Solid State Transformer Market Size, Opportunities, Type, Product, Application 2032

The solid state transformer market size was valued at USD 75.6 Billion in 2023 and is expected to have a market size of USD 235.6 Billion by 2032 with a CAGR of 13.5%.

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A solid state transformer, sometimes known as a smart transformer, is a network device that combines low and high frequency transformers with various power electronic converters.

Compared to traditional transformers, SSTs are less expensive and have various advantages, including efficiency, ruggedness, and dependability. Other advantages include AC and DC output, reactive power compensation, and communication capabilities.