The worldwide market for solid state transformers (SST) is expected to grow at a CAGR of roughly 21.3 % over the next five years, and will reach $200 M in 2024, from $77 M in 2019, according to a new Redfield Report.
The market of solid state transformers is expected to be driven by the adoption of solid state transformers and demand for alternative power generation, traction locomotives, and power distribution in addition to the electrical vehicle charging stations. The strategy for the introduction of solid-state transformers will centre around strategic benefits related to the ‘green circuit’ of the future, rolling out devices on feeders with high PV penetration and EV load.
Solid state transformers (SST) market by region is as follows: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia etc.) and Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
Key market players are: ABB, Siemens, General electric
Source: Redfield Report