Smart Transformers Market to be Dominated by IT & Telecommunication Industry
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.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Global Smart Transformers Market"
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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