Market Highlights
Global Smart Transformers Market is expected to expand at ~ 11.5% CAGR during the forecast period.
Smart transformers are transformers that incorporates a general transformer’s features with communication technology and monitoring software. Smart transformer operates autonomously to regulate voltage, maintain contact with smart grid to allow remote access, as well as it facilitates feedback in a power supply system. The remote access delivered by the smart transformers save time and resources of users. An instinctive monitoring function of smart transformers improves the reliability by keeping a guard on critical constituents, such as core, winding, and tap changer. Smart transformers safeguard electrical equipment from power variations, diminish energy consumption, and greenhouse emissions, and improve electrical appliance efficiency. It is eco-friendly and enables users to save money by utilizing energy efficiently.
The smart transformers market is projected to have enormous number of developments over the forecast period owing to incessant technological advancement in energy sector tied with rising power demand. The market is also likely to have a huge number of expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated during the forecast period with several contracts and agreements among the top EPC and Government across the globe.
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Drivers
Market Research Analysis
Distribution transformer by type, converters by component and smart grids by application are expected expand the highest CAGR.
Global smart transformers market has been segmented based on type, component, application, and region. Based on type, the market is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. Among these, distribution transformers are projected to dominate the smart transformers market through 2023. A distribution transformer is vital for proper load management, consequential in better power quality and less power failures outages. On the basis of components, the market is segmented into converters, switches, hardware, and others. Converters segment dominated the market in 2016 and is projected to be the fastest-growing design segment. Converters can be of both, AC and DC types and offer the output in either form of current as per the necessity of the output stage. Based on application, the market is segmented into traction locomotive, smart grid, electric vehicle charging and others. Smart grid dominated the market in 2016 and has been projected to be the fastest-growing application over the next five years. The smart grid has reciprocal communication for instantaneous monitoring and controlling of network features. For this, the basic step is the execution of smart meters for end-user communications, followed by engaging smart transformers in the network to additionally strengthen communications and evade power outages. Smart grids prevent faults and power failures outages. They are also fitted with self-realization characteristic, which allows the network to reinstate to normal state once the fault is cleared.
Scope of the Report
This study provides an overview of the global smart transformers market, tracking three market segments, across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Smart Transformers market by type, design, end-user and region.
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By Type
- Power Transformers
- Distribution Transformers
- Specialty Transformers
- Instrument Transformers
By Component
- Converters
- Switches
- Hardware
- Others
By Application
- Traction Locomotive
- Smart Grid
- Electric Vehicle Charging
- Others
By Regions
- North America
- Asia Pacific
- Europe
- Rest of the World
Key Players
The key players of global smart transformers market are ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Eaton Corporation plc (Ireland), General Electric Company (U.S.), and Mitsubishi Electric Corporation (Japan). Bharat Heavy Electricals Limited (India), Crompton Greaves Ltd. (India), Howard Industries. (U.S.), SPX Transformer Solutions, Inc. (U.S.), Alstom (France), and Ormazabal (Spain) are among others.
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