27-May-2019 | Zion Market Research
Zion Market Research has published a new report titled “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”. According to the report, the global smart transformers market was around USD 1.52 billion in 2018 and is 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. Smart transformers have a wide range of applications—ranging from alternative power generation to traction locomotives, electric industries, smart grid, etc. Rapid technological developments, old electric grid foundations, flourishing power sector, increasing uses of micro-generators, and rising number of smart grids with smart transformers in urban and industrial regions are some primary factors fueling the growth of the global smart transformers market. The rising demand for compact design and lightweight smart transformer across the world is another vital factor supporting the global smart transformers. However, huge initial investments for the installation of smart transformers and the lack of advanced electric grid infrastructure in emerging countries 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.
Browse the full “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” Report at https://www.zionmarketresearch.com/report/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. The implementation of smart grids is anticipated to improve each side of the electric delivery system, including consumption, generation, distribution, and transmission. By application, the global smart transformers market is mainly categorized into the 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.
This report segments the global smart transformers market into:
Global Smart Transformers Market: Component Analysis
Global Smart Transformers Market: Type Analysis
Global Smart Transformers Market: Application Analysis
Global Smart Transformers Market: Regional Analysis
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