U.S. Solid State Transformer Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

U.S. Solid State Transformer Industry Prospective:

The U.S. solid state transformer market size was evaluated at $23 million in 2023 and is slated to hit $81 million by the end of 2032 with a CAGR of nearly 16% between 2024 and 2032.

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U.S. Solid State Transformer Market: Overview

A solid-state transformer is a power transformer that makes use of electronic parts to offer bi-directional power flow. These products make use of semiconductor tools in comparison to conventional electromagnetic parts. Benefits offered by the product include compact size, flexibility & control, enhanced efficacy, high power quality, and low maintenance.

Key Insights

• As per the analysis shared by our research analyst, the U.S. solid state transformer market is projected to expand annually at the annual growth rate of around 16% over the forecast timespan (2024-2032)
• In terms of revenue, the U.S. solid state transformer market size was evaluated at nearly $23 million in 2023 and is expected to reach $81 million by 2032.
• The global U.S. solid state transformer market is anticipated to grow rapidly over the forecast timeline owing to supportive government schemes promoting the product use.
• In terms of product, the power solid state segment is slated to register the highest CAGR over the forecast period.
• Based on application, the power grid segment is predicted to contribute majorly towards the U.S. industry revenue in the upcoming years.

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U.S. Solid State Transformer Market: Growth Factors

Humungous demand for effective power distribution networks to boost the market growth in the U.S.

Escalating need for proficient power distribution along with growing renewable energy trends will drive the growth of the U.S. solid state transformer market. Swift development of smart grids is likely to propel the expansion of the market in the country. Rapid urbanization along with infrastructural growth will embellish the expansion of the business space in the U.S. Supportive government schemes promoting product use will multiply the growth of the market in the country. Low maintenance charges and lack of operating costs are anticipated to spearhead the expansion of the market in the U.S. The need for electrification in transportation and industrial methods along with the necessity of advanced power management services will scale up the expansion of the market in the U.S.

U.S. Solid State Transformer Market: Restraints

Low access to raw materials can restrict the growth of the industry in the U.S.

Lack of availability of raw components along with restricted production of solid state transformers in the U.S. leading to huge product costs can inhibit the expansion of the U.S. solid state transformer industry. Apart from this, the absence of a standard design for the product and non-uniformity in the performance protocols for the product can further retard the growth of the industry in the country.

U.S. Solid State Transformer Market: Opportunities

Demand for enhancing power systems operations to open new growth avenues for the market in the U.S.

Growing demand for efficient energy storage solutions such as batteries and the need for optimizing energy flow between grid and storage systems will provide new vistas of growth for the U.S. solid state transformer market. Furthermore, the product enhances energy efficacy and helps in minimizing operating costs, thereby spurring the growth of the market in the country. Moreover, solid state transformers can improve the power system resilience by offering better voltage regulations along with reducing harmonic distortions.

U.S. Solid State Transformer Market: Challenges

Political oscillations can  challenge the growth of the industry in the U.S. over the forecast period

A rise in the charges of repairing the product and volatile market conditions can pose a huge challenge for the U.S. solid state transformer industry. Apart from this, economic instabilities and budget constraints can hinder the growth of the industry in the country.

U.S. Solid State Transformer Market: Report Scope

U.S. Solid State Transformer Market: Segmentation

The U.S. solid state transformer market is divided into product, application, and region.                                          

In terms of product, the U.S. solid state transformer market across the globe is bifurcated into distribution solid state, traction solid state, and power solid state segments. Additionally, the power solid state segment, which accumulated about two-fifths of the market share in 2023, is slated to register the highest CAGR during the period from 2024 to 2032 subject to their cost-efficiency while using them in low-voltage applications. Furthermore, they help improve power supply efficiency in remote areas.

Based on the application, the U.S. solid state transformer industry is divided into renewable power generation, traction locomotive, power grids, and automotive segments. Additionally, the power grids segment, which accrued about 55% of the industry revenue in 2023, is set to make major contributions towards the industry revenue in the U.S. during the forecasting timeline owing to a rise in the demand for smart power grids in the country. Apart from this, the need for enhancing grid efficacy through a power distribution network is likely to provide impetus to the growth of the segment in the years ahead.

Key Developments

• In May 2022, General Motors in a joint venture with Delta Electronics unleashed a 400kW fast EV charger.
• In the first half of 2021, Hitachi ABB Power Grids and NTU Singapore joined hands to develop advanced solid state transformers.

U.S. Solid State Transformer Market: Competitive Space

The U.S. solid state transformer market profiles key players such as:

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

The U.S. solid state transformer market is segmented as follows:

By Product

• Distribution Solid State
• Traction Solid State
• Power Solid State

By Application

• Renewable Power Generation
• Traction Locomotive
• Power Grids
• Automotive

By Region

The U.S.

• Northeast
• Midwest
• South
• West