Solid State Transformers Market To Reach $935.8 Million By 2030

Solid State Transformers Market Growth & Trends

The global solid state transformers market size is anticipated to reach USD 935.8 million by 2030 and is anticipated to grow at a CAGR of 32.0% from 2025 to 2030, according to a new report by Grand View Research, Inc. The need for efficient power supply and low-cost electricity is significantly encouraging power companies to develop the solid-state transformer technology. The technology is anticipated to be commercialized by 2018 and is expected to pave way for large-scale adoption of SSTs for renewable energy distribution and smart grid systems.

Government investments for increasing the implementation of smart grid systems are further expected to drive the demand for SSTs over the forecast period. These transformers comprise features such as bidirectional power supply and lightweight and hence, are expected to improve the efficiency of power distribution.

The benefits of SSTs are encouraging their use in transport infrastructure and energy generation systems used in offshore oil drilling. These transformers provide on-demand power that increases the power distribution efficiency. Furthermore, they are anticipated to enable customers to adopt self-sustaining renewable energy sources such as solar and wind energy.

The industry players comprise mainly big players in the power & energy industry and are mainly focused on retaining their market share. Furthermore, these companies have a multi-regional presence and witness stiff competition. Investing in technologies that would increase their market share is the main area of focus for the companies. Thus, they are largely involved in development of SST technology.

Solid state (smart) transformers are expected to be largely adopted in developed economies, such as Europe and North America, post commercialization. These economies are expected to be followed by developing economies such as Asia Pacific, Latin America, and MEA.

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Solid State Transformers Market Report Highlights

• Distribution solid state transformers (D-SSTs) accounted for the largest revenue share of 37.0% in the global market in 2024. The demand for these products is growing steadily due to several factors enabling the evolution of electrical distribution systems

• The renewable power generation segment accounted for a leading revenue share in the global market in 2024

• The traction solid state transformers segment is expected to advance at a substantial CAGR from 2025 to 2030

• Asia Pacific accounted for a leading revenue share of 36.6% in the global market in 2024, aided by rising investments in smart grid technology by governments and private organizations and rising pace of modernization across economies

Solid State Transformers Market Segmentation

Grand View Research has segmented the global solid state transformers market report based on product, application, and region:

Solid State Transformers Product Outlook (Revenue, USD Million, 2018 - 2030)

• Distribution Solid State Transformer

• Power Solid State Transformer

• Traction Solid State Transformer

• Others

Solid State Transformers Application Outlook (Revenue, USD Million, 2018 - 2030)

• Automotive

• Power Grids

• Traction Locomotives

• Renewable Power Generation

• Others

Solid State Transformers Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

• MEA

  • Saudi Arabia

  • UAE

  • South Africa

List Of Key Players in the Solid State Transformers Market

• Semiconductor Components Industries, LLC

• ABB

• Infineon Technologies AG

• Siemens

• ROHM Co., Ltd.

• STMicroelectronics

• Renesas Electronics Corporation

• Alstom SA

• Toshiba Corporation

• Mitsubishi Electric Corporation