The Global Smart Transformers Market to Grow Despite COVID-19 Crisis
As per Market Research Future (MRFR), the global Smart Transformers Market size is expected to expand at 11.5% CAGR from 2017 to 2023 (forecast period). The report analyses the effect of the COVID-19 pandemic on the global smart transformers market and provides a comprehensive and accurate estimate of the potential volatility of demand over the forecast period.
Smart transformers are transformers that integrate the features of a general transformer with communication technology, monitoring software, and others. The smart transformer works autonomously to control voltage, maintain contact with the smart grid to allow remote access, and facilitates feedback on the power supply system. Remote access delivered by smart transformers saves users time and resources. An instinctive monitoring function of smart transformers improves reliability by keeping a guard on critical constituents like core, winding, tap changer, and others. Smart transformers safeguard electrical equipment from power fluctuations, reduce energy usage and greenhouse emissions, and increase the performance of electrical appliances. They are environmentally friendly and allow users to save money by using energy efficiently.
Market Dynamics
The growth of the global market for smart transformers is driven by aging transmission and distribution infrastructure, a growing consciousness of energy sources, and technological progress. However, access to cheap capital and cybersecurity and data privacy impede the market's growth. On the other side, upgrades in the power sector and monitoring of micro-generators generate market opportunities.
The market for smart transformers is expected to have a considerable number of developments over the forecast period due to continuous technological advances in the energy sector linked to the rising demand for power. The market is also expected to have a massive expansion of multinational and well-established companies. Mergers and acquisition activities are likely to be seen during the projected period, with many contracts and deals between the top contractors and governments worldwide.
Market Segmentation
The global smart transformers market has been segmented based on type, component, and application.
Based on type, the global smart transformers market has been segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. Among these, the distribution transformers are expected to dominate the Smart Transformers Market growth through 2023. A distribution transformer is essential for proper load management, consequential in better power quality, and less power failures & outages.
Based on components, the global smart transformers market has been segmented into converters, switches, hardware, and others. Converters segment led the global market in 2016 and is projected to be the fastest-growing design segment. Converters can be AC and DC types and offer an output in either form of current as per the necessity of the output stage.
By application, the global smart transformers market has been segmented into traction locomotive, smart grid, electric vehicle charging, and others. Smart grid led the market in 2016 and is projected to be the fastest-growing application over the next five years. The smart grid has mutual communication for instantaneous monitoring and control of network features. The basic step for this is the execution of smart meters for end-user communications, followed by the use of smart transformers in the network to strengthen communications further and evade power outages. Smart grids prevent faults and power failures, and power outages. They are also equipped with a self-realization feature that enables the network to return to a normal state once the fault is cleared.
Regional Analysis
Regionally, the global smart transformers market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022, where China was the largest country-level market, followed by India and Japan. The growing population with massive growth in energy demand has led to phenomenal growth in the region's industrial infrastructure and, as a result, has led to growth in the market for smart transformers.
Key Players
The industry giants in the global smart transformers market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Eaton Corporation plc (Ireland), and Mitsubishi Electric Corporation. (Japan). Alstom (France), Bharat Heavy Electricals Limited (India), Howard Industries. (U.S.), SPX Transformer Solutions, Inc. (U.S.), Crompton Greaves Ltd. (India), and Ormazabal (Spain) are among others.
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