The global solid state transformer market size reached US$ 187.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 430.2 Million by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028. More Info:- https://www.imarcgroup.com/solid-state-transformer-market

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Global Solid State
Transformer Market
Research and Forecast
Report 2023-2028
Author: Elena Anderson,
Marketing Manager |
IMARC Group
© 2019 IMARC All Rights Reserved

2. Report Description
About IMARC Group
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3. Report Description
Report Description and Highlights
Global Solid State Transformer Market Research Report:
The latest report by IMARC, titled “Solid State Transformer Market: Global Industry Trends, Share,
Size, Growth, Opportunity and Forecast 2023-2028” finds that the global solid state transformer
market size reached US$ 187.9 Million in 2022.
A solid state transformer, or SST, refers to a single-input dual-output power converter that facilitates
voltage conversion from alternate current (AC) to direct current (DC), DC to DC, and DC to AC on
different voltage levels. It offers high controllability and enables flexible connectivity between existing
medium-voltage power distribution networks, low-voltage AC residential systems, and envisioned DC
residential systems.
It also compensates the voltage sags and harmonic distortion, interconnects asynchronous networks,
and interfaces DC and AC ports. In addition, it can isolate disturbances from the source and load or vice
versa while eliminating the use of tap changers or mechanical actuators. As a result, SST finds extensive
applications in power grids, traction or locomotives, renewable power generation, and electric ships.
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4. Report Description
Report Description and Highlights
Global Solid State Transformer Market Trends:
The expanding energy sector, coupled with heavy investments in smart grid infrastructure, represents the primary
factor driving the market growth. Moreover, SST is gaining immense traction as a superior alternative to conventional
transformers in smart grids as it offers voltage regulation, power quality improvement, current limiting, reactive
power compensation, and power factor correction. Besides this, the rapid modernization of smart grids and the
widespread incorporation of electronic intelligence capabilities for power control and operations monitoring have
augmented the demand for smart grid technologies, such as SSTs. Additionally, there has been a rise in the use of SSTs
in electric vehicle (EV) charging stations. In line with this, the elevating EV sales across the globe due to the growing
environmental concerns among individuals and the implementation of favorable government initiatives promoting
the use of EVs have accelerated product adoption rates.
Furthermore, the increasing preferences for renewable energy sources, such as wind and solar energy, for power
generation due to escalating electricity demand and the surging need to reduce carbon footprints has fueled the
market growth. Other factors, including the rising public and private investments in distribution and power
transmission infrastructure, ongoing research and development (R&D) activities by key players, and technological
advancements, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value
to reach US$ 430.2 Million by 2028, growing at a CAGR of 14.3% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period
(2023-2028).

5. Report Description
Report Description and Highlights
Market Summary:
Breakup by Product:
• Distribution Solid State Transformer
• Power Solid State Transformer
• Traction Solid State Transformer
Breakup by Component:
• Converters
• High-frequency Transformers
• Switches
• Others
Breakup by Voltage Level:
• HV/MV
• MV/LV
Breakup by Application:
• Alternative Power Generation

6. Report Description
Report Description and Highlights
• Electric Vehicle Charging Stations
• Power Distribution
• Traction Locomotives
• Others
Breakup by End User:
• Energy
• Transportation
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia

7. Report Description
Report Description and Highlights
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

8. Competitive Landscape with Key Players:
• ABB Ltd
• Alstom SA
• Eaton Corporation PLC
• Electric Research and Manufacturing Cooperative Inc. (ERMCO) (Arkansas Electric
Cooperatives Inc.)
• General Electric Company
• Hitachi Ltd.
• Kirloskar Electric Company Ltd.
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Siemens AG
• Synergy Transformers
• Vollspark
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/solid-state-transformer-
market
Report Description
Report Description and Highlights

9. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

10. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

11. Report Description
Report Description and Highlights
© 2019 IMARC All Rights Reserved
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International Market Analysis Research and Consulting (IMARC). No part of this publication may be
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Disclaimer: All contents and data of this publication, including forecasts, data analysis and opinion have been
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the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any
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Analysis Research and Consulting. All other trademarks used in this publication are registered trademarks of
their respective companies.

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