The global solid state transformers market was valued at USD 169.4 million in 2024 and is projected to reach USD 935.8 million by 2030, expanding at a CAGR of 32.0% from 2025 to 2030. Market growth is primarily driven by continued efforts to modernize aging power distribution infrastructure and the accelerating adoption of electric vehicles (EVs) worldwide.

With the rapid evolution of smart grid infrastructure, utilities are facing increasing challenges in managing variable stress levels caused by the integration of multiple energy sources such as renewable power, distributed generation, and EV charging loads. Conventional transformers often struggle to meet these demands, creating strong demand for solid state transformers that offer enhanced flexibility, power quality, and controllability.

Ongoing technological innovation and expanding application areas are expected to positively shape market growth over the forecast period. The use of wide-bandgap semiconductor materials, including silicon carbide (SiC) and gallium nitride (GaN), enables higher voltage operation, improved thermal performance, and greater efficiency, resulting in compact and high-performance SST designs. Additionally, modular SST architectures support scalability, redundancy, and simplified maintenance, enhancing system reliability and adaptability.

Advanced technologies such as artificial intelligence (AI) and machine learning (ML) are increasingly being integrated into SST control systems to optimize performance, enable predictive maintenance, and improve real-time decision-making. These innovations are expected to further accelerate adoption across utility, transportation, and renewable energy applications.

Key Market Trends & Insights

• Asia Pacific held a leading revenue share of 36.6% in the global solid state transformers market in 2024
• By product, distribution solid state transformers (D-SSTs) accounted for the largest revenue share of 37.0%
• By application, the renewable power generation segment dominated the global market in 2024

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Market Size & Forecast

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

Competitive Landscape

The solid state transformers market is moderately consolidated, with several global technology leaders and power equipment manufacturers actively investing in advanced power electronics and digital grid solutions. These companies focus on product innovation, strategic collaborations, and expansion of manufacturing and service capabilities to strengthen their market position.

Key players operating in the solid state transformers market include ABB, Alstom, and Toshiba, among others.

Company Highlights:

• ABB
  ABB is a global leader in automation and electrification solutions, offering systems and services across electrification products, motion, and industrial automation. The company’s solid state transformers combine conventional transformer functionality with advanced power electronics to enable efficient and flexible power conversion. ABB distributes its SST products through a combination of direct sales and third-party channels, including wholesalers, distributors, OEMs, installers, and system integrators. Its digitally connected equipment serves utilities, industrial, transportation, and infrastructure sectors.
• Alstom
  Alstom is a French multinational company specializing in sustainable mobility solutions for the transportation sector. Its portfolio includes high-speed trains, metros, trams, signaling systems, and digital mobility solutions, along with maintenance and modernization services. Alstom’s solid state transformers are engineered for high efficiency and reduced energy losses, making them particularly suited for rail and urban transit applications. These SSTs support bidirectional energy flow, enabling regenerative braking systems that feed energy back into the grid.

Key Solid State Transformers Companies

The following companies represent the leading participants in the global solid state transformers market and collectively account for a significant share of industry revenue:

• 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

The solid state transformers market is poised for rapid expansion as utilities and infrastructure providers seek advanced solutions to support smart grids, renewable energy integration, and electric mobility. Continuous innovation in power electronics, semiconductor materials, and digital intelligence is expected to unlock new application opportunities and improve system efficiency. As adoption increases, solid state transformers are set to play a critical role in the next generation of resilient, flexible, and sustainable power distribution networks.