New York, June 29, 2021 (GLOBE NEWSWIRE) – Smart Transformers Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Smart Transformers Market Research Report, Type, Component, Application and Region Forecast to 2027 ” The smart transformers market is expected to be worth USD 6.1 billion by 2027, registering a CAGR of 14.94% during the forecast period (2021 – 2027), the market was valued at USD 2.21 billion in 2020 .
Smart transformers improve operational efficiency of power grids
The global smart transformer market is booming. The growing demand for enhancing the safety and resilience and increasing the operational efficiency of power grids is a major driver for the growth of the smart transformer market. In addition, a growing number of Renewable energy grid integrations around the world benefit the smart transformer industry.
With the increasing integration of smart grids due to increasing regulatory goals across the globe, the market is expected to grow faster in the coming years. In this regard, Future Market Research indicates that the global smart transformer market will reach exponential valuation by 2027, registering an impressive CAGR during the forecast period (2020-2027).
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List of Key Companies presented in the Smart Transformers Market report are:
- Siemens AG (Germany)
- Schneider Electric SE (France)
- ABB SA (Switzerland)
- General Electricity Company (United States)
- Mitsubishi Electric Corporation (Japan)
- Eaton Corporation plc (Ireland)
- Crompton Greaves Ltd. (India)
- Howard Industries (United States)
- Bharat Heavy Electricals Limited (India)
- Alstom (France)
- Ormazabal (Spain)
- SPX Transformer Solutions Inc. (United States)
Highly competitive, the smart transformer market appears fragmented, with several notable players forming a competitive landscape. Industry players are initiating strategic approaches such as mergers and acquisitions, collaboration, expansion and technology launch to gain a greater competitive share.
For example, recently on June 14, 2021, Alliant Energy (US), one of the major electricity providers in Iowa and Wisconsin, announced its partnership with Sensus to expand its network of smart utilities and improve outage response and visibility of network operations. This technology allows utilities to identify or map which electricity meters and transformers are working 100% accurately and which ones have malfunctioned. This follows a successful pilot project, including the deployment of Sensus’ phase detection application to 600 electricity meters in the town of DeWitt, Iowa.
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Large investments in modernizing electricity infrastructure create significant opportunities
The outlook for the smart transformer market looks extremely promising. The increasing adoption of smart grid technology in well-developed economies is influencing the market share of smart transformers. In addition, the evolution of power grid management models, such as two-way energy flow, highly distributed generation in the grid, and increased share of renewable energy sources, are the main trends in the smart transformer market. .
Utility companies are increasingly employing 3GPP 4G and 5G network solutions that can increase the operational efficiency of power grids by enhancing their security and resilience. Hence, it is positively impacting the smart transformer market size across the world. In addition, factors such as the increasing upgrade activities undertaken for aging transmission and distribution infrastructure and grid and transformer technologies are driving the market.
Large capital requirement is a major factor hampering the revenue of the smart transformer market
It takes huge investments to install smart transformers capable of sending and receiving data to and from utility control centers. Furthermore, vast cybersecurity and data privacy concerns are hampering the growth of the market. Nonetheless, improvements in the electricity sector and monitoring of micro-generators would support the market value of smart transformers throughout the evaluation period.
Impact of COVID-19
The smart transformer industry is quickly returning to normal as the current COVID-19 crisis fades into the past and the global economy recovers. Emerging markets are poised to experience incredible success in smart transformer deployments. North America, Western Europe and East Asia are expected to complete their smart transformer deployments within the next few years.
Of course, the pandemic is far from over and emerging markets are expected to deploy a significant number of smart transformers in the coming years, representing billions of dollars in investment. Growth in emerging markets is expected to intensify as the current crisis recedes into the past and the global economy rebounds. In addition, increased legislative measures aimed at developing reliable network infrastructure in developing countries would further complement the market landscape.
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The market is segmented into types, components, applications, and regions. The type segment is sub-segmented into distribution transformers, power transformers, instrument transformers, and specialty transformers. Of these, the distribution transformers segment represents the largest market share.
The component segment is divided into converters, switches, hardware and others. The application segment is divided into traction locomotive, smart grid, electric vehicle charging and others. The regional segment is sub-segmented into North America, Europe, APAC and Rest of the world.
Asia-Pacific dominates the global smart transformer market due to the growth of electric utilities and OEM industries. In addition, the increase in the activities of upgrading existing distribution infrastructure to meet the growing demand for electricity is disrupting the growth of the smart transformer market. In addition, significant investments in developing and upgrading smart grid infrastructure are increasing the market share of smart transformers in the region.
Rapidly growing sources of renewable energy generation and network infrastructure development activities carried out by large investments are supporting the growth of the market. In addition, growing electricity distribution activities in Australia, Indonesia and India are driving regional market growth. Other factors contributing to the size of the smart transformer market include widespread adoption, increasing power plant capacity, economic growth, and the need to improve access to electricity.
Market segmentation covered by research:
Information by type (power, distribution, specialty and instrument), component (converters, switches, hardware), application (traction locomotive, smart grid, electric vehicle load)
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