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The growth of the solid state transformer market is increasing due to the integration of renewable energy in the power generation mix combined with increasing investment in smart grid technologies, reduction in price due to mass production, large manufacturers investing in R&D along with technological advancements in solid state transformers is expected to drive the market during the forecast period. In addition, the technical advantages of solid-state transformers (SSTs) over conventional transformers are also expected to drive the market.

The rise in solar photovoltaics and electric vehicles is based on direct current (DC) energy sources and has increased the demand for active power control; thus, driving the demand for smart transformers. Passive transformers are susceptible to DC offset and possess no controllability when employed in smart grids. In addition, due to their versatility, solid state transformers (SSTs) are seen as a modern solution for power distribution applications in the traction, electric vehicles, and aerospace industries. Solid state transformers (SSTs) can be utilized with the existing power distribution networks and play a huge role in electric vehicle charging infrastructure, increasing the demand for the solid state transformer market.

The potential benefits acquired by the Solid State Transformers (SSTs) compared to the conventional transformers, such as Bi-directional Electricity flow, higher load resonant capacity, efficient power management, and others, are expected to drive the Solid State Transformer market growth. Other significant advantages of using the Solid State transformers include supreme flexibility in controlling the power distribution networks, smooth conversion of the AC to DC and DC to AC, and the capability of catering wide range of applications considered the primary driving factors of Solid State transformer market growth. 

Electric vehicles are being produced at a phenomenal rate in the electric mobility segment and will require more charging infrastructure in the future. Furthermore, EV charging is based on direct current (DC) sources and has increased the demand for active power control; thus, driving the demand for smart transformers.

Power generation, transmission, and distribution are the three main constituents of the modern power system, in which the transformer plays a most critical role. Transformers enable high efficiency and long distance power transmission by boosting the voltage to a higher one in the generation side with the so called power transformer. On the other hand, this high voltage is stepped down for industrial, commercial, and residential use with the so-called distribution transformer on the distribution system side.

Transformer, device that transfers electric energy from one alternating-current circuit to one or more other circuits, either increasing (stepping up) or reducing (stepping down) the voltage. Transformers are employed for widely varying purposes, e.g., to reduce the voltage of conventional power circuits to operate low-voltage devices, such as doorbells and toy electric trains, and to raise the voltage from electric generators so that electric power can be transmitted over long distances.

Solid-state transformer (SST) is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high frequency transformers. It is also known as a smart transformer and intelligent universal transformer.

Solid State Transformer (SST) has been regarded as one of the most emerging technologies in the power distribution system. This is because it has the advantages of low volume, low weight, fault isolation, and potential additional functions, such as voltage regulation, reactive power compensation, etc.

The SST is a power electronic device that replaces the traditional 50/60 Hz power transformer by means of high frequency transformer isolated AC-AC conversion technique. The basic operation of the SST is firstly to change the 50/60 Hz AC voltage to a high frequency one (normally in the range of several to tens of kilohertz). Next, this high frequency voltage is stepped up/down by a high frequency transformer with significantly decreased volume and weight and finally shaped back into the desired 50/60 Hz voltage to feed the load.

SSTs are characterized by three main features Connection to at least one medium voltage (MV) (or high voltage (HV)) port (either AC or DC), Medium frequency isolation stage(s), and Controllability over input and/or output electrical parameters.

Solid State Transformers Benefits over Distribution Transformers:

• Power quality
• Single Wire Earth Return Systems
• Protection
• Integration with other systems

The SST has found its application in traction systems, where the SST can effectively replace the traditional transformer and power converters due to its configuration and voltage regulation capability. In addition, the SST can also be potentially integrated with energy storage devices when its DC link is available. SST provides a range of services to the grid, including reactive power compensation, power quality improvement, and current limiting and voltage regulation power factor correction.

Solid State Transformer Opportunities:

• Developments in the design of the present Solid State Transformer (SST).
• Increasing usage of solid state transformers in renewables and electric vehicles.
• SST applications can be extended for soft-open points (SOPs) in distribution network systems as it allows parallel connection with transformers of different power ratings.

Solid State Transformer Restraints:

• Performance constraints such as high cost, reliability, etc. are expected to restrain the solid-state transformer growth
• Testing infrastructure for the Solid State transformer is not mature enough

Europe accounted for the largest solid state transformer market share. This is attributed to the massive adoption of renewable energy such as wind and solar power plants in major European countries. However, Asia-Pacific is anticipated to grow at the fastest CAGR. This fast growth rate can be attributed to the investments done by Asia-Pacific countries such as China, India, Japan, and Australia in the power industry.

Power solid state transformers segment accounted for the largest market share owing to factors such as rapid adoption rate, economical costs, and rise in product awareness in the power industry. Traction solid-state transformers are projected to grow at the fastest CAGR owing to their potential use in locomotives and electric vehicles.

The study presents a detailed analysis of various factors that affect Global Solid State Transformer Market revenue. The study also comprehensively analyses the distribution transformer market by segmenting it based on geography (Asia Pacific, North America, South America, Europe, Middle East, ROW), based on the transformer (Power Solid State Transformer, Distribution Solid State Transformer, Traction Solid State Transformer ).

Blackridge Research's Global Solid State Transformer Market report provides insights into the current global and regional market demand scenario and its outlook.

The report also addresses present and future market opportunities, trends, developments in the Global Solid State Transformer Market Size, critical commercial developments, regions, and segments poised for the fastest-growing, competitive landscape.