As per the current market research conducted by the CMI Team, the North America Solid State Transformer Market share is expected to record a CAGR of 15.7% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 28.5 Million. By 2032, the valuation is anticipated to reach USD 105.7 Million.
North America Solid State Transformer Market: Growth Factors and Dynamics
- Renewable Energy Integration: The North America Solid State Transformer (SST) market is driven by the growing emphasis on renewable energy integration. SSTs enable efficient energy transfer and voltage regulation in smart grids, facilitating the integration of renewable energy sources like solar and wind power.
- Smart Grid Advancements: The deployment of smart grid technologies is a major growth factor. SSTs enhance grid resilience, enable bidirectional power flow, and support advanced monitoring and control functionalities, contributing to the modernization of power distribution systems.
- Energy Efficiency Initiatives: The market is influenced by increasing energy efficiency initiatives. SSTs offer better efficiency compared to traditional transformers, reducing energy losses during power transmission and distribution, which aligns with regional goals for energy conservation.
- Grid Resilience and Reliability: The need for grid resilience and reliability fuels the adoption of SSTs. These transformers enhance the overall stability of the power grid, ensuring a continuous and reliable power supply, which is crucial for various industries and the economy.
- Electrification Trends: The rise of electrification trends, such as electric vehicles and increased electrification of industries, is a significant driver. SSTs support the development of efficient charging infrastructure for electric vehicles and accommodate the changing energy consumption patterns associated with electrification.
- Research and Innovation: Ongoing research and innovation contribute to market dynamics. Continuous advancements in materials and technologies used in SSTs, coupled with collaborations between research institutions and industry players, drive the evolution of solid-state transformer solutions, fostering market growth in North America.
- Distributed Energy Resources (DERs) Integration: The North American Solid State Transformer market is influenced by the integration of Distributed Energy Resources (DERs). SSTs play a crucial role in managing and integrating energy from decentralized sources, such as rooftop solar panels and energy storage systems, contributing to a more resilient and adaptive energy infrastructure.
- Government Initiatives and Regulatory Support: Government initiatives and regulatory support for modernizing the power grid propel the market. Incentives, policies promoting grid resilience, and the integration of innovative technologies in the energy sector create a favorable environment for the adoption of Solid-State Transformers, driving market growth in North America.
North America Solid State Transformer Market: Partnership and Acquisitions
- In 2021, Eaton received a $4.9 million grant from the US Department of Energy to streamline the installation of DC fast electric vehicle charging infrastructure (EVCI). Eaton plans to develop a specialized solid-state transformer design and compact chargers on a small skid, aiming to expedite installation, minimize equipment requirements, and reduce deployment costs.
- In 2021, Prolec GE successfully acquired SPX Transformer Solutions, renowned for its Waukesha® transformers and services. This strategic move positions Prolec GE to meet the expanding needs of the Americas market, offering an extended range of innovative and sustainable solutions for efficient electrical energy delivery.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 28.5 Million |
| Projected Market Size in 2032 | USD 105.7 Million |
| Market Size in 2022 | USD 24.8 Million |
| CAGR Growth Rate | 15.7% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Component, Application, End-use and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
North America Solid State Transformer Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the North America Solid State Transformer Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic led to disruptions in the supply chain, affecting the production and availability of solid-state transformer components. Delays in manufacturing and logistics impacted the market’s growth.
- Project Delays and Cancellations: Many ongoing projects related to grid modernization and renewable energy integration faced delays or cancellations due to lockdowns, restrictions, and uncertainties, affecting the demand for solid-state transformers.
- Budget Constraints: Economic uncertainties and budget constraints during the pandemic led to a cautious approach to investment decisions, impacting the adoption of advanced technologies like solid-state transformers.
- Government Stimulus and Investments: Increased government stimulus packages and investments in infrastructure projects aimed at economic recovery can stimulate the demand for solid-state transformers, especially in grid modernization initiatives.
- Renewed Focus on Renewable Energy: As economies recover, there is a renewed focus on sustainable and renewable energy solutions. Solid-state transformers, with their efficiency and compatibility with renewable sources, can benefit from this trend.
- Accelerated Digital Transformation: The push for digital transformation post-COVID-19 may drive utilities and industries to expedite the adoption of smart grid technologies, including solid-state transformers, to enhance grid resilience and efficiency.
- Rising Demand for Grid Resilience: The lessons learned from the pandemic underscore the importance of resilient infrastructure. Solid-state transformers, with their capability to enhance grid resilience, may experience increased demand as utilities prioritize reliability.
- Technological Advancements: Continued advancements in solid-state transformer technology, coupled with increased research and development activities, can lead to innovations that address specific challenges highlighted during the pandemic, making these transformers more appealing in the recovery phase.
In conclusion, the COVID-19 pandemic has had a mixed impact on the North America Solid State Transformer Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the North America Solid State Transformer Market:
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- General Electric Company
- Mitsubishi Electric Corporation
- Eaton Corporation plc
- Varentec Inc.
- Raychem RPG Pvt. Ltd.
- Hitachi ABB Power Grids
- GridBridge
- CREE Inc.
- Waukesha Electric Systems
- VoltServer Inc.
- Rogers Corporation
- Miracle Electronics Devices Pvt. Ltd.
- Others
The North America Solid State Transformer Market is segmented as follows:
By Type
- Distribution Solid State Transformer
- Power Solid State Transformer
- Traction Solid State Transformer
By Component
- Converters
- High-frequency Transformers
- Switches
- Others
By Application
- Alternative Power Generation
- Electric Vehicle Charging Stations
- Power Distribution
- Traction Locomotives
By End-use
- Energy
- Transportation
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America