Visão geral do mercado

The global solid-state transformer market is projected to reach a value of $207.3 milhão por 2025 and is expected to grow to $467.0 milhão por 2031, with a compound annual growth rate (CAGR) of 14.34% during the forecast period from 2026 to 2031. This growth in the market can be attributed to increased investments in power transmission and distribution networks, renewable power generation, and electric vehicle (EV) charging station infrastructure worldwide.

There are several driving forces behind the need to improve power grid infrastructure. These include the growing demand for continuous and sustainable electricity, efficient power transmission and distribution, and increased investment in smart grids. To meet these requirements, manufacturers of regular power transformers are adapting their products to suit the needs of the rapidly expanding smart grid infrastructure. This momentum is supported by advancements in interactive digital communications, stricter government regulations, reliability and efficiency standards, the introduction of smart meters, and a greater reliance on secondary power supplies. Power electronics are also being increasingly utilized in the energy industry, both for small-scale applications such as battery chargers and LED drivers, and large-scale applications like power generation, transmission and distribution, photovoltaic (PV) systems, and EVs.

A solid-state transformer, also known as a smart transformer, is an advanced type of transformer that incorporates semiconductor components, control circuitry, and a high-frequency transformer. It enhances the quality of electricity by regulating voltage fluctuations, reduces grid losses, ensures security of supply, and protects consumers from grid failures. SSTs can perform various electrical energy conversions, such as AC-AC, AC-DC, DC-DC, and DC-AC, depending on the specific application. In the future, SSTs are expected to find wide-ranging applications in areas like renewable power integration, traction locomotives, electric vehicle charging stations, and more.

Currently, the solid-state transformer market is primarily focused on research and development. However, it is anticipated that solid-state transformers will gradually replace conventional transformers in the coming years. Solid-state transformers are key components in the development of smart grid infrastructure, as they allow bidirectional power transfer and voltage scaling for different applications. Manufacturers of conventional transformers are also getting involved in the research and development of solid-state transformers to meet the future demand from the smart grid infrastructure.

It is important to note that the COVID-19 pandemic has resulted in a slowdown in research and development across various industries due to funding limitations, disruptions in manufacturing activities, and supply chain interruptions for components and raw materials. Additionally, the pandemic has halted the construction of renewable power infrastructure and smart grid projects, leading to a decrease in demand for transformer products and impacting R&D projects worldwide.

The demand drivers for the solid-state transformer market include an increase in renewable power generation, a rise in the number of electric vehicle charging stations, electrification of rail locomotives worldwide, and the integration of high voltage DC (HVDC) systems. However, the market faces challenges such as the high initial cost of solid-state transformers, technical hurdles, and the lack of basic power infrastructure in underdeveloped countries.

Segmentação de mercado

The market is segmented based on various factors, including application, product type, and region.

Segmentation by Application
Smart Grid
Renewable Power Integration
Traction Locomotive
EV Charging Station
Others

Segmentation by Product Type
Power Transformer
Distribution Transformer
Traction Transformer

Segmentation by Region
North America – U.S., Canadá, and Mexico
Europe – Alemanha, França, Itália, Espanha, and Rest-of-Europe
China
U.K.
Asia-Pacific – Índia, Japão, Austrália, South Korea, and Rest-of-Asia-Pacific
Middle East and Africa – Arábia Saudita, África do Sul, and Rest-of-Middle East & Africa
South America – Brasil, Rest-of-South America

The global solid-state transformer market is expected to be dominated by renewable power integration applications, followed by the EV charging stations segment. This growth is driven by the increasing demand for electric vehicles and the construction of EV charging stations worldwide. Solid-state transformers are anticipated to be widely adopted in various applications, including renewable power integration, smart grid, electric vehicle charging stations, traction locomotives, aviation, ships, and others. The rapid growth of the renewable energy and electric vehicle sectors will benefit solid-state transformers due to their advantages such as small size and weight ratio, high efficiency, and reliability.

The renewable power integration segment is projected to hold the largest market share by 2025. Smart transformers are essential for efficient energy management in renewable power generation from wind and solar panels. Government initiatives and investments in solar panels and wind farms further contribute to the demand for solid-state transformers. The adoption of renewable power integration helps reduce carbon emissions and air pollutants, driving market growth in the coming years.

In terms of product types, the distribution transformer segment is expected to capture the highest market share between 2026 e 2031. These transformers are extensively used in power distribution networks and renewable power integration. The replacement of aging power distribution systems in countries like Germany, Índia, the U.S., and the U.K. will also fuel the demand for distribution transformers. Power transformers, distribution transformers, and traction transformers are the types of solid-state transformers used in various applications such as power generation, transmission, distribution, and traction systems.

Asia-Pacific, Europe, North America, and China are expected to experience significant growth in the global solid-state transformer market. The expansion of renewable power generation and the focus on smart power equipment and digitization in power grid infrastructure drive the development of solid-state transformers in these regions. The increased demand for reliable power supply, the growth of EV charging stations, and smart grid expansions contribute to market growth. The Asia-Pacific region is projected to hold the highest market share, driven by renewable power generation, electric vehicle sales, smart grid construction, and rural electrification.

Asia-Pacific is expected to generate the highest revenue of $61.0 million in 2025. The region’s growth is attributed to increasing renewable power generation, distributed generation, and electric vehicle sales. Solid-state transformers will challenge conventional transformer technology in renewable power transmission and distribution infrastructures. With these factors, the Asia-Pacific region is anticipated to grow at a faster rate compared to other regions.

Cenário competitivo

Over the past five years, the global solid-state transformer market has witnessed significant strategic and industrial developments as key market players strive to establish their presence in this dynamic sector. These players have adopted various strategies such as product development, innovation, partnerships, collaborations, business expansions, agreements, investments, and earning recognition and awards. Notably, acquisitions and agreements have emerged as the preferred strategies for strengthening their positions in the global solid-state transformer market.

Leading the market are key manufacturers of power, distribution, and traction transformers, as well as those actively engaged in research and development of solid-state transformers on a global scale.

Key companies profiled in this report include Siemens Energy, Alstom SA, Eaton Corporation, Hitachi Energy Ltd., Schneider Electric, Electric Research and Manufacturing Cooperative (ERMCO), Inc., Murata Manufacturing Co., Ltd., Standex International Corporation, Wilson Transformers, General Electric, American Superconductor, CG Power & Industrial Solutions Ltd., IONATE Limited, Raychem RPG Private Limited, Shree Abirami Engineering Works, Southwest Electric Co., Unimag Power Transformer, Bicron Electronics Company, PowerUC, SVM Private Limited.

Recent Industry Developments

In January 2022, Eaton Corporation completed the acquisition of Royal Power Solutions, a producer of electric vehicle components, for a total of $600 million. Alongside this acquisition, Eaton Corporation entered into an agreement with the Department of Energy (DOE) to develop and demonstrate electric vehicle charging infrastructure (EVCI). As part of supporting this charging infrastructure, Eaton intends to develop a solid-state transformer. This strategic acquisition has significantly bolstered Eaton’s presence in the electric vehicle sector as an eMobility company.

In March 2021, Hitachi Energy, formerly known as Hitachi ABB Power Grids, embarked on a collaboration with Nanyang Technological University (NTU) in Singapore. This joint effort aims to drive advancements in solid-state transformer (SST) technology. The project is backed by the National Research Foundation, Cingapura (NRF), and is expected to enhance Hitachi Energy’s product portfolio and expand its influence in the solid-state transformer market.

In December 2019, ERMCO, Inc entered into a partnership with SP Energy Networks, a prominent electricity network operator in the U.K. Through this collaboration, ERMCO would provide smart transformer solutions for the LV Engine project. The objective of this initiative is to monitor and demonstrate how smart transformers can efficiently manage energy, ultimately leading to the development of smarter grids with reduced carbon emissions.

In December 2021, Eaton Corporation secured an agreement with the Department of Energy (DOE) aimed at developing cost-effective fast-charging infrastructure, solid-state transformers, and modular chargers over a three-year period from 2022 to 2025. This strategic collaboration further strengthens Eaton’s position in the global solid-state transformer market.

Key Questions Answered

What is the projected revenue and compound annual growth rate (CAGR) of the global solid-state transformer market during the forecast period 2026-2031?

What are the key trends, market drivers, and opportunities in the global solid-state transformer market?

What are the major factors hindering the growth of the global solid-state transformer market?

What strategies are existing market players adopting to enhance their market position in the industry?

Based on their recent developments, product offerings, and regional presence, what is the competitive strength of key players in the global solid-state transformer market?

How does the competitive benchmarking of key players in the power sector reflect their market coverage and potential in the global solid-state transformer market?

What is the expected revenue and growth percentage for each segment during the forecast period?

Who are the players and stakeholders involved in the solid-state transformer market ecosystem, and what roles do they play in the global market?

Which consortiums and associations are leading the global solid-state transformer market, and what roles do they have in the market?

How does the regulatory landscape vary across different regions for the global solid-state transformer market?