Market Overview
After three months of lockdown due to COVID 19 pandemic, the global smart transformers market took the biggest step regarding repositioning. Market Research Future finds out that stocks streamed are on the lines, and for the future, the market is going to expand at a rate of ~ 11.5%. The rise of the market would take place during the years 2017-2023
Notable Developments
The new-age transformers are designed to allow the maintenance of the power load independently. The transformers can regulate the voltage frequently, while maintaining contact with the smart grid infrastructure, and deliver the finest power as and when required. Stipulation for remote monitoring of critical components of the transformer, through in-built sensors, increases the reliability of unbroken power distribution and reduces chances of transformer failure. This factor has led to the higher adoption of Smart Transformers Market.
The smart transformers market is still burgeoning but has the marvelous potential of expansion. Currently, the market is principally driven by the up-gradation of ageing power distribution networks globally. As part of development initiatives, governments in emerging countries are making considerable investments in developing the reach of electrification in different villages and cities. These factors have been liable for the market’s high expansion.
Smart transformers are being utilized in several projects, and thus the implementation is leading to the development of the market. The demand for safer and more efficient power transmission coupled with the environmental part on power generation has led to the growth of many international and nation-specific regulations such as the European Commission’s Ecodesign regulation. Such regulations are boosting the smart transformers market massively.
The market is also positively impacted by the massive swell in utility (transformers) and industrial infrastructure development in emerging markets such as China and India, among others. This has led to a vast expansion of the market and would continue in the forecast period as well.
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Key Players
Notable vendors in the smart transformers industry include Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation. (Japan), Ormazabal (Spain), General Electric Company (U.S.), SPX Transformer Solutions, Inc. (U.S.), Alstom (France), Bharat Heavy Electricals Limited (India), Siemens AG (Germany), Schneider Electric SE (France), Eaton Corporation PLC (Ireland), Howard Industries (U.S.), ABB Ltd. (Switzerland), to name a few.
Segmental Analysis
Global smart transformers market is segmented on type, component, and application.
In terms of type segment, the market has included distribution transformers, power transformers, speciality transformers and instrument transformers. Among these, the distribution transformers are anticipated to lead the smart transformers market through 2023.
In terms of component segment, the market has included switches, converters, hardware, and others. Converters segment led the market in 2016 and is probable to be the fastest-growing design segment.
In terms of application segment, the market has included smart grid, traction locomotive, electric vehicle charging and others. Smart grid segment was on the top in 2016 and is projected to be the fastest-growing application over the next five years.
Detailed Regional Analysis
Asia Pacific region might expand at the highest CAGR from 2017 to 2022, wherein China was the primary country-level market followed by India and Japan. Intensifying population with tremendous energy demand growth has led to exceptional growth for industrial infrastructure in the region and consequently resulted in expansion for smart transformers market. China has the aim to become a world leader in electrical power equipment by the year 2025. This is a national strategy scored in the Technology Roadmap (2017) of the Made in China 2025 program. It is the innovation and technology that is heavily focused on the national program. Hefty amounts of funding are allocated to support the development.
In 2018, India was the third-largest electricity-generating region in the world. Here, power is generated from both conventional and renewable sources. The country has made vital strides in improving access to power among both rural and urban communities through assorted government-led schemes focused on Power for All.
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