Overview of Smart Transformers Market:
Smart Transformers Market research report describing the professional information and in-depth study on the current state of the world market along with competitive analysis. The report defines, describes, and forecasts the global Smart Transformers Market by component, type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
The Smart Transformers Market is expected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of USD 2.43 billion by 2022. The major drivers of the Smart Transformers Market include aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.
· Banks, venture capitalists, financial institutions, and other investors
· Companies related to electric power generation, transmission, and distribution
· Energy associations
· Environment associations
· Government and industry associations
· Government and research organizations
· Smart grid project developers
· Smart transformer component manufacturers, dealers, and suppliers
· State and national regulatory authorities
· Substation equipment manufacturing companies
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The Leading Players Operating in the Smart Transformers Market:
The Smart Transformers Market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the Smart Transformers Market include ABB, GE, Siemens, Schneider Electric, and Eaton.
The major strategies adopted by the players include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and joint ventures and collaborations. Contracts & agreements was the most commonly adopted strategy from January 2014 to July 2017. Industry players also adopted new product developments, which was the second most widely followed strategy, during the same period. A few key integrated solution providers have been highlighted in the section below.
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The market in Asia Pacific is estimated to be the fastest growing market for smart transformers from 2017 to 2022. Factors, such as, rapid industrialization, infrastructural developments, aging power plants, increase in adoption of electric vehicles, and growing demand for electricity are driving the Smart Transformers Market in the region. Furthermore, government initiatives to increase power generation capacity using renewable energy sources is expected to drive the demand for the Smart Transformers Market.
The market in the US is expected to be the fastest growing market in North America for smart transformers, during the forecast period. Due to the aging infrastructure, climate risks, growing demand for electricity, and increasing adoption of electric vehicles in the country, the US government is taking significant steps to modernize the transformers sector, thereby, driving the Smart Transformers Market.
The report segments the Smart Transformers Market, by application, into traction locomotive, smart grid, electric vehicle charging, and others (others includes applications in shipping and aviation and packaged substations, data centers, and alternative power generation). The smart grid segment is expected to grow at the highest CAGR during the forecast period.
The Smart Transformers Market, by component, is segmented into converters, switches, transformers, hardware for transformer monitoring, and others (others include high voltage inductors, high voltage capacitors, and high voltage resistors). The converters segment is expected to grow at the highest CAGR during the forecast period.
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The Smart Transformers Market, by type, is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. The distribution transformers segment is expected to grow at the highest CAGR during the forecast period.
Companies, such as ABB, GE, Siemens, and Schneider could benefit from investing in emerging economies as there is an increase in expenditure on industrial activities in these markets. Along with this, the power infrastructure in developing countries are either old or have not been modernized, which is likely to provide opportunities for the smart transformer companies.
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