23 Jul, 2026
According to Straits Research, the global solid-state transformer market, valued at $174.44 million in 2025, is expected to grow from $197.15 million in 2026 to $524.79 million by 2034, at a CAGR of 13.02%.
Despite a significant drop in product sales during the initial phase of the pandemic's spread and lockdown restrictions across the region, the market is expected to grow at a CAGR of nearly 13.02% between 2026– 2034.
A solid-state transformer (SST) is also called a smart transformer. It is a sophisticated type of transformer that includes various semiconductor components, control circuits, and another high-frequency transformer. It helps to increase demand for solar photovoltaic and electric vehicles, and due to increasing industrialization and centralization, the solid-state transformer market has proliferated. Some of the opportunities and challenges of the market are raising technological awareness among consumers and developing new strategies from government and business perspectives.
The development of SST designs with various configurations and components is expected to help operators launch new products. These new products will contribute to the growth of solid-state transformers in the mainstream transformer market. Solid-state technology will benefit from the R&D efforts of various research institutes and industry backers such as power companies to develop new designs of solid-state transformers. Both Hitachi and Nanyang Technological University hope to launch commercial transformers based on solid-state technology through this collaboration.
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