Pune, May 25, 2021 (GLOBE NEWSWIRE) -- Rising Renewable Energy Grid Integrations Benefit the Smart Transformers Market
The smart transformers market outlook appears extremely promising. Factors such as rising upgrade activities undertaken for aging transmission & distribution infrastructures and grid & transformer technologies drive the market. Besides, growing awareness of the benefits of renewable energy sources and global electricity demand boosts the smart transformers market share.
Additionally, investments in developing new grid infrastructures and refurbishing aging grid infrastructure worldwide stimulate the smart transformers market size. Increasing efforts to enhance smart grid connectivity positively impact market growth. Numbers of smart grids across the globe increasing with regulatory targets indicate that the market is projected to grow even more speedily in the years to come.
According to Market Research Future, the global smart transformers market is expected to touch an exponential valuation by 2027, growing at an impressive 13.54% CAGR during the forecast period (2020-2027). The growing uptake of smart grids technology across developed economies would influence market growth, creating vast investment opportunities in electrical infrastructure modernization.
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COVID-19 Impact
The COVID-19 outbreak severely hit the smart transformers market industry, causing huge revenue loss. Smart transformer manufacturers faced various problems ranging from obtaining raw materials & components required for production and attract workers from quarantines to deliver end products. Deployments were postponed due to strict lockdown mandates, which had the biggest impact on bringing the production facilities to a halt.
Besides, the lockdown put a brake on the manufacturing of various components and devices, which spiked transformer prices and lowered the demand subsequently. However, the smart transformers market is rapidly returning to normal, witnessing a steady demand. The market demand is estimated to pick up further following the uplift of lockdown in many countries.
Industry Trends
Increased gap between the demand-supply of electricity distribution and growing emphasis on power generation are other major smart transformers market trends. Increasing legislative measures toward expanding reliable grid infrastructure in developing nations would further complement the market landscape. Moreover, increasing numbers of smart city projects drive market growth.
The growing awareness about energy efficiency that benefits the environment, alongside technological advances and improvements in grid connectivity, boosts the smart transformers market demand. Besides, the rising demand for smart transformers in traction locomotive, smart grid, and electric vehicle charging applications bolster the market sales.
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Segmentation
The smart transformers market analysis is segmented into types, components, applications, and regions. The type segment is sub-segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers.
Of these, the distribution transformer segment accounts for the largest market share. Distribution transformers are useful for proper load management, consequential in better power quality, and fewer power failures & outages.
The component segment is sub-segmented into converters, switches, hardware, and others. Among these, the converter segment accounts for the largest market share. AC and DC converters both offer an output in current as per the necessity of the output stage.
The application segment is sub-segmented into traction locomotive, smart grid, electric vehicle charging, and others. Among these, the smart grid segment accounts for the largest market share. The smart grid has reciprocal communication for instantaneous monitoring and controlling of network features.
They prevent faults and power failures & outages. Besides, smart grids are also fitted with self-realization characteristics, which allow the network to reinstate to a normal state once the fault is cleared.
Regional Analysis
Asia Pacific has consistently been dominating the global smart transformers market. The market growth attributes to continual upgrades of existing distribution infrastructures to serve the growing demand for electricity region-wide. Besides, the growing power utilities and OEMs industries and the wide adoption of transformers substantiate the regional market growth.
Increasing power plant capacity additions, economic growth, and the need to improve access to electricity drive the regional market's growth. Also, vast investments in the development and upgrades of smart grid infrastructures in the region support market growth. Rapid investments in renewable power generation sources and grid infrastructural development activities substantiate the smart transformers market size.
Moreover, growing power distribution activities in countries such as Australia, Indonesia, and India drive the regional market's growth. With its highest installed generation & distribution capacity and high electricity demand, China leads the APAC smart transformers market. The region is anticipated to maintain its market position throughout the assessment period.
Europe stands second in the global smart transformers market. The market is fostered by the rise in industrialization and aging infrastructures in the region. Increased power consumption in commercial and residential sectors drives the growth of the regional market. Additionally, rising investments in smart grids and electricity production, alongside the growing demand for green energy, foster regional market growth.
North America has emerged as a profitable market for smart transformers. Factors such as technological advances in instrumental transformers and increasing power usage data centers and other applications propel the regional market growth. Besides, rising investments in expanding power solutions and the increasing adoption of smart transformers stimulate market growth in the region.
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Competitive Analysis
The smart transformers market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Industry leaders make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 14, 2021, Enel SpA (Italy), a multinational manufacturer and distributor of electricity & gas, announced its collaboration with Hitachi ABB Power Grids to deploy Hitachi ABB's TXpert Ecosystem in its infrastructure and networks division to increase grid reliability.
TXpert Ecosystem from Hitachi ABB Power Grids is equipped with power transformers with advanced data-driven capabilities to measure aging performance and real-time analytics on transformer health. This collaboration between Enel and Hitachi ABB Power Grids will increase the reliability of Enel's electrical grid in the Veneto region of Northern Italy.
Key players involved in the market are Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SE (France), General Electric Company (US), Eaton Corporation plc (Ireland), Mitsubishi Electric Corporation (Japan), Crompton Greaves Ltd. (India), Bharat Heavy Electricals Limited (India), Howard Industries (US), Alstom (France), SPX Transformer Solutions, Inc. (US), and Ormazabal (Spain).
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