New York, NY, May 28, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Transformers Market by Component (Converters, Switches, Transformers, and Hardware for Transformer Monitoring), by Type (Power Transformers, Distribution Transformers, Specialty Transformers, and Instrument Transformers), and by Application (Traction Locomotive, Smart Grid, Electric Vehicle Charging, Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global smart transformers market was around USD 1.52 billion in 2018 and is expected to reach USD 3.01 billion by 2025, at a CAGR of 10.24% between 2019 and 2025.
Smart transformers deliver extra flexibility to control power distribution networks to enable the smooth transformation of DC-to-AC and AC-to-DC, as per the necessity. Smart transformers have a wide range of applications—ranging from alternative power generation to traction locomotives, electric industries, smart grid, etc. Rapid technological developments, old electric grid foundations, flourishing power sector, increasing uses of micro-generators, and rising number of smart grids with smart transformers in urban and industrial regions are some primary factors fueling the growth of the global smart transformers market. The rising demand for compact design and lightweight smart transformer across the world is another vital factor supporting the global smart transformers. However, huge initial investments for the installation of smart transformers and the lack of advanced electric grid infrastructure in emerging countries may hamper the growth of the global smart transformers market. Alternatively, the flourishing electric vehicle market in emerging countries is likely to create new growth opportunities for the major players of the smart transformers market.
Browse through 105 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Smart Transformers Market: By Components, Types, Industry Size, Share, Segments, Analysis Report, 2018–2025”.
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The global smart transformers market is mainly fragmented based on component, type, and application. By component, the global smart transformers market includes switches, converters, hardware for transformer monitoring, transformers. The converters segment registered the fastest growth rate in the global market and accounted for a significant share in 2018. By type, the global smart transformers market includes distribution transformers, power transformers, instrument transformers, and specialty transformers. The distribution transformers segment held a major share in 2018. The implementation of smart grids is anticipated to improve each side of the electric delivery system, including consumption, generation, distribution, and transmission. By application, the global smart transformers market is mainly categorized into the smart grid, electric vehicle charging, traction locomotive, and others. In 2018, the smart grid segment led the global smart transformers market.
In 2018, the Asia Pacific region was the largest smart transformers market globally. This growth was mainly attributed to the rising adoption of renewable power sources, such as wind and solar energy and traction locomotives in the region. Moreover, the Asia Pacific region is anticipated to be the fastest growing market for smart transformers over the next few years, owing to the rising urbanization and swift industrialization across the region and flourishing power industry.
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China and India are major countries for this regional market, owing to the constant rise in power demand and up-gradation of transmission and distribution infrastructure of smart grids. Both countries have high industrialization urbanization rates. The rising domestic demand and easy access to resources have made the Asia Pacific region emerge as one of the leading producers and consumers of smart transformers. This, in turn, is expected to drive the region’s smart transformers market in the years ahead.
North America was the second largest smart transformers market in 2018. The U.S. is estimated to be the main market for distribution transformers and is likely to hold a major share of the regional market in the upcoming years. The U.S. was an early innovator of electric grids, but it is now showing signs of aging and replacement needs. A solid research base and several favorable government policy changes have contributed to popularizing renewable and other distributed generation technologies across the grid.
Browse the full “Smart Transformers Market by Component (Converters, Switches, Transformers, and Hardware for Transformer Monitoring), by Type (Power Transformers, Distribution Transformers, Specialty Transformers, and Instrument Transformers), and by Application (Traction Locomotive, Smart Grid, Electric Vehicle Charging, Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/smart-transformers-market
The European smart transformers market is likely to grow substantially, owing to the rising demand for a more reliable error-free network and the increasing sales of electric and hybrid automobiles. Rapid industrial growth, rising production of electricity, aging infrastructure leading to investments in smart grids, and increasing demand for green energy are major factors driving the smart transformers market.
Latin American and the Middle Eastern and African regions are projected to experience moderate growth in the smart transformers market in the future, owing to the significant investments made by leading companies for smart transformers projects in these regions and improving economic activities. The governments of several countries like Brazil, Argentina, South Africa, and the UAE are promoting the use of smart transformers technology in various industries.
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The major players of the global smart transformers market are Cree, ABB, Howard Industries, Eaton Corporation, Alstom, Schneider Electric, General Electric, Crompton Greaves, Siemens, and Mitsubishi Electric.
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This report segments the global smart transformers market into:
Global Smart Transformers Market: Component Analysis
- Converters
- Switches
- Transformers
- Hardware for Transformer Monitoring
Global Smart Transformers Market: Type Analysis
- Power Transformers
- Distribution Transformers
- Specialty Transformers
- Instrument Transformers
Global Smart Transformers Market: Application Analysis
- Traction Locomotive
- Smart Grid
- Electric Vehicle Charging
- Others
Global Smart Transformers Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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