Pune, Aug. 28, 2020 (GLOBE NEWSWIRE) -- The global Smart Transformer Market size is expected to reach USD 5.04 billion by 2026 on account of the increasing demand for smooth power supply and the rise in focus on producing alternate energy worldwide. Smart transformers provide the necessary amount of power via the voltage optimization process and give instant response to any fluctuations in the power grid to maintain the smooth functioning of the power grid. According to a recently published report by Fortune Business insights™ titled, smart transformer market Size, Share and Global Trend By Type (Power, Distribution, Specialty, and Instrument), By Application (Smart Grid, Traction Locomotive, Electric Vehicle Infrastructure, and Others), and Geography Forecast till 2026,” the market size was USD 1.72 billion in 2018 and is expected to rise at a CAGR of 14.5% within 2019 to 2026.
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Highlights of the Report
The report on the smart transformer market offers a comprehensive overview of the market and its prime growth trajectories. These include growth drivers, restraints, challenges, and opportunities. Apart from this, the report also throws light on recent developments, current smart transformer market trends, and other interesting insights related to the market. The report also provides detailed segmentation of the market based on type, application, and regions and the competitive landscape. It also lists the names of key players operating in the market and discusses the major strategies adopted by them to maintain a strong foothold in the market.
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Market Drivers
Increasing Popularity of Electric Vehicles to Add Impetus to Market
The advent of digitalization in power utilities is a significant factor in promoting the smart transformer market growth. Besides this, the rise in emphasis on alternate energy production worldwide and smart transformers in power systems will also aid in the expansion of the market. Additionally, governments of various nations are investing huge sums into energy systems and smart grids, and this will also bode well for the market.
However, factors such as high initial cost of installing electrical transformers, lack of data for successful planning may restrict the growth of the market. Nevertheless, the rise in the popularity of the electric vehicle market and increasing demand for allied infrastructure will create lucrative growth opportunities for the market in the forecast period.
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Geographical Segmentation:
Europe and North America will Witness Significant Growth Owing to Increasing Investments in Existing Grid Infrastructures
Region-wise, the global smart transformer market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Each of these nations is further classified into countries. Among these, Asia Pacific earned $0.71 billion in 2018. This is attributable to the rise in smart grid projects in the region. Most of the nations in this region are emphasizing on investing in smart grid projects and improving the grid stability in such projects. As per the World Energy Scenario 2019, China invested USD 500 billion on the smart grid and renewable energy projects. Such projects, supported by massive investments and government initiatives, are likely to help this region grow remarkably in the forecast period as well.
On the other side, North America and Europe will earn significant smart transformer market shares on account of the rise in investments from utilities for up-gradation of the existing grid infrastructures, coupled with the increase of digitalization in the power industry. European nations are emphasizing on the expansion, refurbishment, and replacement of the aging grid infrastructures and are thus investing enormous sums for the same. Such active participation in upgrading existing grids will help these markets grow promisingly in the coming years.
Competitive Landscape:
Key Players Focusing on Heavy Investments in Power Projects
Major vendors are focusing on adopting various strategies to strengthen their product portfolio and attract high smart transformer market revenue in the forecast period. These strategies include merger and acquisition, contracts and agreements, investments in product development, the launch of new products, and other collaborative efforts.
List of Key Companies Profiled In Smart Transformer Market Manufacturers are:
- SPX Transformer Solutions Inc. (US)
- CG Power and Industrial Solutions Limited (India)
- Ormazabal (Spain)
- Powerstar (England)
- GE Power (U.S)
- Mitsubishi Electric (Japan)
- Triad Magnetics (California)
- Siemens (Germany)
- Alstom (France)
- ABB (Switzerland)
- Eaton (Ireland)
- Schneider Electric (France)
Significant Industry Developments of Smart Transformers Market Include:
April 2018 – Hyundai Power Transformers USA, Inc. invested USD 33 million in Alabama, the US, to increase its production capacity of power transformers by more than 60%. The company strongly believes this investment will help to strengthen the position of the company in the coming years.
November 2018 – The world’s first dry-type (oil-free) transformer with the coil and the core can be cooled by air was launched by ABB. Non-flammable solid insulation material and air can be utilized for offshore applications.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Smart Transformer Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Power
- Distribution
- Specialty
- Instrument
- Market Analysis, Insights and Forecast – By Application
- Smart Grid
- Traction Locomotive
- Electric Vehicle Infrastructure
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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