Smart Transformers Market : Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
The Smart Transformers Market is expected to mask a CAGR of 11.5% during the projected period. Further, the market was calculated at XXXX billion in 2019 and is anticipated to reach at a valuation of USD XXXX billion by the end of forecast period. Smart transformers are solid state transformers which reduce power consumption by providing a stable and optimal power supply that supplies the electrical equipment with ideal voltage. It defends electrical equipment from power fluctuations and reduce energy consumption using smart data analytics and greenhouse emissions, which further improve the efficiency of electrical appliances.
Growth Drivers & Restraints
The growing energy demand is one of the major factors that are positively influencing the growth of smart transformers market. The increasing power demand across the globe has encouraged the manufacturers to improve the efficiency of the grids, in order to reduce the wastage of electricity, which in turn increases the growth of the smart transformers market. Further, the government regulations and initiatives such as smart city projects and others are resulting in increasing deployment of smart grid solutions in the smart cities. Governments are deploying smart grid in smart cities to digitalize the power sector, which further is expected to escalate the growth of smart transformers market. According to the International Energy Agency (IEA), global investment in digital electricity infrastructure and software reached USD 47 billion in 2016, grown by over 20% annually since 2014. Most of the transformers installed in the power grid systems across the world are becoming older and needed to be replaced in those economies who are undertaking smart grid initiatives.
Additionally, the growing focus on load voltage regulation and advancements in the technology sectors are the key elements which are propelling the growth of smart transformers market. Moreover, owing to the rise in industrialization and urbanization, smart grids with smart transformers are witnessing remarkable demand in the market. In terms of region, Asia Pacific acquired lion shares in the market and China is the strongest country for the smart transformers in this region. The government initiatives to increase power generation capacity using renewable energy sources with the increase in consumption of electric power and replacement of aging power plants in China are allowing the country to dominate the smart transformers market in the Asia Pacific. However, the high initial cost incurred in the installation of smart transformers and cybersecurity and data privacy concerns is hampering the market growth of smart transformers.
The research offers a comprehensive analysis of smart transformers market with respect to following sub-markets:
- Power Transformers
- Distribution Transformers
- Instrument Transformers
- Smart Grid
- Traction locomotive
- Electric Vehicles Charging
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as,
- ABB Ltd.
- Siemens AG
- Eaton Corporation
- Schneider Electric
- Crompton Greaves Ltd
- Howard Industries Incorporation
- Gridco Systems
- SPX Transformer Solutions Incorporation
- Bharat Heavy Electricals Limited
- Other Prominent Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as technology information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
The study also provides company’s positioning and market share in smart transformers market.
Timeline Considered for Analysis:
- 2018- Base Year
- 2019 – Estimated Year
- 2020 to 2024 – Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the smart transformers market by the following segments:
- By Type
- By Applications
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Smart Transformers Market Industry Report;
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?