Smart Transformers Market by Component (Converters, Switches, Transformers, and Hardware for Transformer Monitoring), by Type (Power Transformers, Distribution Transformers, Specialty Transformers, and Instrument Transformers), and by Application (Traction Locomotive, Smart Grid, Electric Vehicle Charging, Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global smart transformers market expected to reach USD 3.01 billion by 2025, at a CAGR of 10.24% between 2019 and 2025. Smart transformers deliver extra flexibility to control power distribution networks to enable the smooth transformation of DC-to-AC and AC-to-DC, as per the necessity.

27-May-2019 | Number of pages: 110 | Report Code: ZMR-1302 | Report Format : | Status : Published

Analysis

Smart transformers are solid-state transformers that perform an administrative role in the electric distribution grid. Smart transformers are an integral part of a smart grid. Smart transformers and smart grid work individually to constantly control voltage and keep interaction through the smart grid according to permit remote administration. Smart transformers are used for traction locomotive, smart grid, electric vehicle charging, and other applications.

The global smart transformers market is experiencing significant growth currently, which is expected to continue over the upcoming years as well. The rapid digitalization of power utilities is likely to act as the key growth driver of the smart transformers market. The growing awareness about energy sources and aging infrastructure and technological advancements are expected to further fuel the global smart transformers market over the forecast time period. Rapid urbanization and improving living standards of the global population are also expected to support the demand for smart transformers in the years ahead. However, huge initial investments for the installation of smart transformers may hamper the growth of the global smart transformers market. Alternatively, the flourishing electric vehicle market in emerging countries is likely to create new growth opportunities for the major players of the smart transformers market.

Global Smart Transformers Market

The global smart transformers market is mainly fragmented based on component, type, and application. By component, the global smart transformers market includes switches, converters, hardware for transformer monitoring, transformers. The converters segment registered the fastest growth rate in the global market and accounted for a significant share in 2018. By type, the global smart transformers market includes distribution transformers, power transformers, instrument transformers, and specialty transformers. The distribution transformers segment held a major share in 2018. By application, the global smart transformers market is mainly categorized into smart grid, electric vehicle charging, traction locomotive, and others. In 2018, the smart grid segment led the global smart transformers market.

In 2018, the Asia Pacific region was the largest smart transformers market globally. This growth was mainly attributed to the rising adoption of renewable power sources, such as wind and solar energy and traction locomotives in the region. Moreover, the Asia Pacific region is anticipated to be the fastest growing market for smart transformers over the next few years, owing to the rising urbanization and swift industrialization across the region. North America and Europe closely followed the Asia Pacific region in 2018.

The major players of the global smart transformers market are Cree, ABB, Howard Industries, Eaton Corporation, Alstom, Schneider Electric, General Electric, Crompton Greaves, Siemens, and Mitsubishi Electric.


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