Asia Pacific Smart Transformers Market to Witness Significant Growth until 2024
Advancements in the power
sector and the increased monitoring of microgenerators in the region is
expected to drive the growth of Asia Pacific Smart Transformers market.
According to
TechSci Research report, “Asia Pacific Smart Transformers Market By Component, By
Product Type, By Application, By Country, By Company, Forecast &
Opportunities, 2024”, the Asia-Pacific smart
transformers market is expected to grow at a CAGR of around 10% during the
forecast period. The smart transformers are witnessing adoption owing to the growing
investments in the energy sector. Additionally, ageing infrastructure, growing awareness
about energy sources, flourishing power sector, increasing uses of
micro-generators and advancements in technology are further propelling the demand
for smart transformers in the region. Further, the rising
demand for compact design and lightweight smart transformer across the region is
another vital factor supporting the growth of Asia-Pacific smart transformers
market. Moreover, However, high initial cost of
purchase and installation, access to affordable capital and cyber security
& data privacy are factors obstructing the growth of Asia Pacific Smart
Transformers market during the forecast period.
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The Asia-Pacific smart
transformers market is segmented based on component, product type, application,
country and company. Based on component, the market can be categorized into converters,
switches, transformers, hardware for transformer monitoring and others. The
converters segment is expected to register the highest CAGR during the forecast
period. This can be attributed to the factor that converters can be both AC and
DC types and can generate the output in either form of the current. Based on
product type, the market can be fragmented into power transformers,
distribution transformers, specialty transformers and instrument transformers.
The distribution transformers are expected to hold a significant market share
during the forecast period owing to proper load management, better power
quality and lesser wastage. Based on application, the market can be segmented
into traction locomotive, smart grid, electric vehicle charging and others.
Smart grid is projected to be the fastest growing application during forecast
period since smart grid has reciprocal communication for instantaneous
monitoring and controlling of network features. Additionally, smart grids prevent
faults and power failures & outages.
Siemens Aktiengesellschaft, Schneider
Electric SE, ABB Ltd., General Electric Company, Eaton Corporation Plc, Crompton
Greaves Ltd., Mitsubishi Electric Corporation, Howard Industries, Inc., Maschinenfabrik
Reinhausen GmbH, Toshiba Corporation and others are some of the
leading players operating in Asia-Pacific smart transformers market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“The Asia-Pacific
smart transformers market is expected to witness significant growth during the
forecast period, owing to the rise in power demand and upgradation of
transmission and distribution infrastructure of smart grids in the region.
Additionally, rising domestic demand and easy access to resources have made the
Asia-Pacific region emerge as one of the leading producers and consumers of
smart transformers.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Asia Pacific Smart Transformers Market By Component,
By Product Type, by Application, By Country, By Company, Forecast &
Opportunities, 2024” has evaluated
the future growth potential of Asia Pacific 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 Asia Pacific Smart Transformers market.
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