Smart Transformers Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Distribution Transformers, Power 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

  • Industry : Power
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Global Smart Transformers Market is expected to grow at a robust CAGR during the forecast period. 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. These types of transformers are widely used to regulate voltage and maintain connectivity with the smart grid, enabling remote management of power systems. Market growth is driven by increased investment in smart grid development and enhancement and increasing trend of introducing digitalization in the energy industry.

In addition, renewable energy solutions such as photovoltaic systems are being connected to the primary power grid changing its operation. The increasing focus on renewable energy generation and integration of the energy mix highlights the need for intelligent monitoring and voltage regulation, which will drive the growth of the global market in the projected time frame. The COVID-19 pandemic has caused significant disruption to the supply chain of smart transformers such as microchips. Additionally, in 2020, the pandemic reduced electricity consumption, impacting distribution company revenues and project financing. But after the world coming back to its normal ways, electricity consumption got increased with work from home being vanished.

Rising demand worldwide is fueling the market growth

The energy industry is moving away from centralized traditional safety threats to advances in decentralized energy mix generation and control systems. Digitization is playing a major role in the energy industry and includes transformers, control systems, sensors, industrial software, technologies for the Industrial Internet of Things (IoT), and much more. Digitization is also built into equipment and devices that help improve system capabilities, such as transformer, which is an integral part of the smart grid, operating autonomously to regulate voltage and enable remote management within the system.

Increased use of fossil fuels poses a potential threat to the global and regional environment due to the release of carbon dioxide (CO2) into the atmosphere. GCC countries have the highest CO2 emission rates in the world. As a result, many countries are investing in alternative fuels and energy efficiency to take advantage of untapped resources, especially shale gas. Alternative fuels are much safer and cleaner than fossil fuels and can improve the environment by reducing air pollutants. Governments around the world are also encouraging the use of alternative fuels and have announced several policies. In addition, the increasing number of non-linear equipment supporting renewable energy systems increases the risk of grid instability, creating the risk of grid failure and damage to electrical equipment required for renewable energy systems. Therefore, smart transformers must regulate the voltage to maintain grid frequency.

Latest Market Trends is driving the market growth

In March 2021, Hitachi ABB Power Grids partnered with the research institute of Singapore's Nanyang Technological University (NTU Singapore) on a smart grid development project led by the government. Through this partnership, work on next-generation transformers compatible with smart grids is also expected to start.

Noor Energy 1 adopted the latest technology from Huawei's product line in 2021, which mainly consists of string inverters and intelligent substations, enabling the rapid construction of more modular systems.

Chinese PV inverter manufacturer Huawei planned to supply string inverters and smart transformers in the year 2021 for Soudia Agro solar PV Power Plant in Bangladesh.


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Market Segmentation

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. Based on Component, the market is segmented into Converters, Switches, Transformers, Hardware for Transformer Monitoring. Based on Application, the market is segmented into Traction Locomotive, Electric Vehicle Charging, Smart Grid, and Others.

Market player

The main market players in the Global Smart Transformers Market are 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, 10. Ormazabal Electric, S.L.U.

Attribute

Details

Base Year

2022

Historic Data

2018– 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Type

Component

Application

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East

Country scope

United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Germany; United Kingdom; France; Italy; Spain; Brazil; Colombia; Saudi Arabia; South Africa; UAE;

Key companies profiled

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.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, Global Smart Transformers Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Global Smart Transformers Market, By Type:

o   Distribution Transformers

o   Power Transformers

o   Specialty Transformers and Instrument Transformers

  • Global Smart Transformers Market, By Component:

o   Converters

o   Switches

o   Transformers

o   Hardware for Transformer Monitoring

  • Global Smart Transformers Market, By Application:

o   Traction Locomotive

o   Electric Vehicle Charging

o   Smart Grid

o   Others

  • Global Smart Transformers Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§   India

§  Japan

§  South Korea

§  Australia

§  China

o   Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Spain

o   South America

§  Brazil

§  Colombia

o   Middle East & Africa

§  South Arabia

§  South Africa

§  UAE 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Smart Transformers Market.

Available Customizations:

Global Smart Transformers Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to ten).
The Global Smart Transformers Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 Global Smart Transformers Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Key Satisfaction Level

5.3.  Challenges Faced Post Purchase

6.    Global Smart Transformers Market

6.1.        Market Size & Forecast

6.1.1.      By Value

6.2.        Market Share & Forecast

6.2.1.      By Type (Distribution Transformers, Power Transformers, Specialty Transformers and Instrument Transformers)

6.2.2.      By Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring)

6.2.3.      By Application (Traction Locomotive, Electric Vehicle Charging, Smart Grid and Others)

6.2.4.    By Region

6.2.5.    By Company

6.3.        Market Map

7.    North America Smart Transformers Market Outlook

7.1.        Market Size & Forecast

7.1.1.      By Value

7.2.        Market Share & Forecast

7.2.1.      By Type

7.2.2.      By Component

7.2.3.      By Application

7.3.        North America: Country Analysis

7.3.1.      United States Smart Transformers Market Outlook

7.3.1.1.      Market Size & Forecast

7.3.1.1.1.     By Value 

7.3.1.2.      Market Share & Forecast

7.3.1.2.1.     By Type

7.3.1.2.2.     By Component

7.3.1.2.3.     By Application

7.3.2.      Canada Smart Transformers Market Outlook

7.3.2.1.      Market Size & Forecast

7.3.2.1.1.     By Value 

7.3.2.2.      Market Share & Forecast

7.3.2.2.1.     By Type

7.3.2.2.2.     By Component

7.3.2.2.3.     By Application

7.3.3.      Mexico Smart Transformers Market Outlook

7.3.3.1.      Market Size & Forecast

7.3.3.1.1.     By Value 

7.3.3.2.      Market Share & Forecast

7.3.3.2.1.     By Type

7.3.3.2.2.     By Component

7.3.3.2.3.     By Application

8.    Asia-Pacific Smart Transformers Market Outlook

8.1.        Market Size & Forecast

8.1.1.      By Value

8.2.        Market Share & Forecast

8.2.1.      By Type

8.2.2.      By Component

8.2.3.      By Application

8.3.        Asia: Country Analysis

8.3.1.      China Smart Transformers Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.     By Value 

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.     By Type

8.3.1.2.2.     By Component

8.3.1.2.3.     By Application

8.3.2.      India Smart Transformers Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.     By Value 

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.     By Type

8.3.2.2.2.     By Component

8.3.2.2.3.     By Application

8.3.3.      Japan Smart Transformers Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.     By Value 

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.     By Type

8.3.3.2.2.     By Component

8.3.3.2.3.     By Application

8.3.4.      South Korea Smart Transformers Market Outlook

8.3.4.1.      Market Size & Forecast

8.3.4.1.1.     By Value 

8.3.4.2.      Market Share & Forecast

8.3.4.2.1.     By Type

8.3.4.2.2.     By Component

8.3.4.2.3.     By Application

8.3.5.      Australia Smart Transformers Market Outlook

8.3.5.1.      Market Size & Forecast

8.3.5.1.1.     By Value 

8.3.5.2.      Market Share & Forecast

8.3.5.2.1.     By Type

8.3.5.2.2.     By Component

8.3.5.2.3.     By Application

9.    Europe Smart Transformers Market Outlook

9.1.        Market Size & Forecast

9.1.1.      By Value

9.2.        Market Share & Forecast

9.2.1.      By Type

9.2.2.      By Component

9.2.3.      By Application

9.3.        Europe: Country Analysis

9.3.1.      Germany Smart Transformers Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.     By Value 

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.     By Type

9.3.1.2.2.     By Component

9.3.1.2.3.     By Application

9.3.2.      United Kingdom Smart Transformers Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.     By Value 

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.     By Type

9.3.2.2.2.     By Component

9.3.2.2.3.     By Application

9.3.3.      France Smart Transformers Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.     By Value 

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.     By Type

9.3.3.2.2.     By Component

9.3.3.2.3.     By Application

9.3.4.      Spain Smart Transformers Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.     By Value 

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.     By Type

9.3.4.2.2.     By Component

9.3.4.2.3.     By Application

9.3.5.      Italy Smart Transformers Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.     By Value 

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.     By Type

9.3.5.2.2.     By Component

9.3.5.2.3.     By Application

10. South America Smart Transformers Market Outlook

10.1.     Market Size & Forecast

10.1.1.    By Value

10.2.     Market Share & Forecast

10.2.1.    By Type

10.2.2.    By Component

10.2.3.    By Application

10.3.     South America: Country Analysis

10.3.1.    Brazil Smart Transformers Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1.   By Value 

10.3.1.2.   Market Share & Forecast

10.3.1.2.1.   By Type

10.3.1.2.2.   By Component

10.3.1.2.3.   By Application  

10.3.2.    Colombia Smart Transformers Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1.   By Value 

10.3.2.2.   Market Share & Forecast

10.3.2.2.1.   By Type

10.3.2.2.2.   By Component

10.3.2.2.3.   By Application

11. Middle East & Africa Smart Transformers Market Outlook

11.1.     Market Size & Forecast

11.1.1.    By Value

11.2.     Market Share & Forecast

11.2.1.    By Type

11.2.2.    By Component

11.2.3.    By Application

11.3.     Middle East: Country Analysis

11.3.1.    Saudi Arabia Smart Transformers Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1.   By Value 

11.3.1.2.   Market Share & Forecast

11.3.1.2.1.   By Type

11.3.1.2.2.   By Component

11.3.1.2.3.   By Application

11.3.2.    South Africa Smart Transformers Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1.   By Value 

11.3.2.2.   Market Share & Forecast

11.3.2.2.1.   By Type

11.3.2.2.2.   By Component

11.3.2.2.3.   By Application

11.3.3.    UAE Smart Transformers Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1.   By Value 

11.3.3.2.   Market Share & Forecast

11.3.3.2.1.   By Type

11.3.3.2.2.   By Component

11.3.3.2.3.   By Application

12. Market Dynamics

12.1.   Drivers

12.1.1.             Digitalization in transformers

12.1.2.             Threat against the use of fossil fuel

13. Market Trends & Developments

13.1.   Hitachi ABB Power Grids partnership with the research institute of Singapore's Nanyang Technological University

13.2.   Huawei inverters and smart in Bangladesh.

13.3.   Technology Huawei's product line

14. Company Profiles

14.1.   ABB Ltd

14.1.1.         Business Overview

14.1.2.         Key Revenue and Financials

14.1.3.         Recent Developments

14.1.4.         Key Personnel

14.1.5.         Key Product/Services

14.1.6.         SWOT Analysis

14.2.   CG Power and Industrial Solutions

14.2.1.         Business Overview

14.2.2.         Key Revenue and Financials

14.2.3.         Recent Developments

14.2.4.         Key Personnel

14.2.5.         Key Product/Services

14.2.6.         SWOT Analysis

14.3.   Siemens AG

14.3.1.         Business Overview

14.3.2.         Key Revenue and Financials

14.3.3.         Recent Developments

14.3.4.         Key Personnel

14.3.5.         Key Product/Services

14.3.6.         SWOT Analysis

14.4.   General Electric Company

14.4.1.         Business Overview

14.4.2.         Key Revenue and Financials

14.4.3.         Recent Developments

14.4.4.         Key Personnel

14.4.5.         Key Product/Services

14.4.6.         SWOT Analysis

14.5.   Hitachi Ltd

14.5.1.         Business Overview

14.5.2.         Key Revenue and Financials

14.5.3.         Recent Developments

14.5.4.         Key Personnel

14.5.5.         Key Product/Services

14.5.6.         SWOT Analysis

14.6.   Schneider Electric SE

14.6.1.         Business Overview

14.6.2.         Key Revenue and Financials

14.6.3.         Recent Developments

14.6.4.         Key Personnel

14.6.5.         Key Product/Services

14.6.6.         SWOT Analysis

14.7.    Mitsubishi Electric Corporation

14.7.1.         Business Overview

14.7.2.         Key Revenue and Financials

14.7.3.         Recent Developments

14.7.4.         Key Personnel

14.7.5.         Key Product/Services

14.7.6.         SWOT Analysis

14.8.   SPX Transformer Solutions Inc.

14.8.1.         Business Overview

14.8.2.         Key Revenue and Financials

14.8.3.         Recent Developments

14.8.4.         Key Personnel

14.8.5.         Key Product/Services

14.8.6.         SWOT Analysis

14.9.   Eaton Corporation PLC

14.9.1.         Business Overview

14.9.2.         Key Revenue and Financials

14.9.3.         Recent Developments

14.9.4.         Key Personnel

14.9.5.         Key Product/Services

14.9.6.         SWOT Analysis

14.10.  Ormazabal Electric, S.L.U.

14.10.1.      Business Overview

14.10.2.      Key Revenue and Financials

14.10.3.      Recent Developments

14.10.4.      Key Personnel

14.10.5.      Key Product/Services

14.10.6.      SWOT Analysis

15. Strategic Recommendations

15.1.   Key focus on Distribution Transformers

15.2.   Major focus on APAC region

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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A smart transformer (ST) is a power electronics-based transformer with effective control and communication. It is also known as Solid State Transformer. It is a fusion of powerful semiconductor components, control circuits, and traditional high frequency transformers.

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Provides unity power factor with sinusoidal currents under nonlinear loads. Improve power supply quality by combining consumers to form a power supply with the same phase currents, even with asymmetrical loads. Reduce grid losses and improve power reliability are some of its benefits.

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Major market players are 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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The need to replace old transformers with the new ones which have better technology and are not harmful is a major reason as to why the world is shifting towards smart transformers. Another reason is the adoption of smart grid worldwide which includes installation of smart meters.

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Parvati Sharma

Account Manager BD
Press Release

Smart Transformers Market to be Dominated by IT & Telecommunication Industry

Feb, 2023

Increasing government projects and need for modernization of grid networks are the major factors driving the Global Smart Transformers Market during the forecast period.

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