Increasing government projects and need for modernization of grid networks are the major factors driving the Global Smart Transformers Market during the forecast period.
According to TechSci Research report, Smart Transformers Market– Global Industry Size, Share, Trends, Opportunity, and Forecast. 2017-2027, the Global Smart Transformers Market is expected to register robust growth during the forecast period, 2023-2028. A smart transformer is a device that can be placed between the power grid and an external system such as a home or business to provide a buffer. These devices are equipped with advanced features to support the power grid. The growth of the smart transformer market is primarily driven by global production of alternative energy, digitization of energy suppliers, and huge investments in smart grids and energy systems.
The 2020 pandemic has brought a decline in electricity consumption, impacting organization revenues and challenge financing. Factors including the increasing focus of governments throughout the developed and emerging economies on adopting smart technology in power grid infrastructure and rising challenges, such as growing old transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are anticipated to advantage the boom of smart transformers across the globe. Furthermore, the growing demand for smart grid technologies and energy storage projects is probably to drive the smart transformers market during the forecast period. Many governments in emerging and developing countries around the world have come to view smart grid technology as a strategic infrastructure investment that will sustain long-term economic prosperity and help meet carbon emission reduction goals. This is expected to bring many opportunities for companies involved in the smart transformer market in the forecast period.
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Global Smart Transformers Market is segmented based on Type, Component, and Applications. Based on Type, the market is segmented into Power Transformers, Distribution Transformers, Specialty Transformers, and Instrument Transformers. During the forecast period, Distribution Transformers segment is expected to dominate the market in the forecast period. In distribution networks, smart transformers operate independently to monitor and regulate voltage while maintaining connectivity to the smart grid. It can provide transformer and power supply information remotely. And therefore, enables better load management, improves power quality, and reduces blackouts. Moreover, in developed countries such as the United States, European countries, and Japan, the increasing replacement of aging power distribution equipment and the increasing integration of renewable energy into the grid have contributed to the great demand for smart transformers.
Based on region, the market is segmented into Asia-Pacific, North America, Europe, South America, Middle East & Africa. Asia-Pacific region is expected to dominate the market in the forecast period. China’s State Grid Corporation has launched a “Global Energy Internet” concept based on smart grid connections to ultra-high voltage grids that have the potential to provide clean energy. In 2019, China’s State Grid approved the installation of the world’s largest smart grid, and the first phase of this project will be completed in 2021 and 2024. The project is expected to strengthen China’s smart transformer market. In India, the distribution sector is plagued by aging infrastructure, high network losses, and poor performance. Improving the performance of sub-transmission and distribution networks is essential to mitigate these challenges. Smart Transformers bring intelligence ideas. This intelligence improves power availability and adds value to the end user. The need for smart transformers in India is well known. Smart use of energy and electricity is becoming increasingly important for cost-effective power supply. Furthermore, in remote areas where the cost of installing power grids can be high, government adoption of renewable energy sources for power generation and increasing electrification rates will make it relatively inexpensive, thereby increasing the smart transformer market.
Key market players in the Global Smart Transformers market include: –
- ABB Ltd
- CG Power and Industrial Solutions
- Siemens AG
- General Electric Company
- Hitachi Ltd
- Schneider Electric SE
- Mitsubishi Electric Corporation
- SPX Transformer Solutions Inc.
- Eaton Corporation PLC
- Ormazabal Electric, S.L.U.
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“APAC holds the key to the growth of Smart Transformers market due to initiatives by the governments in this region. Distribution Transformer is expected to dominate the market due frequent blackouts and thus improving power quality. With the need to replace the outdated equipment’, increase in technology and to reduce pollution, smart transformers market is expected to grow during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Smart Transformers – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Type (Power Transformers, Distribution Transformers, Specialty Transformers and Instrument Transformers), By Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), By Application (Traction Locomotive, Electric Vehicle Charging, Smart Grid and Others), By Region has evaluated the future growth potential of Global smart transformers Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Smart Transformers.
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