Smart Transformers Market
Smart Transformers Market - Global Industry Assessment & Forecast
- By Type Power Transformers, Specialty Transformers, Instrument Transformers, Distribution Transformers
- By Component Transformers, Hardware for Transformer Monitoring, Converters, Switches, Others
- By Application Smart Grid, Electric Vehicle Charging, Traction Locomotive, Others
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 2.19 Billion|
|Revenue 2028:||USD 4.55 Billion|
|Revenue CAGR (2022 - 2028):||11%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
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Smart Transformers Market: By Component, Type, Application, and Region
Global Smart Transformers market is valued at USD 2.19 Billion in 2021 and is projected to attain a value of USD 4.55 Billion by 2028 at a CAGR of 11% during the forecast period, 2022–2028.
Smart Transformers Market Size, 2021 To 2028 (USD 4.55 Billion )
Demand for Smart Transformers is growing as industrial market demands more efficiency and better performance from power distribution systems. Industrial electricity consumption accounts for around one third of total power demand in most countries, and is a significant portion even in developed nations such as Japan. And the number of industrial sites with large transformer banks is increasing due to a trend toward bigger production facilities, often located at a distance from population centers. So, it's not surprising that high percentage of industrial load can be found on utility meters. In addition, there is another factor driving demand for smart transformer technology: distributed energy generation from renewable sources such as solar photovoltaic (PV) or wind turbines.
Growing Focus on Technological Advancement to Drive Growth of the Smart Transformers Market
Electrical grid is going through a major transformation as an increasing number of consumers are using renewable energy sources. In fact, the Australian government has set a target to source 50 percent of the country's electricity from renewables by 2030. The trend towards decentralization is expected to drive the global smart transformer market over the forecast period. Further, increased focus on optimizing grid infrastructure to support new energy sources is expected to have a positive impact on this market. Another key factor fueling the smart transformer market is technological advancements.
Global Smart Transformers market is segmented on the basis of type, component, application, and geography. Based on type, the market is bifurcated into power transformers, specialty transformers, instrument transformers, and distribution transformers. Based on component, the market is bifurcated into transformers, hardware for transformer monitoring. Based on application, the market is bifurcated into smart grid, electric vehicle charging, traction locomotive, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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By Application, Smart Grid is the Key Contributor to the Smart Transformers Market
As the power grid is transforming into a smart grid, smart transformer technology plays an important role. Since most renewable energy generation sources are often located away from where electricity is used, so it is necessary to transmit large amounts of electricity over high voltage transmission lines. But as these long-distance lines go through many communities and other areas with potentially sensitive installations, the ability to manage voltage profiles closely becomes more critical than ever before. In order to maintain safe and consistent voltage levels for all customers along these long-distance routes, utilities must be able to monitor and control voltages precisely at points throughout their distribution networks. Utility companies can use Smart Transformers as one of key components in this process.
Demand for Distributed Transformer to Remain High in the Smart Transformers Market
Higher volume EPC work will require more intelligent transformer designs. A series of technological innovations are creating opportunities for distributed transformer manufacturers to target the utility-scale wind market, where their products have historically been less popular because of performance issues. The wind power industry's focus on larger turbines is expected to result in higher volumes of energy being produced at remote locations, which will require a different approach to designing and building intelligent transformers that can handle the voltage regulation required over long lines.
To meet these needs, transformers vendors are using simulation tools—particularly electromagnetic transients’ software—to design products that include features specifically adapted for use in multi-megawatt wind turbines connected by miles-long transmission lines.
Asia Pacific to Continue to Dominate Global Smart Transformer Market
Electrical grid is going through a major transformation as an increasing number of consumers are using renewable energy sources. In fact, the Australian government has set a target to source 50 percent of the country's electricity from renewables by 2030. The trend towards decentralization is expected to drive the global smart transformer market over the forecast period. Further, increased focus on optimizing grid infrastructure to support new energy sources is expected to have a positive impact on this market. Another key factor fueling the smart transformer market is technological advancements. The growth in India and China's economies has led to widespread construction activities, resulting in an increase in electricity usage worldwide. At the same time, government initiatives encouraging efficient use of resources have further fueled demand for advanced energy infrastructure.
Some of the key players in the global 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).
The Smart Transformers is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
The global Smart Transformers valued at USD 2.19 Billion in 2020 and is expected to reach USD 4.55 Billion in 2028 growing at a CAGR of 11% .
The prominent players in the 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)..
The market is project to grow at a CAGR of 11% between 2021 and 2028.
The driving factors of the Smart Transformers include
- Growing Focus on Technological Advancement
Asia Pacific was the leading regional segment of the Smart Transformers in 2020.