US Solid State Transformer Market Size, Trends and Insights 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), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI39925

Published Date: January 2024

Pages: 320+

Category: USA

Report Snapshot

CAGR: 15.3%
17.8M
2022
22.3M
2023
80.2M
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: USA
Largest Market: USA

Major Players

  • ABB Inc.
  • Siemens AG
  • General Electric Company
  • Schneider Electric SE
  • Mitsubishi Electric US Inc.
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the US Solid State Transformer Market is expected to record a CAGR of 15.3% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 22.3 Million. By 2032, the valuation is anticipated to reach USD 80.2 Million.

The US Solid State Transformer market encompasses the production, deployment, and application of solid-state transformers, leveraging advanced semiconductor technologies. These transformers play a pivotal role in enhancing grid efficiency, accommodating renewable energy sources, and supporting the growth of smart grids.

Driven by trends such as electric vehicle adoption, technological innovation, and resilient grid initiatives, the US market witnesses a dynamic landscape. Key industry players, including ABB Inc., Siemens AG, and General Electric Company, contribute to technological advancements, research, and strategic initiatives, shaping a market focused on sustainability, efficiency, and future-proof energy solutions.

US Solid State Transformer Market – Significant Growth Factors

The US Solid State Transformer Market presents significant growth opportunities due to several factors:

  • Renewable Energy Integration: The growing emphasis on renewable energy sources is a major driver. Solid state transformers facilitate efficient integration, ensuring grid stability and supporting the integration of solar and wind power.
  • Technological Advancements: Ongoing advancements in solid-state transformer technology, including improvements in power electronics, materials, and control systems, drive market growth. Innovations contribute to the development of more efficient, compact, and reliable solid-state transformers, meeting the evolving needs of the US energy sector.
  • Resilience Against Cybersecurity Threats: The increasing awareness of cybersecurity threats to the power grid is a driver. Solid-state transformers, with their advanced control features, enhance grid security, offering a resilient solution against potential cyber-attacks and ensuring the reliability of the US power infrastructure.
  • Electric Vehicle Adoption: The surge in electric vehicle adoption is driving demand for advanced power distribution solutions. Solid state transformers play a crucial role in developing efficient and high-speed EV charging infrastructure.
  • Grid Resilience Initiatives: Initiatives focused on enhancing grid resilience drive the market. Solid state transformers contribute to building robust and adaptive power grids, especially in the face of challenges like extreme weather events and cybersecurity threats.
  • Government Support and Regulations: Supportive government policies and regulations promoting advanced energy technologies, including solid state transformers, drive market growth. Incentives, grants, and regulatory frameworks encourage investments in sustainable and modernized energy infrastructure.
  • Grid Modernization Projects: The ongoing grid modernization projects present an opportunity for solid state transformers. As the US invests in upgrading its power grid, there is a growing demand for advanced technologies that enhance grid efficiency and reliability.
  • Partnerships and Collaborations: Collaborations between solid state transformer manufacturers and other stakeholders, such as utilities, EV manufacturers, and research institutions, present opportunities. Partnerships can drive innovation, accelerate market adoption, and create comprehensive solutions that address the evolving needs of the US energy landscape.

US Solid State Transformer Market – Mergers and Acquisitions

The US Solid State Transformer Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the US Solid State Transformer Market include:

  • In 2022, General Motors (GM), NextEnergy, DTE Energy, Virginia Tech’s CPES, and the American Center for Mobility, in collaboration with Delta Electronics, unveiled a 400kW extremely fast EV charger. Powered by a next-gen SiC MOSFET solid-state transformer, it supports a leading 500 Amps charging current, aiming to boost e-mobility adoption in the region.
  • In 2022, Delta showcased a 400kW Solid State Transformer-based Extreme Fast EV Charger to key partners, including GM, DTE Energy, NextEnergy, Virginia Tech’s CPES, American Center for Mobility, and the US DOE. This innovation highlights Delta’s commitment to advancing electric vehicle charging infrastructure and collaboration with industry leaders.
  • In 2021, Hitachi ABB Power Grids and NTU Singapore collaborate on advancing solid-state transformer (SST) technology. Led by the Energy Research Institute and supported by NRF Singapore, the partnership aims to drive innovation and research in SST, contributing to the evolution of power distribution technologies.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the US Solid State Transformer Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

US Solid State Transformer Market Power to Gas Market Solid State Transformer Market
CAGR 15.3% (Approx) CAGR 12.5% (Approx) CAGR 16% (Approx)
USD 80.2 Million by 2032 USD 188.7 Million by 2032 USD 240 Million by 2032

US Solid State Transformer Market – Significant Threats

The US Solid State Transformer Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • High Initial Costs: The substantial upfront costs associated with implementing solid-state transformers pose a threat. Cost considerations may hinder widespread adoption, especially for smaller utilities or projects with budget constraints, impacting market penetration.
  • Technological Challenges: The complexity of solid-state transformer technology poses challenges, including design intricacies and potential reliability issues. Technical complexities may slow down adoption and impact the market’s overall growth trajectory.
  • Competition from Conventional Transformers: Traditional transformers still dominate the market, and resistance to shifting from proven technologies to newer, albeit advanced, options presents a threat. Convincing stakeholders to adopt solid-state transformers over conventional alternatives can be challenging.
  • Supply Chain Vulnerabilities: Disruptions in the global supply chain, as seen during events like the COVID-19 pandemic, pose a threat to the market. Dependence on specific suppliers for critical components may lead to delays and impact production schedules.
  • Regulatory Uncertainties: Evolving regulations and standards in the energy sector can be a threat. Compliance with rapidly changing standards may require frequent adjustments, creating uncertainties and potentially affecting the planning and execution of solid-state transformer projects in the US.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 22.3 Million
Projected Market Size in 2032 USD 80.2 Million
Market Size in 2022 USD 17.8 Million
CAGR Growth Rate 15.3% CAGR
Base Year 2022
Forecast Period 2023-2032
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
Country Scope US
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type

  • Distribution Solid State Transformer: Distribution solid-state transformers focus on enhancing power distribution efficiency, voltage control, and reliability in the US electrical grid. Trends include increased deployment in smart grids, grid modernization projects, and their role in accommodating renewable energy sources seamlessly.
  • Power Solid State Transformer: Power solid-state transformers are designed for high-power applications, offering improved controllability and reliability. In the US, trends involve their integration into utility-scale renewable energy projects, supporting efficient power transmission, and contributing to grid resilience.
  • Traction Solid State Transformer: Traction solid-state transformers cater to electric vehicle (EV) charging infrastructure, ensuring efficient power conversion and distribution. In the US, trends include their pivotal role in developing high-speed EV charging stations and supporting the growing adoption of electric mobility.

By Component

  • Converters: Converters in the US Solid State Transformer market are components that facilitate energy conversion between AC and DC. Key trends include advancements in power electronics, enhancing conversion efficiency, and the integration of smart control features, contributing to the overall performance and adaptability of solid-state transformers.
  • High-frequency Transformers: High-frequency transformers play a crucial role in the US Solid State Transformer market by efficiently managing energy transfer at elevated frequencies. Trends involve innovations in transformer design, materials, and manufacturing techniques, improving overall efficiency and reducing energy losses in solid-state transformer systems.
  • Switches: Switches are essential components in solid-state transformers, controlling the flow of electricity. Trends in the US market include the development of advanced semiconductor switches, offering higher reliability, faster switching speeds, and improved controllability, contributing to enhanced overall performance in solid-state transformer applications.
  • Others: Other components in the US Solid State Transformer market encompass various elements contributing to the functionality and efficiency of the system. Trends involve continuous innovation in materials, sensors, and control systems, addressing specific application requirements and further advancing the capabilities of solid-state transformers.

US Solid State Transformer Market 2023–2032 (By Million)

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By Application 

  • Alternative Power Generation: Solid state transformers in alternative power generation enhance energy conversion efficiency, grid connectivity, and accommodate diverse energy sources. Trends include increased adoption of renewable energy projects, such as solar and wind, offering a more flexible and efficient means of integrating alternative power into the grid.
  • Electric Vehicle Charging Stations: In electric vehicle charging stations, solid state transformers enable high-speed and efficient power distribution, addressing the demand for rapid EV charging infrastructure. Trends involve a rising number of charging stations and advancements to support faster charging technologies.
  • Power Distribution: Solid state transformers enhance power distribution by improving grid flexibility, stability, and efficiency. Trends include their integration into smart grid initiatives, supporting real-time monitoring, and enabling better control of power flow for optimized distribution networks.
  • Traction Locomotives: In traction locomotives, solid state transformers contribute to efficient and reliable power conversion for electrified rail transport. Trends include their application in modernizing railway systems, offering improved traction performance and reducing energy losses during power distribution to locomotives.

By End Use

  • Energy: In the US Solid State Transformer market, energy applications involve integrating renewable sources, improving grid efficiency, and supporting smart grids. Trends include grid modernization initiatives, advancements in energy storage integration, and a growing reliance on sustainable energy sources.
  • Transportation: Transportation applications focus on developing efficient electric vehicle (EV) charging infrastructure. Trends include a surge in EV adoption, driving demand for high-speed charging solutions, and advancements in power distribution technologies for the transportation sector.
  • Others: In diverse applications beyond energy and transportation, solid-state transformers find use in industrial and commercial sectors. Trends encompass technological innovations addressing specific industry needs and expanding the market reach beyond traditional applications.

US Solid State Transformer Market 2023–2032 (By End-use)

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Competitive Landscape – US Solid State Transformer Market

The US Solid State Transformer Market is highly competitive, with a large number of manufacturers and retailers operating. Some of the key players in the market include:

  • ABB Inc.
  • Siemens AG
  • General Electric Company
  • Schneider Electric SE
  • Mitsubishi Electric US Inc.
  • Eaton Corporation plc
  • Hitachi ABB Power Grids Ltd.
  • CREE Inc.
  • GridBridge Inc.
  • Qualcomm Technologies Inc.
  • SPX Transformer Solutions Inc.
  • Starfish Energy LLC
  • Varentec Inc.
  • Maschinenfabrik Reinhausen Inc.
  • AEG Power Solutions LLC
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New entrants in the US Solid State Transformer market, including startups and tech firms, are embracing innovation to establish their presence. Key players dominating the market, such as ABB Inc., Siemens AG, and General Electric Company, leverage established reputations and robust R&D capabilities.

They pioneer cutting-edge technologies, form strategic partnerships, and actively participate in major grid modernization projects. These industry leaders maintain dominance through comprehensive approaches, offering proven solutions that align with the evolving demands of the US energy landscape, fostering trust, and reinforcing their positions as market frontrunners.

US Solid State Transformer Market 2023–2032 (By Component)

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The US 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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 US Solid State Transformer Market, (2023 – 2032) (USD Million)
    • 2.2 US Solid State Transformer Market: snapshot
  • Chapter 3. US Solid State Transformer Market – Industry Analysis
    • 3.1 US Solid State Transformer Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Renewable Energy Integration
      • 3.2.2 Smart Grid Advancements
      • 3.2.3 Grid Resilience Needs
      • 3.2.4 Government Initiatives
      • 3.2.5 Electric Vehicle (EV) Charging Infrastructure
      • 3.2.6 Integration with Energy Storage.
      • 3.2.7 Grid Modernization Initiatives
      • 3.2.8 Electric Vehicle Adoption
      • 3.2.9 Technological Advancements
      • 3.2.10 Energy Storage Integration
      • 3.2.11 Government Support and Incentives.
      • 3.2.12 Renewable Energy Integration
      • 3.2.13 Technological Advancements
      • 3.2.14 Resilience Against Cybersecurity Threats
      • 3.2.15 Electric Vehicle Adoption
      • 3.2.16 Grid Resilience Initiatives
      • 3.2.17 Government Support and Regulations
      • 3.2.18 Grid Modernization Projects
      • 3.2.19 Partnerships and Collaborations.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Component
      • 3.7.3 Market Attractiveness Analysis By Application
      • 3.7.4 Market Attractiveness Analysis By End-use
  • Chapter 4. US Solid State Transformer Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 US Solid State Transformer Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. US Solid State Transformer Market – Type Analysis
    • 5.1 US Solid State Transformer Market Overview: By Type
      • 5.1.1 US Solid State Transformer Market Share, By Type, 2022 and 2032
    • 5.2 Distribution Solid State Transformer
      • 5.2.1 US Solid State Transformer Market by Distribution Solid State Transformer, 2023 – 2032 (USD Million)
    • 5.3 Power Solid State Transformer
      • 5.3.1 US Solid State Transformer Market by Power Solid State Transformer, 2023 – 2032 (USD Million)
    • 5.4 Traction Solid State Transformer
      • 5.4.1 US Solid State Transformer Market by Traction Solid State Transformer, 2023 – 2032 (USD Million)
  • Chapter 6. US Solid State Transformer Market – Component Analysis
    • 6.1 US Solid State Transformer Market Overview: By Component
      • 6.1.1 US Solid State Transformer Market Share, By Component, 2022 and 2032
    • 6.2 Converters
      • 6.2.1 US Solid State Transformer Market by Converters, 2023 – 2032 (USD Million)
    • 6.3 High-frequency Transformers
      • 6.3.1 US Solid State Transformer Market by High-frequency Transformers, 2023 – 2032 (USD Million)
    • 6.4 Switches
      • 6.4.1 US Solid State Transformer Market by Switches, 2023 – 2032 (USD Million)
    • 6.5 Others
      • 6.5.1 US Solid State Transformer Market by Others, 2023 – 2032 (USD Million)
  • Chapter 7. US Solid State Transformer Market – Application Analysis
    • 7.1 US Solid State Transformer Market Overview: By Application
      • 7.1.1 US Solid State Transformer Market Share, By Application, 2022 and 2032
    • 7.2 Alternative Power Generation
      • 7.2.1 US Solid State Transformer Market by Alternative Power Generation, 2023 – 2032 (USD Million)
    • 7.3 Electric Vehicle Charging Stations
      • 7.3.1 US Solid State Transformer Market by Electric Vehicle Charging Stations, 2023 – 2032 (USD Million)
    • 7.4 Power Distribution
      • 7.4.1 US Solid State Transformer Market by Power Distribution, 2023 – 2032 (USD Million)
    • 7.5 Traction Locomotives
      • 7.5.1 US Solid State Transformer Market by Traction Locomotives, 2023 – 2032 (USD Million)
  • Chapter 8. US Solid State Transformer Market – End-use Analysis
    • 8.1 US Solid State Transformer Market Overview: By End-use
      • 8.1.1 US Solid State Transformer Market Share, By End-use, 2022 and 2032
    • 8.2 Energy
      • 8.2.1 US Solid State Transformer Market by Energy, 2023 – 2032 (USD Million)
    • 8.3 Transportation
      • 8.3.1 US Solid State Transformer Market by Transportation, 2023 – 2032 (USD Million)
    • 8.4 Others
      • 8.4.1 US Solid State Transformer Market by Others, 2023 – 2032 (USD Million)
  • Chapter 9. US Solid State Transformer Market – Regional Analysis
    • 9.1 US Solid State Transformer Market Regional Overview
    • 9.2 US Solid State Transformer Market Share, by Region, 2022 & 2032 (USD Million)
  • Chapter 10. Company Profiles
    • 10.1 ABB Inc.
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Siemens AG
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 General Electric Company
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 Schneider Electric SE
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Mitsubishi Electric US Inc.
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 Eaton Corporation plc
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Hitachi ABB Power Grids Ltd.
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 CREE Inc.
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 GridBridge Inc.
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Qualcomm Technologies Inc.
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 SPX Transformer Solutions Inc.
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 Starfish Energy LLC
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 Varentec Inc.
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Maschinenfabrik Reinhausen Inc.
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
    • 10.15 AEG Power Solutions LLC
      • 10.15.1 Overview
      • 10.15.2 Financials
      • 10.15.3 Product Portfolio
      • 10.15.4 Business Strategy
      • 10.15.5 Recent Developments
    • 10.16 Others.
      • 10.16.1 Overview
      • 10.16.2 Financials
      • 10.16.3 Product Portfolio
      • 10.16.4 Business Strategy
      • 10.16.5 Recent Developments
List Of Figures

Figures No 1 to 27

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • ABB Inc.
  • Siemens AG
  • General Electric Company
  • Schneider Electric SE
  • Mitsubishi Electric US Inc.
  • Eaton Corporation plc
  • Hitachi ABB Power Grids Ltd.
  • CREE Inc.
  • GridBridge Inc.
  • Qualcomm Technologies Inc.
  • SPX Transformer Solutions Inc.
  • Starfish Energy LLC
  • Varentec Inc.
  • Maschinenfabrik Reinhausen Inc.
  • AEG Power Solutions LLC
  • Others

FAQs

The key factors driving the Market are Renewable Energy Integration, Technological Advancements, Resilience Against Cybersecurity Threats, Electric Vehicle Adoption, Grid Resilience Initiatives, Government Support and Regulations, Grid Modernization Projects And Partnerships and Collaborations.

The “Distribution Solid State Transformer” category dominated the market in 2022.

The key players in the market are ABB Inc., Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Electric US Inc., Eaton Corporation plc, Hitachi ABB Power Grids Ltd., CREE Inc., GridBridge Inc., Qualcomm Technologies Inc., SPX Transformer Solutions Inc., Starfish Energy LLC, Varentec Inc., Maschinenfabrik Reinhausen Inc., AEG Power Solutions LLC, Others.

The market is projected to grow at a CAGR of 15.3% during the forecast period, 2023-2032.

The US Solid State Transformer Market size was valued at USD 22.3 Million in 2023.

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