Solid State Transformers Market Summary

The global solid state transformers market size was valued at USD 169.4 million in 2024 and is projected to grow at a CAGR of 32.0% from 2025 to 2030. This rapid expansion is primarily driven by continued efforts to modernize aging power distribution networks and the increasing global adoption of electric vehicles (EVs), which require more efficient and flexible power conversion systems. Solid state transformers (SSTs) offer advanced features such as voltage regulation, bidirectional power flow, and improved power quality, making them highly suitable for emerging smart energy ecosystems and EV charging infrastructures.

Moreover, with ongoing developments in smart grid infrastructure, the complexity of integrating diverse energy sources—including renewable power, distributed generation, and storage systems—continues to rise. Coordinating these fluctuating loads and varying stress levels can be challenging for traditional transformers. SSTs address these limitations by providing real-time monitoring, enhanced control, and better adaptability, supporting the transition toward more resilient and intelligent electrical networks.

Key Market Trends & Insights

• Asia Pacific accounted for a leading revenue share of 36.6% in the global market in 2024, reflecting the region’s rapid adoption of modern power distribution technologies, ongoing grid modernization initiatives, and the growing emphasis on renewable energy integration. The strong presence of developing economies investing heavily in smart grid infrastructure further supported this dominance.
• By product, the distribution solid state transformers (D-SSTs) accounted for the largest revenue share of 37.0%. Their widespread use is attributed to increasing demand for improved voltage regulation, higher efficiency, and better load management across medium-voltage distribution networks, especially in urban and industrial settings.
• By application, the renewable power generation segment accounted for a leading revenue share in the global market in 2024. This growth is driven by the rising deployment of solar farms, wind power installations, and other clean energy projects that require efficient power conversion and grid stability. Solid state transformers play a critical role in enhancing energy quality and managing fluctuating renewable inputs, making them essential for sustainable energy systems.

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Market Size & Forecast

• 2024 Market Size: USD 169.4 Billion
• 2030 Projected Market Size: USD 935.8 Billion
• CAGR (2025-2030): 32.0%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the major companies involved in the solid state transformers market include ABB, Alstom, and Toshiba, among others.

• ABB specializes in the development of automation and electrification solutions. The company's major activities include the production and distribution of solutions, systems, and services that are part of electrification products and motion & industrial automation. ABB's solid-state transformers (SSTs) represent a notable advancement in power conversion technology, combining conventional transformer functions with power electronics. Its products are mainly distributed through direct sales force as well as third-party channel partners such as wholesalers, distributors, installers, OEMs, and system integrators. ABB provides digitally connected industrial equipment and systems to major verticals such as utilities, industrial, transportation, and infrastructure.
• Alstom is a French multinational company that develops and markets sustainable mobility solutions for the transportation sector. The company’s products include high-speed trains, metros, monorails, trams, signaling, infrastructure, and digital mobility solutions; it also provides various services, including maintenance and modernization of equipment and systems. Alstom’s SSTs are designed to operate with high efficiency, reducing energy losses compared to conventional transformers, which is critical for applications in rail and urban transit. These products further support bidirectional energy flow, enabling functionalities such as regenerative braking in electric trains, where energy can be fed back into the grid.

Key Players

• Semiconductor Components Industries, LLC
• ABB
• Infineon Technologies AG
• Siemens
• ROHM Co., Ltd.
• STMicroelectronics
• Renesas Electronics Corporation
• Alstom SA
• Toshiba Corporation
• Mitsubishi Electric Corporation

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Conclusion

Overall, the solid state transformers market is positioned for strong growth as global energy systems evolve toward digitalization, electrification, and sustainability. Increasing demand for EV infrastructure, rising investments in renewable power, and the need for modern grid systems capable of handling dynamic loads continue to support market expansion. With their advanced functionality and efficiency benefits, SSTs are expected to play an increasingly critical role in future power distribution networks.