Smart Transformers Market set to Grow at 10.54% CAGR due to increasing emphasis on alternative energy production across the globe

The smart transformers market is expected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of USD 2.43 billion by 2022. The major drivers of the smart transformers market include aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.

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The smart transformers market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the smart transformers market include ABB, GE, Siemens, Schneider Electric, and Eaton.

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The market in Asia Pacific is estimated to be the fastest growing market for smart transformers from 2017 to 2022. Factors, such as, rapid industrialization, infrastructural developments, aging power plants, increase in adoption of electric vehicles, and growing demand for electricity are driving the smart transformers market in the region. Furthermore, government initiatives to increase power generation capacity using renewable energy sources is expected to drive the demand for the smart transformers market.

The market in the US is expected to be the fastest growing market in North America for smart transformers, during the forecast period. Due to the aging infrastructure, climate risks, growing demand for electricity, and increasing adoption of electric vehicles in the country, the US government is taking significant steps to modernize the transformers sector, thereby, driving the smart transformers market.

The report segments the smart transformers market, by application, into traction locomotive, smart grid, electric vehicle charging, and others (others includes applications in shipping and aviation and packaged substations, data centers, and alternative power generation).  The smart grid segment is expected to grow at the highest CAGR during the forecast period.

The smart transformers market, by component, is segmented into converters, switches, transformers, hardware for transformer monitoring, and others (others include high voltage inductors, high voltage capacitors, and high voltage resistors). The converters segment is expected to grow at the highest CAGR during the forecast period. 

The smart transformers market, by type, is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. The distribution transformers segment is expected to grow at the highest CAGR during the forecast period. 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the smart transformers market. These players include ABB, GE, Siemens, and Schneider could benefit from investing in emerging economies as there is an increase in expenditure on industrial activities in these markets. Along with this, the power infrastructure in developing countries are either old or have not been modernized, which is likely to provide opportunities for the smart transformer companies.  

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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The analysts forecast the global usage-based insurance market to grow at a CAGR of 18.95 % during the period 2018-2025

The usage-based insurance market for automotive is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%. The growing market for connected cars services, increasing regular vehicle insurance, and increased customer acceptance of connected services will drive the market for usage-based insurance.

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Usage-based insurance providers should focus on open platforms for integration of any application. For instance, Octo Telematics launched its Next Generation Platform (NGP), a business and technology investment of more than USD 40 million. The platform provided open access and seamless integration of any Application Programming Interface (API) as well as a fully-modular insurance telematics structure, offering flexibility through mix-and-match service selection. The development of the platform as an IoT ecosystem provided innovators the scope and ability to meet the rapidly growing global demand for user-based insurance. Hence, usage-based insurance providers should focus on such platforms having huge market demand across the world, especially Europe and the Americas.

Manage-how-you-drive or MHYD is the fastest growing usage-based insurance market by policy type. MHYD is an extended version of PHYD which provides feedback to drivers on improvement areas besides just ranking them based on driving behavior. This model is very much applicable for young drivers aged between 18 and 25 as they are inexperienced. The MHYD system works similar to a PHYD by collecting various driving behavior information such as harsh braking, sharp cornering, and overspeeding to rate the driver. The system also suggests improvements to the driver to help improve the driving behavior and ultimately reduce insurance premium. UBI companies can work together with telematics device manufacturers, insurance companies, and OEMs to develop MHYD plans that suit the requirements of different customers.

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Embedded system is projected to be the fastest growing usage-based insurance market by technology. Embedded refers to the use of inbuilt vehicle telematics to analyze and offer UBI services. With the growth in vehicle technology, connected cars are becoming prevalent. Connected cars offer various features which enable the use of telematics and infotainment services using the telematics device (telematics control unit). The inbuilt telematics is used to collect vehicle data and analyze the driving behavior to calculate insurance premiums. Embedded telematics is very accurate at capturing vehicle data as it is an integrated part of the system and does not require external calibration to register data. UBI providers can work directly with OEMs to capitalize on the increasing trend of connected cars in developed regions like the Americas and EME and also in developing markets such as Asia Oceania where the penetration of connected cars with embedded systems is increasing rapidly. UBI service providers can also provide plans specific for embedded systems which will give connected car owners further incentive to opt for UBI policies.

The increasing popularity of usage-based insurance can be an opportunity for both core insurance providers and OEMs to enter into the market of connected insurance. Additionally, the current UBI service providers can look for market opportunities within platforms, data analytics, and devices.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Surge Protection Devices Market: Global Segments, Scope, Trends Analysis and 2022 Industry Growth Forecast Research Report

According to the new market research report "Surge Protection Devices Market by Type (Hard-Wired, Plug-In, and Line Cord), Discharge Current (Below 10 kA, 10 kA–25 kA, and above 25 kA), End-User (Industrial, Commercial, and Residential), and Region", published by MarketsandMarkets™, the surge protection devices market is expected to grow at a CAGR of 5.47%, from 2017 to 2022, to reach a market size of USD 2.68 billion by 2022.

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Growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures are the major drivers of the surge protection devices market.

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The surge protection devices market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the surge protection devices market include Siemens AG (Germany), Eaton (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). These companies have developed new products and implemented advanced production technology to bolster their product portfolios.

The report segments the surge protection devices market, by end–user, into industrial, residential, and commercial. The industrial segment is expected to grow at the fastest rate during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for datacenters, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for surge protection devices in the industrial segment, which is expected to create new revenue pockets for the surge protection devices market during the forecast period.

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With regard to the type segment, hard-wired SPDs are expected to constitute the fastest growing market from 2017 to 2022. These are designed to be installed in places where the risk of a direct lightning strike is high, especially when the building is equipped with an external lightning protection system. Hard-wired SPDs are used as primary protection devices for locations prone to maximum risk, such as main distribution boards, power control centers, and outdoor distribution boards. The growing demand for primary protection of equipment from surges is driving the market for hard-wired surge protection devices.

The SPD market in Asia-Pacific is expected grow at the highest CAGR during the forecast period. The region is moving towards clean energy on a large scale in order to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the growing markets in the power and utilities sector. Also, Asia-Pacific offered the biggest potential gains for foreign direct investment, and attracted 45% of all capital investment globally, in 2015. Increased investments in modernizing infrastructure and urbanizing populations, especially in developing economies such as China and India, is expected to drive the Asia-Pacific surge protection devices market.

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In this report, the surge arresters devices market has been segmented, on the basis of type, into station class, intermediate class, and distribution class, and on the basis of voltage into low and medium voltage, high voltage, and extra high voltage surge arresters. The market has also been segmented, on the basis of region, into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The market for surge arresters is expected to grow from an estimated USD 1,488.8 million in 2017 to USD 1.909.7 million by 2022, at a CAGR of 5.11%, from 2017 to 2022.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Shelly Singh
MarketsandMarkets™ INC.
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