The smart transformers market was valued at US$ 1.86 Bn in 2018 and expected to grow at a CAGR of 14.9% during the forecast period from 2019 to 2027.
“Increasing adoption towards grid digitalization along with growing focus for alternative fuel will upgrade the market growth during the forecast period”
Increasing transition from traditional transformers along with rising inclination towards wide-scale implementation of smart transformers is likely to propel the market growth. Additionally, increasing adoption of smart technologies in power grid infrastructures, rising governments focuse towards un-interrrupted power supply across the developed and emerging economies will expand the market for smart transformer transformer on aglobal scale. Moreover, intensifying challenges like electric vehicle charging stations, ageing transmission and distribution (T&D) infrastructures, and distributed generation are projected to boost up the market growth. Furthermore, rising demand for smart grid technologies and energy storage initiatives is expected to additionally drive the smart transformers market during the forecast period. Deprived government regulations, higher equipments cost, low accessibility and realiability to electricity in unfledged nations globally is anticipated to hinder the market growth.
Additionally, integration of energy mix coupled with growing focus towards renewable power generation will urge the need for smart monitoring and voltage regulation systems. This, thereby is likely to propel the market growth for smart transformer in the coming years. For instance, in 2018 according to the International Energy Agency (IEA) annual review, the global energy investment was around US$ 1.8 trillion, which improved the penetration for smart grid and augmented reliability in the power system, thereby strengthening the demand for smart transformers in the global market. Rising adoption of technologically advanced equipments and solutions like Supervisory Control and Data Acquisition (SCADA), Distributed Control system (DCS), MATLAB, and power quality monitoring system will substantially fuel the demand for smart transformers on a large scale.
Key Industry Development:
• In June 2018, ABB Ltd. have revealed its first digitally integrated solution for power transformers at Hanover Fair, in Germany.
• In July 2019, ABB and the Municipal Government of Chongqing have jointly signed an investment and cooperation contract to build manufacturing base facility center for smart transformers in Liangjiang, China.
Key Market Movements:
• Globally, the smart transformers market is rising at a CAGR of 14.9% for the estimated period from 2019 to 2027.
• Asia Pacific is likely to grow at a faster rate for the smart transformers market over the forecast period. Moreover, rising foreign direct investments, urbanizing population, growing investments and technological expansion for smart grid and cities from emerging countries like Singapore, China, and India will increase the market growth across the region.
• The Europe will dominate the market for smart transformers withholding a significant market share during the forecast period. The persistent growth towards end-to-end digitization, growing investments in refurbishment, extension and replacements of aging grid infrastructures will drive the market growth.
• However, increasing preference for digitization in grids, introduction of smart cities, and rising emphasis for alternate energy productions across the regions will drive the overall demand.
List of Companies Covered:
• ABB Ltd.
• Siemens AG
• Schneider Electric SE
• Eaton Corporation PLC
• General Electric Company
• Wilson Transformer Co Pty Ltd
• Mitsubishi Electric Corporation
• Bharat Heavy Electricals Limited
• CG Power and Industrial Solutions Ltd
• Howard Industries Inc
• SPX Corp
• Alstom SA
• Triad Magnetics
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