Forecast to 2030

Report Code: SE 3594 Nov, 2020, by marketsandmarkets.com

[159 Pages Report] The solid-state transformer market size is expected to grow from USD 100 million in 2024 to USD 241 million by 2030 at a CAGR of 15.8% from 2024 to 2030. Growing alternative energy, and increasing investments in smart grids and energy systems are some of the major factors driving the growth of the solid-state transformer market.

Solid State (Smart) Transformer Market

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“Solid-state transformer market for MV/LV to grow at a higher CAGR during forecast period”

The market for MV/LV is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the increasing number of EVs being launched in the market,governments of different countries worldwide are jointly investing in the development of EV charginginfrastructures to tackle global warming, resulting from the combustion of fuels in vehicles. Automotive companies worldwide are investing in research, development, and launch of EVs. These vehicles have started to acquire a considerable share in the global market and are expected to replace combustion engine vehicles in coming years. Thus, the increased demand for EVs is expected to contribute to the rise in EV charging infrastructures. China has the largest number of EV stations in the world. According to the Electric Vehicle Charging Infrastructure Promotion Alliance, the country had 1.2 million stations in 2019 and is planning to increase this count by 600,000 by the end of 2020. The country plans to invest USD 1.5 billion for developing EV infrastructures by the end of 2020. Similar investments are being carried out globally, especially in APAC, thus creating promising opportunities for the growth of the MV/LV solid-state transformer market during the forecast period.

“Solid-state transformer market for renewable power generation application is expected to grow at highest CAGR during forecast period”

The market for renewable power generation application is expected to capture the highest CAGR during the forecast period. The high growth rate can be attributed to the expected early adoption of these transformers for power generation from wind, solar, and tidal energy. Wind, sun, and tides are alternative sources of energy for power generation; they have the potential to cater to the ever-increasing global requirement of energy, along with reducing the carbon footprint. Wind energy is a key contributor to the power generated from the alternative sources of energy, while APAC is a leader in this field. A typical wind energy farm has an induction generator coupled with a wind turbine to convert mechanical energy to electrical energy. The energy generated is further transferred by a step-up transformer to STATCOMs. It is then fed to a grid. The step-up transformer increases the voltage level, while the STATCOM improves the power factor of the electricity generated. Though conventional systems (step-up transformers and STATCOMs) are cost-effective solutions, solid-state transformers can be instrumental in playing the role of both step-up transformers and STATCOMs with improved reactive power compensation. This, in turn, is expected to lead to increased use of solid-state transformers for wind energy production.

Solid State (Smart) Transformer Market by Region

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Report Scope

Report Metric

Details

Years considered to provide market size

2024–2030

Forecast Period

2024–2030

Segments Covered

Voltage Type, Application, and Geography

Geographies Covered

North America, Europe, APAC, and RoW

 Companies Covered

Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US)

This research report segments the solid-state transformer market based on voltage level, application, and geography.

By Voltage Level:

  • HV/MV
  • MV/LV

By Application

  • Renewable Power Generation
    • Wind Power
    • Solar Power
    • Tidal Power
  • Automotive
  • Power Grids
  • Traction Locomotives
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC
  • Rest of the World (RoW)
    • Middle East and Africa
    • South America

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 24)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION AND SCOPE
    1.3 INCLUSIONS AND EXCLUSIONS
    1.4 STUDY SCOPE
           1.4.1 MARKETS COVERED
           1.4.2 YEARS CONSIDERED
    1.5 CURRENCY
    1.6 LIMITATIONS
    1.7 MARKET STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 27)
    2.1 RESEARCH DATA
        FIGURE 1 SOLID-STATE TRANSFORMER MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of key secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primaries
                    2.1.2.2 Key data from primary sources
           2.1.3 SECONDARY AND PRIMARY RESEARCH
                    2.1.3.1 Key industry insights
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size using bottom-up analysis
                            FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for arriving at market size using bottom-up analysis
                            FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
        FIGURE 4 MARKET BREAKDOWN AND DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
        FIGURE 5 ASSUMPTION FOR RESEARCH STUDY

3 EXECUTIVE SUMMARY (Page No. - 36)
  FIGURE 6 HV/MV SEGMENT TO ACCOUNT FOR LARGE SHARE OF SOLID-STATE TRANSFORMER MARKET IN 2024
  FIGURE 7 RENEWABLE POWER GENERATION SEGMENT OF SOLID-STATE TRANSFORMER MARKET TO GROW AT HIGHEST CAGR FROM 2024 TO 2030
  FIGURE 8 SOLID-STATE TRANSFORMER MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2024 TO 2030

4 PREMIUM INSIGHTS (Page No. - 39)
    4.1 ATTRACTIVE OPPORTUNITIES IN SOLID-STATE TRANSFORMER MARKET
        FIGURE 9 GROWTH OF ALTERNATIVE ENERGY SECTOR TO FUEL GLOBAL DEMAND FOR SOLID-STATE TRANSFORMERS
    4.2 SOLID-STATE TRANSFORMER MARKET, BY VOLTAGE LEVEL
        FIGURE 10 HV/MV SEGMENT TO ACCOUNT FOR LARGE SIZE OF SOLID-STATE TRANSFORMER MARKET FROM 2024 TO 2030
    4.3 SOLID-STATE TRANSFORMER MARKET, BY INDUSTRY AND REGION
        FIGURE 11 RENEWABLE POWER GENERATION SEGMENT AND APAC TO ACCOUNT FOR LARGEST SHARES OF SOLID-STATE TRANSFORMER MARKET IN 2024
    4.4 SOLID-STATE TRANSFORMER MARKET, BY GEOGRAPHY
        FIGURE 12 CHINA ESTIMATED TO HOLD LARGEST SHARE OF SOLID-STATE TRANSFORMER MARKET IN 2024

5 MARKET OVERVIEW (Page No. - 42)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
        FIGURE 13 SOLID-STATE TRANSFORMER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Growing alternative energy sector
                            FIGURE 14 GLOBAL ALTERNATIVE ENERGY PRODUCTION OUTLOOK (TERAWATT-HOURS)
                            TABLE 1 GLOBAL INSTALLED WIND ENERGY CAPACITY (GIGAWATT)
                    5.2.1.2 Increasing investments in smart grids and energy systems
                            TABLE 2 KEY SMART GRID INVESTMENT INITIATIVES
                            FIGURE 15 DRIVERS OF SOLID-STATE TRANSFORMER MARKET AND THEIR IMPACTS
           5.2.2 RESTRAINTS
                    5.2.2.1 High initial costs of solid-state transformers
                    5.2.2.2 Reluctance of power companies to replace aging energy infrastructures
                    5.2.2.3 Global industrial slowdown due to COVID-19
                            FIGURE 16 RESTRAINTS OF SOLID-STATE TRANSFORMER MARKET AND THEIR IMPACTS
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing adoption of electric vehicles and traction locomotives
                    5.2.3.2 Upcoming smart city projects in developing regions
                            FIGURE 17 OPPORTUNITIES OF SOLID-STATE TRANSFORMER MARKET AND THEIR IMPACTS
           5.2.4 CHALLENGES
                    5.2.4.1 Trade-off between efficiency, reliability, and ultra-high voltage application of solid-state transformers
                            FIGURE 18 CHALLENGES OF SOLID-STATE TRANSFORMER MARKET AND THEIR IMPACTS
    5.3 VALUE CHAIN ANALYSIS
        FIGURE 19 VALUE CHAIN ANALYSIS: MAJOR VALUE ADDITION DURING MANUFACTURING/ASSEMBLY STAGES
    5.4 ECOSYSTEM
        FIGURE 20 SOLID-STATE TRANSFORMER MARKET: ECOSYSTEM
    5.5 PORTER’S FIVE FORCES ANALYSIS
        TABLE 3 IMPACT OF EACH FORCE ON SOLID-STATE TRANSFORMER MARKET
    5.6 CASE STUDY
           5.6.1 USE CASE 1: FUTURE RENEWABLE ELECTRIC ENERGY DELIVERY AND MANAGEMENT SYSTEM—FREEDM SYSTEM
           5.6.2 USE CASE 2: HIGHLY EFFICIENT AND RELIABLE SMART TRANSFORMER-HEART PROJECT
    5.7 TECHNOLOGY ANALYSIS
           5.7.1 SMART GRID
           5.7.2 ARTIFICIAL INTELLIGENCE IN WIND POWER GENERATION
    5.8 PRICING ANALYSIS
    5.9 TRADE ANALYSIS
        TABLE 4 IMPORT DATA, 2015–2019 (USD MILLION)
        TABLE 5 EXPORT DATA, 2015–2019 (USD MILLION)
    5.10 PATENT ANALYSIS
    5.11 REGULATORY LANDSCAPE
        TABLE 6 AMENDED ENERGY CONSERVATION STANDARDS FOR LOW-VOLTAGE DRY-TYPE DISTRIBUTION TRANSFORMERS

6 COMPONENTS USED IN SOLID-STATE TRANSFORMERS (Page No. - 57)
    6.1 INTRODUCTION
    6.2 CONVERTERS
           6.2.1 AC TO DC CONVERTERS
                 FIGURE 21 AC TO DC CONVERTER CIRCUIT DIAGRAM
           6.2.2 DC TO AC CONVERTERS
           6.2.3 DC TO DC CONVERTERS
    6.3 SWITCHES
           6.3.1 SIC POWER MOSFETS
           6.3.2 POWER DIODES
           6.3.3 INSULATED-GATE BIPOLAR TRANSISTORS
    6.4 HIGH-FREQUENCY TRANSFORMERS
    6.5 OTHERS
           6.5.1 HIGH-VOLTAGE INDUCTORS
           6.5.2 HIGH-VOLTAGE CAPACITORS
           6.5.3 HIGH-VOLTAGE RESISTORS
    6.6 SOLID-STATE TRANSFORMER ARCHITECTURE
           6.6.1 SSTI-BLOCK
           6.6.2 SSTBLOCK

7 CLASSIFICATION OF SOLID-STATE TRANSFORMERS (Page No. - 61)
    7.1 INTRODUCTION
    7.2 POWER STAGES
           7.2.1 ONE STAGE
           7.2.2 TWO STAGE
           7.2.3 THREE STAGE
    7.3 ISOLATION STAGE CONTROLS
           7.3.1 DECOUPLED ISOLATION STAGE CONTROLS
           7.3.2 COUPLED ISOLATION STAGE CONTROLS

8 SOLID-STATE TRANSFORMER MARKET, BY VOLTAGE LEVEL (Page No. - 63)
    8.1 INTRODUCTION
        FIGURE 22 HV/MV SEGMENT TO ACCOUNT FOR LARGE SIZE OF SOLID-STATE TRANSFORMER MARKET FROM 2024 TO 2030
        TABLE 7 SOLID-STATE TRANSFORMER MARKET, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
    8.2 HV/MV
           8.2.1 RENEWABLE POWER GENERATION SEGMENT OF HV/MV SOLID-STATE TRANSFORMER MARKET TO GROW AT HIGHEST CAGR FROM 2024 TO 2030
                 TABLE 8 HV/MV SOLID-STATE TRANSFORMER MARKET, BY APPLICATION, 2024–2030 (USD MILLION)
                 TABLE 9 HV/MV SOLID-STATE TRANSFORMER MARKET, BY REGION, 2024–2030 (USD MILLION)
    8.3 MV/LV
           8.3.1 AUTOMOTIVE SEGMENT OF MV/LV SOLID-STATE TRANSFORMER MARKET TO GROW AT HIGHEST CAGR FROM 2024 TO 2030
                 FIGURE 23 AUTOMOTIVE SEGMENT TO HOLD LARGEST SIZE OF MV/LV SOLID-STATE TRANSFORMER MARKET FROM 2024 TO 2030
                 TABLE 10 MV/LV SOLID-STATE TRANSFORMER MARKET, BY APPLICATION, 2024–2030 (USD MILLION)
                 TABLE 11 MV/LV SOLID-STATE TRANSFORMER MARKET, BY REGION, 2024–2030 (USD MILLION)

9 MODULAR STRUCTURE OF SOLID-STATE TRANSFORMERS (Page No. - 68)
    9.1 INTRODUCTION
    9.2 POWER INTERCONNECTION
    9.3 VOLTAGE INTERCONNECTION
    9.4 PHASE INTERCONNECTION

10 SOLID-STATE TRANSFORMER MARKET, BY APPLICATION (Page No. - 69)
     10.1 INTRODUCTION
          FIGURE 24 RENEWABLE POWER GENERATION SEGMENT TO HOLD LARGEST SIZE OF SOLID-STATE TRANSFORMER MARKET FROM 2024 TO 2030
          TABLE 12 SOLID-STATE TRANSFORMER MARKET, BY APPLICATION, 2024–2030 (USD MILLION)
     10.2 RENEWABLE POWER GENERATION
             10.2.1 RENEWABLE POWER GENERATION SEGMENT TO HOLD LARGEST SIZE OF SOLID-STATE TRANSFORMER MARKET FROM 2024 TO 2030
                    FIGURE 25 WIND POWER SEGMENT TO HOLD LARGEST SIZE OF SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE POWER GENERATION FROM 2024 TO 2030
                    TABLE 13 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE POWER GENERATION, BY TYPE, 2024–2030 (USD MILLION)
                    TABLE 14 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE POWER GENERATION, BY REGION, 2024–2030 (USD MILLION)
                    TABLE 15 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR RENEWABLE POWER GENERATION, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 16 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR RENEWABLE POWER GENERATION, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 17 SOLID-STATE TRANSFORMER MARKET IN APAC FOR RENEWABLE POWER GENERATION, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 18 SOLID-STATE TRANSFORMER MARKET IN ROW FOR RENEWABLE POWER GENERATION, BY REGION, 2024–2030 (USD THOUSAND)
                    TABLE 19 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE POWER GENERATION, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
             10.2.2 WIND POWER
                        10.2.2.1 Wind power segment to account for largest size of solid-state transformer market for renewable power generation from 2024 to 2030
                                 FIGURE 26 SOLID-STATE TRANSFORMER MARKET IN APAC FOR RENEWABLE WIND POWER GENERATION TO GROW AT HIGHEST RATE FROM 2024 TO 2030
                                 TABLE 20 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE WIND POWER GENERATION, BY REGION, 2024–2030 (USD MILLION)
             10.2.3 SOLAR POWER
                        10.2.3.1 Popularity of solar power in APAC to drive growth of solid-state transformer market for renewable solar power generation from 2024 to 2030
                                 TABLE 21 CUMULATIVE INSTALLED SOLAR PV CAPACITY IN KEY COUNTRIES, 2019 (GIGA WATT)
                                 TABLE 22 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE SOLAR POWER GENERATION, BY REGION, 2024–2030 (USD MILLION)
             10.2.4 TIDAL POWER
                        10.2.4.1 Tidal power segment of solid-state transformer market for renewable power generation to grow at slow rate owing to limited investments by governments due to COVID-19
                                 TABLE 23 SOLID-STATE TRANSFORMER MARKET FOR RENEWABLE TIDAL POWER GENERATION, BY REGION, 2024–2030 (USD THOUSAND)
     10.3 AUTOMOTIVE
             10.3.1 GROWTH OF EV CHARGING INFRASTRUCTURES IN APAC TO FUEL DEMAND FOR SOLID-STATE TRANSFORMERS FROM 2024 TO 2030
                    TABLE 24 SOLID-STATE TRANSFORMER MARKET FOR AUTOMOTIVE, BY REGION, 2024–2030 (USD MILLION)
                    TABLE 25 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR AUTOMOTIVE, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 26 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR AUTOMOTIVE, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 27 SOLID-STATE TRANSFORMER MARKET IN APAC FOR AUTOMOTIVE, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 28 SOLID-STATE TRANSFORMER MARKET IN ROW FOR AUTOMOTIVE, BY REGION, 2024–2030 (USD MILLION)
                    TABLE 29 SOLID-STATE TRANSFORMER MARKET FOR AUTOMOTIVE, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     10.4 POWER GRIDS
             10.4.1 MV/LV SEGMENT TO HOLD LARGE SIZE OF SOLID-STATE TRANSFORMER MARKET FOR POWER GRIDS IN 2030
                    TABLE 30 SOLID-STATE TRANSFORMER MARKET FOR POWER GRIDS, BY REGION, 2024–2030 (USD MILLION)
                    TABLE 31 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR POWER GRIDS, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 32 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR POWER GRIDS, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 33 SOLID-STATE TRANSFORMER MARKET IN APAC FOR POWER GRIDS, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 34 SOLID-STATE TRANSFORMER MARKET IN ROW FOR POWER GRIDS, BY REGION, 2024–2030 (USD THOUSAND)
                    FIGURE 27 MV/LV SEGMENT TO HOLD LARGE SIZE OF SOLID-STATE TRANSFORMER MARKET FOR POWER GRIDS IN 2030
                    TABLE 35 SOLID-STATE TRANSFORMER MARKET FOR POWER GRIDS, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     10.5 TRACTION LOCOMOTIVES
             10.5.1 ELECTRIFICATION OF RAILWAYS TO DRIVE DEMAND FOR SOLID-STATE TRANSFORMERS USED IN TRACTION LOCOMOTIVES
                    TABLE 36 SOLID-STATE TRANSFORMER MARKET FOR TRACTION LOCOMOTIVES, BY REGION, 2024–2030 (USD MILLION)
                    TABLE 37 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR TRACTION LOCOMOTIVES, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    FIGURE 28 UK TO HOLD LARGEST SIZE OF SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR TRACTION LOCOMOTIVES FROM 2024 TO 2030
                    TABLE 38 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR TRACTION LOCOMOTIVES, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 39 SOLID-STATE TRANSFORMER MARKET IN APAC FOR TRACTION LOCOMOTIVES, BY COUNTRY, 2024–2030 (USD THOUSAND)
                    TABLE 40 SOLID-STATE TRANSFORMER MARKET IN ROW FOR TRACTION LOCOMOTIVES, BY REGION, 2024–2030 (USD THOUSAND)
                    TABLE 41 SOLID-STATE TRANSFORMER MARKET FOR TRACTION LOCOMOTIVES, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     10.6 OTHERS
          FIGURE 29 SOLID-STATE TRANSFORMER MARKET IN APAC FOR OTHER APPLICATIONS TO GROW AT HIGHEST CAGR FROM 2024 TO 2030
          TABLE 42 SOLID-STATE TRANSFORMER MARKET FOR OTHER APPLICATIONS, BY REGION, 2024–2030 (USD THOUSAND)
          TABLE 43 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR OTHER APPLICATIONS, BY COUNTRY, 2024–2030 (USD THOUSAND)
          TABLE 44 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR OTHER APPLICATIONS, BY COUNTRY, 2024–2030 (USD THOUSAND)
          TABLE 45 SOLID-STATE TRANSFORMER MARKET IN APAC FOR OTHER APPLICATIONS, BY COUNTRY, 2024–2030 (USD THOUSAND)
          TABLE 46 SOLID-STATE TRANSFORMER MARKET IN ROW FOR OTHER APPLICATIONS, BY REGION, 2024–2030 (USD THOUSAND)
          TABLE 47 SOLID-STATE TRANSFORMER MARKET FOR OTHER APPLICATIONS, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)

11 GEOGRAPHIC ANALYSIS (Page No. - 91)
     11.1 INTRODUCTION
          FIGURE 30 SOLID-STATE TRANSFORMER MARKET IN CHINA PROJECTED TO GROW AT HIGHEST CAGR FROM 2024 TO 2030
          TABLE 48 SOLID-STATE TRANSFORMER MARKET, BY REGION, 2024–2030 (USD MILLION)
     11.2 NORTH AMERICA
          FIGURE 31 NORTH AMERICA: SOLID-STATE TRANSFORMER MARKET SNAPSHOT
             11.2.1 US
                        11.2.1.1 US to hold largest share of solid-state transformer market in North America
             11.2.2 CANADA
                        11.2.2.1 Solid-state transformers to be implemented mainly in renewable power generation sector in Canada
             11.2.3 MEXICO
                        11.2.3.1 Mexico-based companies and associations constantly striving to develop solid-state transformers used in renewable energy generation sector
                                 TABLE 49 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA, BY COUNTRY, 2024–2030 (USD MILLION)
                                 TABLE 50 SOLID-STATE TRANSFORMER MARKET IN US, BY APPLICATION, 2024–2030 (USD MILLION)
                                 TABLE 51 SOLID-STATE TRANSFORMER MARKET IN CANADA, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 52 SOLID-STATE TRANSFORMER MARKET IN MEXICO, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 53 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 54 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA FOR RENEWABLE POWER GENERATION, BY TYPE, 2024–2030 (USD THOUSAND)
                                 TABLE 55 SOLID-STATE TRANSFORMER MARKET IN NORTH AMERICA, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     11.3 EUROPE
          FIGURE 32 EUROPE: SOLID-STATE TRANSFORMER MARKET SNAPSHOT
             11.3.1 GERMANY
                        11.3.1.1 Germany projected to account for largest share of solid-state transformer market in Europe from 2024 to 2030
             11.3.2 UK
                        11.3.2.1 UK among key markets for tidal energy in Europe
             11.3.3 FRANCE
                        11.3.3.1 Growth of electric vehicle market in France to contribute to demand for solid-state transformers
             11.3.4 REST OF EUROPE
                    TABLE 56 SOLID-STATE TRANSFORMER MARKET IN EUROPE, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 57 SOLID-STATE TRANSFORMER MARKET IN GERMANY, BY APPLICATION, 2024–2030 (USD THOUSAND)
                    TABLE 58 SOLID-STATE TRANSFORMER MARKET IN UK, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 59 SOLID-STATE TRANSFORMER MARKET IN FRANCE, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 60 SOLID-STATE TRANSFORMER MARKET IN REST OF EUROPE, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 61 SOLID-STATE TRANSFORMER MARKET IN EUROPE, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 62 SOLID-STATE TRANSFORMER MARKET IN EUROPE FOR RENEWABLE POWER GENERATION, BY TYPE, 2024–2030 (USD THOUSAND)
                    TABLE 63 SOLID-STATE TRANSFORMER MARKET IN EUROPE, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     11.4 APAC
          FIGURE 33 APAC: SOLID-STATE TRANSFORMER MARKET SNAPSHOT
             11.4.1 CHINA
                        11.4.1.1 China to hold largest share of solid-state transformer market in APAC from 2024 to 2030
             11.4.2 JAPAN
                        11.4.2.1 Risen government investments for renewable power generation in Japan to fuel market growth
             11.4.3 INDIA
                        11.4.3.1 Investments in renewable energy projects in India to drive growth of market for solid-state transformers
             11.4.4 REST OF APAC
                    TABLE 64 SOLID-STATE TRANSFORMER MARKET IN APAC, BY COUNTRY, 2024–2030 (USD MILLION)
                    TABLE 65 SOLID-STATE TRANSFORMER MARKET IN CHINA, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 66 SOLID-STATE TRANSFORMER MARKET IN JAPAN, BY APPLICATION, 2024–2030 (USD THOUSAND)
                    TABLE 67 SOLID-STATE TRANSFORMER MARKET IN INDIA, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 68 SOLID-STATE TRANSFORMER MARKET IN REST OF APAC, BY APPLICATION, 2024–2030 (USD THOUSAND)
                    TABLE 69 SOLID-STATE TRANSFORMER MARKET IN APAC, BY APPLICATION, 2024–2030 (USD MILLION)
                    TABLE 70 SOLID-STATE TRANSFORMER MARKET IN APAC FOR RENEWABLE POWER GENERATION, BY TYPE, 2024–2030 (USD THOUSAND)
                    TABLE 71 SOLID-STATE TRANSFORMER MARKET IN APAC, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)
     11.5 REST OF THE WORLD
          FIGURE 34 ROW: SOLID-STATE TRANSFORMER MARKET SNAPSHOT
             11.5.1 MIDDLE EAST AND AFRICA
                        11.5.1.1 Investments in EV charging infrastructures expected to fuel market growth
             11.5.2 SOUTH AMERICA
                        11.5.2.1 Solid-state transformer market in South America to grow at slower pace than other regions in RoW
                                 TABLE 72 SOLID-STATE TRANSFORMER MARKET IN ROW, BY REGION, 2024–2030 (USD MILLION)
                                 TABLE 73 SOLID-STATE TRANSFORMER MARKET IN MIDDLE EAST AND AFRICA, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 74 SOLID-STATE TRANSFORMER MARKET IN SOUTH AMERICA, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 75 SOLID-STATE TRANSFORMER MARKET IN ROW, BY APPLICATION, 2024–2030 (USD THOUSAND)
                                 TABLE 76 SOLID-STATE TRANSFORMER MARKET IN ROW FOR RENEWABLE POWER GENERATION, BY TYPE, 2024–2030 (USD THOUSAND)
                                 TABLE 77 SOLID-STATE TRANSFORMER MARKET IN ROW, BY VOLTAGE LEVEL, 2024–2030 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 112)
     12.1 OVERVIEW
     12.2 MARKET SHARE ANALYSIS: SOLID-STATE TRANSFORMER MARKET
          FIGURE 35 OVERALL MARKET SHARE ANALYSIS OF SOLID-STATE TRANSFORMER MARKET FOR 2024
     12.3 COMPETITIVE EVALUATION QUADRANT
             12.3.1 STAR
             12.3.2 EMERGING LEADER
             12.3.3 PERVASIVE
             12.3.4 PARTICIPANT
                    FIGURE 36 COMPETITIVE EVALUATION QUADRANT
                    TABLE 78 COMPANY APPLICATION FOOTPRINT
                    TABLE 79 COMPANY REGION FOOTPRINT

13 COMPANY PROFILES (Page No. - 117)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     13.1 KEY PLAYERS
             13.1.1 HITACHI
                    FIGURE 37 HITACHI: COMPANY SNAPSHOT
             13.1.2 SCHNEIDER ELECTRIC
                    FIGURE 38 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
             13.1.3 SIEMENS
                    FIGURE 39 SIEMENS: COMPANY SNAPSHOT
             13.1.4 MITSUBISHI ELECTRIC
                    FIGURE 40 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
             13.1.5 GENERAL ELECTRIC
                    FIGURE 41 GENERAL ELECTRIC: COMPANY SNAPSHOT
             13.1.6 EATON
                    FIGURE 42 EATON: COMPANY SNAPSHOT
             13.1.7 VARENTEC
             13.1.8 AMANTYS
             13.1.9 ERMCO
             13.1.10 SPX TRANSFORMER SOLUTIONS
                     FIGURE 43 SPX TRANSFORMER SOLUTIONS: COMPANY SNAPSHOT

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

14 ADJACENT AND RELATED REPORTS (Page No. - 132)
     14.1 INTRODUCTION
     14.2 LIMITATIONS
     14.3 POWER ELECTRONICS MARKET, BY VERTICAL
             14.3.1 INTRODUCTION
                    FIGURE 44 POWER ELECTRONICS MARKET FOR AUTOMOTIVE & TRANSPORTATION TO GROW AT HIGHEST CAGR DURING THE FORECAST PERIOD
                    TABLE 80 POWER ELECTRONICS MARKET BY VERTICAL, 2017–2025 (USD BILLION)
             14.3.2 ICT
                        14.3.2.1 Increasing demand for advanced power devices to drive growth of ICT segment
                                 TABLE 81 POWER ELECTRONICS MARKET FOR ICT, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                                 TABLE 82 POWER ELECTRONICS MARKET FOR ICT, BY REGION, 2017–2025 (USD MILLION)
                                 TABLE 83 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR ICT, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 84 POWER ELECTRONICS MARKET IN EUROPE FOR ICT, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 85 POWER ELECTRONICS MARKET IN APAC FOR ICT, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 86 POWER ELECTRONICS MARKET IN ROW FOR ICT, BY REGION, 2017–2025 (USD MILLION)
             14.3.3 CONSUMER ELECTRONICS
                        14.3.3.1 Growing adoption of consumer electronics to drive market for power management IC
                                 TABLE 87 POWER ELECTRONICS MARKET FOR CONSUMER ELECTRONICS, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                                 FIGURE 45 APAC TO DOMINATE POWER ELECTRONICS MARKET FOR CONSUMER ELECTRONICS FROM 2020 TO 2025
                                 TABLE 88 POWER ELECTRONICS MARKET FOR CONSUMER ELECTRONICS, BY REGION, 2017–2025 (USD MILLION)
                                 TABLE 89 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR CONSUMER ELECTRONICS, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 90 POWER ELECTRONICS MARKET IN EUROPE FOR CONSUMER ELECTRONICS, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 91 POWER ELECTRONICS MARKET IN APAC FOR CONSUMER ELECTRONICS, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 92 POWER ELECTRONICS MARKET IN ROW FOR CONSUMER ELECTRONICS, BY COUNTRY, 2017–2025 (USD MILLION)
             14.3.4 INDUSTRIAL
                        14.3.4.1 surging Industrial automation to drive market growth
                                 TABLE 93 POWER ELECTRONICS MARKET FOR INDUSTRIAL, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                                 FIGURE 46 POWER ELECTRONICS MARKET IN APAC FOR INDUSTRIAL VERTICAL TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
                                 TABLE 94 POWER ELECTRONICS MARKET FOR INDUSTRIAL, BY REGION, 2017–2025 (USD MILLION)
                                 TABLE 95 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR INDUSTRIAL, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 96 POWER ELECTRONICS MARKET IN EUROPE FOR INDUSTRIAL, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 97 POWER ELECTRONICS MARKET IN APAC FOR INDUSTRIAL, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 98 POWER ELECTRONICS MARKET IN ROW FOR INDUSTRIAL, BY REGION, 2017–2025 (USD MILLION)
             14.3.5 ENERGY & POWER
                        14.3.5.1 Photovoltaics
                                     14.3.5.1.1 Increasing initiatives by governments for production of clean energy to drive growth of PV and power electronics market
                        14.3.5.2 Wind turbine
                                     14.3.5.2.1 Rising use of wind turbines for electricity generation to fuel demand for power electronic devices
             14.3.6 AUTOMOTIVE & TRANSPORTATION
                        14.3.6.1 Increasing importance of advanced power semiconductor devices in automotive application to drive sic and gan power electronics market
                                 FIGURE 47 POWER MODULE SEGMENT OF POWER ELECTRONICS MARKET FOR AUTOMOTIVE & TRANSPORTATION TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
                                 TABLE 99 POWER ELECTRONICS MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                                 FIGURE 48 APAC TO LEAD POWER ELECTRONICS MARKET FOR AUTOMOTIVE & TRANSPORTATION FROM 2020 TO 2025
                                 TABLE 100 POWER ELECTRONICS MARKET FOR AUTOMOTIVE & TRANSPORTATION, BY REGION, 2017–2025 (USD MILLION)
                                 TABLE 101 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR AUTOMOTIVE & TRANSPORTATION, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 102 POWER ELECTRONICS MARKET IN EUROPE FOR AUTOMOTIVE & TRANSPORTATION, BY COUNTRY, 2017–2025 (USD MILLION)
                                 FIGURE 49 POWER ELECTRONICS MARKET IN CHINA FOR AUTOMOTIVE & TRANSPORTATION TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
                                 TABLE 103 POWER ELECTRONICS MARKET IN APAC FOR AUTOMOTIVE & TRANSPORTATION, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 104 POWER ELECTRONICS MARKET IN ROW FOR AUTOMOTIVE & TRANSPORTATION, BY REGION, 2017–2025 (USD MILLION)
                        14.3.6.2 Powertrain
                        14.3.6.3 Body & convenience
                        14.3.6.4 Chassis & safety and ADAS
                        14.3.6.5 Infotainment
             14.3.7 AEROSPACE & DEFENSE
                        14.3.7.1 Growing adoption of GAN in aerospace & defense vertical owing to its high power capability
                                 TABLE 105 POWER ELECTRONICS MARKET FOR AEROSPACE & DEFENSE, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                                 TABLE 106 POWER ELECTRONICS MARKET FOR AEROSPACE & DEFENSE, BY REGION, 2017–2025 (USD MILLION)
                                 TABLE 107 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR AEROSPACE & DEFENSE, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 108 POWER ELECTRONICS MARKET IN EUROPE FOR AEROSPACE & DEFENSE, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 109 POWER ELECTRONICS MARKET IN APAC FOR AEROSPACE & DEFENSE, BY COUNTRY, 2017–2025 (USD MILLION)
                                 TABLE 110 POWER ELECTRONICS MARKET IN ROW FOR AEROSPACE & DEFENSE, BY REGION, 2017–2025 (USD MILLION)
             14.3.8 OTHERS
                    TABLE 111 POWER ELECTRONICS MARKET FOR OTHER VERTICALS, BY DEVICE TYPE, 2017–2025 (USD MILLION)
                    TABLE 112 POWER ELECTRONICS MARKET FOR OTHER VERTICALS, BY REGION, 2017–2025 (USD MILLION)
                    TABLE 113 POWER ELECTRONICS MARKET IN NORTH AMERICA FOR OTHER VERTICALS, BY COUNTRY, 2017–2025 (USD MILLION)
                    TABLE 114 POWER ELECTRONICS MARKET IN EUROPE FOR OTHER VERTICALS, BY COUNTRY, 2017–2025 (USD MILLION)
                    TABLE 115 POWER ELECTRONICS MARKET IN APAC FOR OTHER VERTICALS, BY COUNTRY, 2017–2025 (USD MILLION)
                    TABLE 116 POWER ELECTRONICS MARKET IN ROW FOR OTHER VERTICALS, BY REGION, 2017–2025 (USD MILLION)

15 APPENDIX (Page No. - 153)
     15.1 INSIGHTS OF INDUSTRY EXPERTS
     15.2 DISCUSSION GUIDE
     15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     15.4 AVAILABLE CUSTOMIZATIONS
     15.5 RELATED REPORTS
     15.6 AUTHOR DETAILS

This study involved four major activities in estimating the size of the soldi-state transformer market. Exhaustive secondary research has been conducted to collect information on the solid-state transformer market. In the next step, these findings, assumptions, and sizing have been validated with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches have been employed to estimate the complete market size. Following that, the market breakdown and data triangulation methods have been used to estimate the market size of segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for the solid-state transformer market study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, transformer associations (such as Indian Transformer Manufacturers Association (ITMA), Transformer Association (TTA), European Power Supplies Manufacturers’ Association (EPSMA)) International, and certified publications; articles from recognized authors; directories; and databases.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts, such as CEOs, VPs, marketing directors, technology and innovation directors, and related key executives from major companies and organizations expected to operate in the solid-state transformer market. Following is the breakdown of primary respondents:

Solid State (Smart) Transformer Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches have been used to estimate and validate the size of the overall solid-state transformer market and the market based on segments. The research methodology used to estimate the market size has been given below:

  • Key players expected to operate in the solid-state transformer market have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined by using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall expected solid-state transformer market size—using the estimation processes explained above—the market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends in both the demand and supply sides of the solid-state transformer market.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the solid-state transformer market report.

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
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