According to the new
market research 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", published by MarketsandMarkets™, 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.
Browse and in-depth TOC on "Smart Transformers Market"
66 - Tables
35 - Figures
141 - Pages
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TOC @
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.
Companies, such as
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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