Global Smart Transformers Market Key Insights
During the forecast period of 2023-2035, the global smart transformers market is expected to reach an estimated value of ~USD 16 billion by 2035, by expanding at a CAGR of ~12%. The market further generated revenue of ~USD 6 million in the year 2022. Major key factors propelling the growth of the smart transformers market worldwide are the rising deployment of smart grid network and growing digital revolution in the energy and power industry.
Market Definition of Smart Transformers
A smart transformer is a device that functions as a buffer between the power grid and external systems such as residences and businesses. These devices have sophisticated features and capabilities to help the power grid. The worldwide production of sustainable fuels, digital innovation of electric utilities, and massive investment in smart grids and energy sectors are fueling the expansion of the smart transformer market. These transformers are broadly used to regulate voltage and remain in contact with the smart grid, allowing for remote administration of the power grid.
Global Smart Transformers Market: Growth Drivers
The growth of the global smart transformers market can majorly be attributed to the growing adoption of smart grids. Smart transformers, which form a major component of smart grids, consistently regulate voltage and minimize energy loss, lessening operational expenses indirectly. Furthermore, smart transformers reduce energy waste and maintain oscillations to a minimum, which is essential for high-usage machines in the construction sector. As a result, the benefits of smart transformers over conventional transformers is expected to propel the market's growth. Moreover, soaring smart grid network implementation, bolstered by rising public awareness about energy conservation, is expected to fuel market growth. According to the International Energy Agency (IEA), USD 123 billion was spent globally in 2019 on power equipment for smart grid infrastructure.
The global smart transformers market is also estimated to grow majorly on account of the following:
·Surging Digitalization in Energy & Power Sector
·Increasing Concern for Environmental Degradation and Rising Awareness for Climate Change
Global Smart Transformers Market: Restraining Factor
The key obstacle to implementing smart transformers is their high equipment cost, which is owing to many companies' reluctance to utilize them. However, these transformers offer reliability, harmonics elimination, and power factor advancement, all of which contribute to the overall efficiency, productivity, and cost-effectiveness of the energy system. Furthermore, because of their capability to withstand severe weather conditions, smart transformer implementation is shrinking. Hence this factor is expected to be the major hindrance to the growth of the global smart transformers market during the forecast period.
Global Smart Transformers Market Segmentation
· By Type (Power, Distribution, Specialty, and Others)
The rising emphasis on renewable energy generation around the globe, in addition to rising electrical infrastructure projects, is expected to drive the growth of distribution transformer segment during the projected timeframe. Moreover, advanced nations such as the United States, Europe, and Japan contribute to the substantial demand for smart transformers as a result of the increasing replacement of aging power distribution equipment. For instance, Ameren Missouri planned to upgrade its aging infrastructure in February 2022, when it filed its latest update Smart Energy Plan with Missouri's Public Service Commission (PSC), pledging USD 8.4 billion toward substituting equipment, some of which is up to 50 years old, and establishing modern technology.
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·By Application (Smart Grid, Electric Vehicle Charging, and Others)
·By Region
The North America smart transformers market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions owing to the escalating adoption of smart grid networks in evolved countries such as the United States and Canada. According to an IEA report, the United States exceeded China in smart grid financing in 2019, with a 12% increase. The region's increasing infrastructure evolution is expected to accelerate regional market growth.
The market research report on global smart transformers also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Smart Transformers Market
Some of the key players of the global smart transformers market are:
· BHEL
· ABB Ltd.
· Grid Point, Inc.
· The General Electric Company
· Siemens AG
· Honeywell International Inc.
· Schneider Electric
· Mitsubishi Electric Corporation
· Grid Corporation
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