The market for smart transformers is expanding quickly worldwide. The market is driven by factors like the increased efforts to upgrade the old transmission and distribution infrastructures as well as grid and transformer technologies. The market is expected to see a significant increase in revenue due to the rising demand for power worldwide and increased knowledge of the advantages of renewable energy sources.
In this regard, Market Research Future asserts that the global smart transformers market is expected to touch a valuation of USD 3.86 BN by 2030, growing at a 10.12% CAGR during the review period (2024-2030). Additionally, R&D investments in developing new grid infrastructures and refurbishing aging grid infrastructure worldwide stimulate the market size. Increasing efforts to enhance smart grid connectivity impact market growth positively.
Smart grids worldwide are increasing; with regulatory targets indicate even more revenue growth in the years to come. The growing deployments of smart grid technology across emerging economies influence market growth, creating vast investment opportunities in electrical infrastructure modernization.
Additionally, increasing numbers of power utilities worldwide to provide electrical power facilities influence the market demand significantly. Also, the befits that smart transformers offer, such as reduced operational cost and time and increased output, boost the market value. Spurring growth in industrial sectors across the globe accelerates the market shares.
Smart Transformers Market – Segmentation
The report is segmented into type, component, application, and region. The type segment is sub-segmented into distribution transformers, power, specialty, instrument, and others. The component segment is sub-segmented into switches, converters, hardware, and others. The application segment is sub-segmented into smart grids, traction locomotives, electric vehicle charging, and others.
Global Smart Transformers Market – Geographical Analysis
The Asia Pacific region dominates the global smart transformers market share. Factors such as the continuous need to upgrade existing distribution infrastructures to serve the growing demand for electricity region-wide substantiates the smart transformers market size. Besides, extensive power plant capacities, economic growth, and the need to improve access to electricity drive the smart transformers market growth.
China, India, Japan, Australia, and Indonesia hold smart transformers market shares, driving the expansion of grids and instrument transformers in the region. Also, the growing numbers of power utilities and OEMs industries and the wide adoption of transformers foster the smart transformers market value. Moreover, the rapid urbanization and industrial development boost the smart transformers industry in the region.
Global Smart Transformers Market – Competitive Analysis
Highly competitive, the smart transformers market appears fragmented due to the presence of several well-established industry players. Industry players incorporate strategic initiatives such as collaboration, mergers & acquisitions, product launch, and expansion to gain a larger competitive share.
Major Players:
Players leading the global smart transformers market Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd. (Switzerland), General Electric Company (US), Mitsubishi Electric Corporation (Japan), Eaton Corporation plc (Ireland), Crompton Greaves Ltd. (India), Howard Industries (US), Bharat Heavy Electricals Limited (India), Alstom (France), Ormazabal (Spain), and SPX Transformer Solutions, Inc. (US), among others.
Industry/ Innovation/ Related News
Mar 30, 2021 --- Hitachi ABB Power announced its partnership with Nanyang Technological University, Singapore (NTU Singapore) to accelerate smart grid development. The two organizations would work together to advance Solid State Transformer (SST) technology for a government-led smart grid development project.
The Singapore government’s Energy Grid 2.0 initiatives aim to shape the next-generation grid system and transform energy management. Hitachi ABB Power Grids and NTU Singapore would focus on transformers as a key component in smart grid development.
More Trending Reports
Pneumatic Components Market Trends
