Smart Transformers Market worth USD 6.1 billion by 2027, registering a CAGR of 14.94% – Report by Market Research Future (MRFR)
New York, June 29, 2021 (GLOBE NEWSWIRE) — Smart Transformers Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Transformers Market Research Report, Type, Component, Application and Region – Forecast till 2027” Smart Transformers Market is projected 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 Boost Operational Efficiency of Power Grids
The global smart transformer market is garnering vast traction. Rising demand to strengthen security & resilience and boost the operational efficiency of power grids is a major driving force behind the smart transformer market growth. Besides, increasing numbers of renewable energy grid integrations across the world benefit the smart transformers industry.
With growing smart grid integration due to increasing regulatory targets across the globe, the market is projected to grow more speedily in the years to come. In this regard, Market Research Future states that the global smart transformers market would touch an exponential valuation by 2027, registering an impressive CAGR during the forecast period (2020-2027).
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Competitive Analysis
List of the Key Companies Profiled in the Smart Transformers Market Report are:
- Siemens AG (Germany)
- Schneider Electric SE (France)
- ABB Ltd. (Switzerland)
- General Electric Company (US)
- Mitsubishi Electric Corporation (Japan)
- Eaton Corporation plc (Ireland)
- Crompton Greaves Ltd. (India)
- Howard Industries (US)
- Bharat Heavy Electricals Limited (India)
- Alstom (France)
- Ormazabal (Spain)
- SPX Transformer Solutions Inc. (US)
Highly competitive, the smart transformers market appears fragmented, with several notable players forming a competitive landscape. Industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share.
For instance, recently, on Jun. 14, 2021, Alliant Energy (the US), a leading electricity provider in Iowa and Wisconsin, announced its partnership with Sensus to expand its smart utility network and improve response to outages and visibility in grid operations. This technology enables utilities to identify or map electricity meters and transformers operating 100% accurately and those that would have malfunctioned. This follows a successful pilot, including the rollout of Sensus’s phase-detection application across 600 electricity meters in the DeWitt town of Iowa.
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Vast Investments in Electrical Infrastructure Modernization Create Significant Opportunities
The smart transformers market outlook looks extremely promising. Growing uptake of smart grid technology across well-developed economies influences the smart transformer market share. Additionally, changing patterns in power grid management, such as bi-directional power flow, highly distributed generation in the grid, and increased share of renewable energy sources, are major smart transformer market trends.
Utility companies are increasingly employing 3GPP 4G and 5G network solutions that can boost the operational efficiency of power grids by strengthening their security & resilience. This, as a result, positively impacts the smart transformer market size across the globe. Furthermore, factors such as rising upgrade activities undertaken for aging transmission & distribution infrastructures and grid & transformer technologies drive the market.
Requirement of Vast Capital is a Major Factor Hindering the Smart Transformers Market Revenue
It takes huge investments to install smart transformers that can send and receive data to and from utility control centers. Besides, vast cybersecurity & data privacy concerns impede the growth of the market. Nevertheless, upgrades in the power sector and monitoring micro-generators would support the smart transformers market value throughout the assessment period.
COVID-19 Impact
The smart transformer industry is rapidly returning to normalcy as the ongoing COVID-19 crisis fades into the past and the global economy recovers. Emerging markets are poised to achieve incredible success in smart transformer deployments. North America, Western Europe, and East Asia are expected to conclude their smart transformer rollouts over the next few years.
Of course, the pandemic is far from settled, and emerging markets are forecasted to deploy significant numbers of smart transformers in the years to come, representing billions of dollars in investments. Emerging market growth is projected to grow strong as the ongoing crisis fades into the past and the global economy rebounds. Furthermore, increasing legislative measures to expand reliable grid infrastructure in developing nations would further complement the market landscape.
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Segmentation
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. Among these, the distribution transformer segment accounts for the largest market share.
The component segment is bifurcated into converters, switches, hardware, and others. The application segment is bifurcated into traction locomotive, smart grid, electric vehicle charging, and others. The region segment is sub-segmented into North America, Europe, APAC, and Rest-of-the-World.
Regional Analysis
Asia Pacific dominates the global smart transformers market due to the growing power utilities and OEMs industries. Besides, rising upgrade activities in existing distribution infrastructures to support the growing electricity demand upend the smart transformers market growth. Also, large investments in the development and upgrades of smart grid infrastructures increase the region’s smart transformers market share.
Rapidly growing renewable power generation sources and grid infrastructural development activities led by significant investments support the market growth. Moreover, growing power distribution activities in Australia, Indonesia, and India drive regional market growth. Additional factors contributing to the smart transformers market size include wide adoption, increasing power plant capacity additions, economic growth, and the need to improve access to electricity.
Segmentation of Market covered in the research:
Information by Type (Power, Distribution, Specialty and Instrument), Component (Converters, Switches, Hardware), Application (Traction Locomotive, Smart Grid, Electric Vehicle Charging)
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