Global Smart Transformers Market is expected to foresee significant growth. Asia-Pacific to lead the growth
Global Smart Transformers Market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Ever growing industrial sector paired with rising urban population would increase the overall demand for electricity. This would increase the demand for Smart Transformers for equal and directed electricity transmission and distribution.
Online remote monitoring capabilities act as the major benefit of a smart transformer. Using Internet of Things (IoT) enabled technology, these transformers can allow 24/7 visibility of asset data to better understand how transformer is performing and identify where further efficiencies can be made. Smart transformer, power electronic transformer (PET), or electronic power transformer is an AC-to-AC converter, a type of electric power converter that replaces a conventional transformer used in AC electric power distribution. It is more complex than a conventional transformer operating at utility frequency, but it can be smaller and more efficient than a conventional transformer because it operates at high frequency. Increasing demand for smart grid technologies and energy storage initiatives, Rising investments in transmission and distribution infrastructure are some of the major growth drivers the industry is witnessing. However, High Up-front cost of Installing Smart Transformers is the major restraining factor for the market.
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During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for electricity. Global a decline of almost 10% in the overall demand of electricity was witnessed in 2020. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19.
Based on type the global Smart Transformers market is bifurcated into Power Transformers, Distribution Transformers, Specialty Transformers, Instrument Transformers. Smart distribution networks require transformers to communicate with consumers for continuous load monitoring. Based on Component, the market is bifurcated into Converters, Switches, Transformers, Hardware for Transformer Monitoring, Others. Currently, Hardware for Transformer Monitoring segment dominates the market and is expected to maintain its dominance throughout the forecast period. Based on application, the market is bifurcated into Traction Locomotive, Smart Grid, EV Charging Infrastructure, Others. Currently, Smart Grid segment dominates the market, and is expected to maintain its dominance throughout the forecast period. Smart grids have two-way communication for real-time monitoring and controlling of network. Based on end-users the market is segmented into Industrial, Commercial, and residential.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the market. The Asia Pacific region is moving towards clean energy on a large scale to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the potential growing markets in the power and utilities sector. Some of the major companies profiled in the report includes Siemens AG, General Electric, ABB Limited, Schneider Electric, Wilson Transformer, Mitsubishi Electric, BHEL, Eaton Corp, Alstom, SPX Transformer.
Global Smart Transformers Market Segmentation
Market Insight, by Type
- Power Transformers
- Distribution Transformers
- Specialty Transformers
- Instrument Transformers
Market Insight, by Component
- Hardware for Transformer Monitoring
Market Insight, by Application
- Traction Locomotive
- Smart Grid
- EV Charging Infrastructure
Market Insight, by End-User
Market Insight, by Region
- North America Smart Transformers Market
- United States
- Rest of North America
- Europe Smart Transformers Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Smart Transformers Market
- Rest of Asia-Pacific
- Rest of World Smart Transformers Market
Top Company Profiles
- Siemens AG
- General Electric
- ABB Limited
- Schneider Electric
- Wilson Transformer
- Mitsubishi Electric
- Eaton Corp
- SPX Transformer