Smart Transformers Market to Grow at 11% CAGR by 2028
The Global Smart Transformers Market is expected to grow at 11% CAGR by 2028. It was valued at USD 2.19 Billion in 2021 and is predicted to reach USD 4.55 Billion by 2028. The Smart transformers work independently to control the power supply, maintain a smart grid connection to allow remote access and provide feedback to the power supply system. Remote access provided by smart transformers saves users time and resources.
The built-in monitoring function of smart transformers improves reliability by keeping the clock on key components, such as turns, core, tap replacement, and more. Smart transformers protect electrical equipment from power fluctuations, reducing energy consumption and emissions of greenhouse gasses and improving the efficiency of electrical equipment. It is eco-friendly and enables users to save money by using energy efficiently. Aging infrastructure, energy awareness, and technological advances are encouraging the growth of the global market for smart transformers. However, access to affordable prices, cyber security and data privacy are factors that hinder the market growth. A high initial investment may disrupt the market over time. On the other hand, changes in the power sector and monitoring of small generators create market opportunities.
Smart transformers provide digital controls and advanced features such as digital internet access platform, Wi-Fi, ethernet or mobile options, asset performance, cybersecurity, and more. This enables the transformer to play a management role in the power distribution grid. The increase in digital productivity in the energy system has helped to control real and efficient energy, improve energy quality, limit current error, and reduce energy consumption. Therefore, the many benefits of digital integration in the energy industry increase the demand for smart transformers in the global market.
The energy industry is on the verge of transitioning from central, conventional, and hazardous areas to safety to distribution, energy mix production, and advancement in control systems. Digital use plays an important role in the energy industry, which includes control systems, sensors, industrial software, and industrial Internet of Things (IoT) technology, among others. Digital integration combined with machines and devices such as smart transformers helps to improve system efficiency and build an important part of an intelligent grid. This works independently to control the voltage and allows remote control in the system, thereby encouraging the growth of the Smart Transformers Market. Based on components, the Smart Transformers Market is divided into converters, switches, transformers, hardware for transformer monitoring, and others. Based on type, the market is divided into power transformers, distribution transformers, specialty transformers, instrument transformers and based on application, traction locomotive, smart grid, electric vehicle charging, and other applications.
The market for smart transformers is expected to grow rapidly in the Asia-Pacific region, particularly in China, Japan, and South Korea. The Asia Pacific region is looking at clean energy on a large scale to meet its growing energy needs effectively. India, China, and Singapore are some of the potential markets for energy and resources. Also, Asia-Pacific provided the largest possible return on foreign direct investment. Increased investment in modern infrastructure and population growth in cities, especially in emerging economies such as China and India, is expected to drive the Asian-Pacific Smart Transformers Market. Apart from APAC, the global market covers North America, Europe, South America, Middle East & Africa.
Key market players in the Smart Transformers Market are - GE (US), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Wilson Transformer (Australia), Eaton (Ireland), Mitsubishi Electric (Japan), CG Power (India), BHEL (India), Gridco (US), SPX Transformer (US), and Howard Industries (US).
Authorization, agreements, partnerships, mergers and acquisitions, partnerships, partnerships, extensions, etc. are some of the key strategies taken by these companies to gain market strength.
Browse the full Report - Smart Transformers Market by Type (Power Transformers, Specialty Transformers, Instrument Transformers, Distribution Transformers), by Component (Transformers, Hardware for Transformer Monitoring, Converters, Switches), by Application (Smart Grid, Electric Vehicle Charging, Traction Locomotive, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)