The report "Smart Transformers
Market by Component (Converters,
Switches, Transformers, Hardware for Transformer Monitoring), Type (Power,
Distribution, Specialty, and Instrument), Application (Smart Grid, Traction
Locomotive, Electric Vehicle Charging), and Region - Global Forecast to 2022",
is expected to grow from an estimated USD 1.47 Billion in 2017 to USD 2.43
Billion by 2022, registering a CAGR of 10.54%, from 2017 to 2022. The global
market is set to witness a significant growth due to increasing emphasis on
alternative energy production across the globe, digitalization of power
utilities, and huge investments in smart grids and energy systems.
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The smart grid segment is expected to hold the largest share of the smart transformers market, by application, during the forecast period
The smart grid segment led the smart transformers market
in 2016, and is projected to dominate the market during the forecast period.
One of the biggest uses of a smart transformer in smart grids is its role in
integrating power from distributed generation into the main grid. Smart grids
have two-way communication for real-time monitoring and controlling of network
characteristics. For this, the basic step is the implementation of smart meters
for end-user interactions, followed by employing smart transformers in the
network to further strengthen communications and avoid power outages. Although
smart grids prevent faults and power outages, they are also equipped with
self-realization characteristic that allows the network to restore to normal,
once the fault is cleared. This is driving the market for smart transformers in
the smart grid segment, which is expected to create new revenue pockets for the
smart transformers market during the forecast period.
Browse and
in-depth TOC on “Smart Transformers Market”
66 – Tables
35 – Figures
141 – Pages
Target Audience:
·
Banks, venture capitalists, financial
institutions, and other investors
·
Companies related to electric power generation,
transmission, and distribution
·
Energy associations
·
Environment associations
·
Government and industry associations
·
Government and research organizations
·
Smart grid project developers
·
Smart transformer component manufacturers,
dealers, and suppliers
·
State and national regulatory authorities
·
Substation equipment manufacturing companies
Distribution transformers to
be the fastest growing segment in the smart transformers market
With regard to the type segment, distribution
transformers are expected to constitute the fastest growing market from 2017 to
2022. Smart distribution networks require smart transformers to communicate
with consumers and also for continuous load monitoring. Distribution
transformers are less efficient than power transformers as they are subject to
load fluctuations and the chances of failure are higher. Power distribution
sometimes results in increased load above the peak limit of the equipment.
Hence, the implementation of a distribution network is essential for proper
load management, resulting in better power quality and less power outages.
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Asia Pacific: The leading
market for smart transformers
In this report, the smart transformers market has been
analyzed with respect to six regions, namely, North America, Europe, Asia
Pacific, South America, the Middle East, and Africa. Asia Pacific is expected
to account for the largest market share in the global smart transformers market
by 2022. Countries, such as China, Japan, and India are investing in grid
expansion projects to increase the distribution grid reliability. China
accounted for the largest share of the smart transformers market in Asia
Pacific in 2016 and has the highest installed generation and distribution
capacity, resulting in an increased demand for transformers. The country, which
is an export-oriented economy, has witnessed an exponential growth in the
demand for electricity in the past couple of decades, fueled by
industrialization and infrastructural developments. Meanwhile, the Indian
government is also taking initiatives to increase the power generation capacity
using renewable energy sources. For instance, the country is the third-largest
electricity producer in the world and is likely to generate approximately 30 GW
of power from renewable energy sources in 2017. This would require grid
connected as well as local distribution networks. These factors are expected to
drive the growth of the smart
transformers market in Asia Pacific.
Research
Methodology
This research study involved the use of extensive
secondary sources, directories, journals on energy storage, and other related
rental markets; newsletters and databases, such as Hoover’s, Bloomberg,
Businessweek, and Factiva, to identify and collect information useful for a
technical, market-oriented, and commercial study of the global market. The
primary sources include several industry experts from core and related industries,
vendors, preferred suppliers, technology developers, alliances, and
organizations related to all the segments of this industry’s value chain. The
research methodology has been explained below.
Study of annual revenues and market developments of the
major players providing smart transformers
·
Assessment of future trends and growth of
end-users
·
Assessment of the market with respect to the
technology used for different applications
After arriving at the overall market size, the total
market was split into several segments and sub-segments. The figure given below
illustrates the breakdown of primary interviews conducted during the research
study based on company type, designation, and region.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
