Home Semiconductor & Electronics India Solid State Transformer Market Share, Analysis and Forecast to 2031

India Solid State Transformer Market

India Solid State Transformer Market Size, Share & Trends Analysis Report By Voltage Level (Low, Medium, High), By Type (Power Solid-State Transformer, Distribution Solid-State Transformer, Traction Solid-State Transformer), By Application (Renewable Power Generation, Electric Vehicle Charging Station, Power Distribution, Traction Locomotive, Others) and Forecasts, 2023-2031

Report Code: SRSE24260DR
Study Period 2019-2031 CAGR 12.9%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 17 Million
Forecast Year 2031 Forecast Year Market Size USD 65 Million
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Market Overview

The Indian solid state transformer market was valued at USD 17 million in 2021 and is projected to reach USD 65 million by 2031, registering a CAGR of 12.9% during the forecast period (2022-2031).

An advanced power electronic device called a solid-state transformer (SST) can replace conventional power transmission and distribution network transformers. SSTs use power electronics for the same purpose as conventional transformers, which transmit power using electromagnetic induction.

Insulated-gate bipolar transistors (IGBTs), diodes, capacitors, and inductors are some of the power electronic parts that make up SSTs. These parts are combined into a modular structure that, depending on the application, can be readily scaled up or down.

Highlights

  • Medium level dominates the market by voltage. 
  • Distribution solid state transformer dominates by product.
  • Renewable power generation dominates by application.

Market Dynamics

India Solid State Transformer Market Drivers

Growing Industrialization

The demand for dependable and effective power transmission networks is being driven by India's expanding industrialization. SSTs are perfect for industrial applications because they may provide higher power quality, better voltage regulation, and better load management. For instance, the quality of the power supply is one of the main issues the Indian textile sector faces. Voltage and power quality fluctuations can harm delicate textile machines, resulting in lost productivity and higher maintenance expenses. SSTs can aid in overcoming this difficulty by supplying superior voltage regulation and power quality management, which enhances machine performance and decreases downtime. SSTs can provide the essential grid support and voltage management needed to provide a stable and dependable power supply as the industry increasingly looks to transition to sustainable energy sources.

India Solid State Transformer Market Restraints

High Cost

Electricity distribution in each region is the responsibility of the Indian power distribution corporations (DISCOMs). Power theft, which causes large income losses, is one of the major issues that DISCOMs must contend with. The high cost of SSTs may also be problematic for businesses that need big power transformers, such as the steel and chemical industries. Although SSTs are more efficient and reliable than conventional transformers, these industries may struggle to justify the initial expenditure.

India Solid State Transformer Market Opportunities

Growing Demand for Renewable Energy Sources

By 2030, India wants to have 450 GW of renewable energy capacity. The integration of renewable energy sources into the grid can be facilitated by SSTs, creating a huge potential opportunity for the Indian SST market. For instance, the Bhadla Solar Park, one of the biggest solar power plants in the world, is located in the Indian state of Rajasthan. With a 2.25 GW capacity, the solar park provides electricity to numerous Indian states. However, connecting massive solar power plants like Bhadla to the grid can be difficult due to variations in power output brought on by weather conditions.

By providing greater power quality, better voltage regulation, and better load management, SSTs can aid in overcoming these difficulties. SSTs can also aid in ensuring that the power produced by solar power plants is reliably and effectively delivered to the grid. This can boost India's aim of achieving 450 GW of renewable energy capacity by 2030 and help raise the proportion of renewable energy in the country's power mix.

Regional Analysis

India had 233.17 GW of installed thermal capacity as of February 2021. The installed capacities for nuclear, hydro and renewable energy were respectively 91.15 GW, 46.20 GW, and 6.78 GW. The government plans to increase the percentage of renewable energy utilized to produce electricity to 40% by the year 2030. India also boosted its goal to produce 114 GW of solar energy by five times by 2022. The government is developing a program called "Rent a Roof" to assist in obtaining 40 G.W. of power from solar roof installations by 2022. The largest electricity use in the nation for F.Y. 2020 was 170.83 GW.

Additionally, by the end of 2022, the Indian government added 227 GW of renewable energy capacity. The government had submitted a bid for power lines valued at USD 5 billion as of June 2019. 

Furthermore, India's population and economy are expanding, contributing to a rapid rise in electricity demand. Electric security has increased by establishing a national power infrastructure and investing in sustainable energy. India is now investing in floating solar farms, wind farms, and hydropower plants to include larger percentages of variable renewable energy into its energy mix. Government programs like "Make in India" will also lure fresh capital into these industries.

The expansion of India's electrical and transportation infrastructure has accelerated, providing favorable conditions for foreign investors like Tesla to establish manufacturing facilities there. In addition to upgrading several seaports and producing 800 new train engines at the WAG12-B built-in Electric Locomotive Factory in Madhepura, Bihar, the government has undertaken several other development initiatives. These elements fuel the solid-state transformer market's expansion in India over the predicted period.

Report Scope

Report Metric Details
Segmentations
By Voltage Level
  1. Low
  2. Medium
  3. High
By Type
  1. Power Solid-State Transformer
  2. Distribution Solid-State Transformer
  3. Traction Solid-State Transformer
By Application
  1. Renewable Power Generation
  2. Electric Vehicle Charging Station
  3. Power Distribution
  4. Traction Locomotive
  5. Others
Company Profiles Synergy Transformers Pvt. Ltd. Kirloskar Electric Company Ltd. General Electric Hitachi Energy
Geographies Covered
India
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The Indian solid state transformer market is segmented based on voltage, product, and application.

The voltage level is further segmented into Low, Medium, and High Levels.

The Medium Level dominated the market and is expected to register a CAGR of 13.5% over the forecast period.

Based on the product, the market is sub-segmented into Distribution Solid State Transformers, Power Solid State Transformers, and Traction Solid State Transformers.

Distribution Solid State Transformer is expected to dominate the market, registering the highest CAGR of 12.9% over the forecast period.

The application is segmented into Renewable Power Generation, Electric Vehicle Charging Stations, Power Distribution, Traction Locomotives, and Others.

The Renewable Power Generation segment dominated the market and is expected to grow at a CAGR of 12.1% during the forecast period.

Market Size By Voltage Level

Recent Developments

  • April 2023- G.E. introduced new options to reduce LM2500XPRESS* Aeroderivative Gas Turbines emissions.

Top Key Players

Synergy Transformers Pvt. Ltd. Kirloskar Electric Company Ltd. General Electric Hitachi Energy Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Indian solid state transformer market?
The Indian solid state transformer market size is growing at a CAGR of 12.9% from 2023 to 2031.
Growing industrialization is the key driver for the growth of the Indian solid state transformer market.
Growing demand for renewable energy sources is one of the upcoming trend in the Indian solid state transformer market.
The key players in the global Indian solid state transformer market include Synergy Transformers Pvt. Ltd., Kirloskar Electric Company Ltd., General Electric, Hitachi Energy.


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