Market Research Report
Global Smart Transformers Market Forecast 2019-2027
|Published by||Inkwood Research||Product code||535765|
|Published||Content info||137 Pages
Delivery time: 2-3 business days
|Global Smart Transformers Market Forecast 2019-2027|
|Published: February 11, 2019||Content info: 137 Pages||
The global smart transformer market is anticipated to grow at a CAGR of about 9.10% during the forecast years of 2019-2027. The smart transformers market is primarily driven by factors such as a rise in industrial growth, timeworn infrastructure leading to investment in smart grids, increasing production of electricity, compliance with regulatory standards and rising demand for green energy.
The global smart transformers market is segmented by type, by component, and by the application. The market by type is further segmented into distribution transformer, power transformer, instrument transformer, and specialty transformer. The market by the component is further segmented into converter, switch, and other components. The market by application is further segmented into electric vehicle charging station, traction locomotives, power (distribution) grid, and alternative power generation. Infrastructure cost for smart transformers and fluctuations in raw materials are the major factors hindering the smart transformers market. Due to the number of regulatory and operational challenges the industries are on advancement in traditional transformers.
Geographically, the global Smart Transformers market is bifurcated into North America, Asia Pacific, Europe, and the remaining countries constituting the Rest of World segment. The Asia Pacific region is anticipated to be the fastest growing region during the forecast period. The regional market will be mainly driven by the conversion of distribution equipment and aging power transmission. China is currently leading the market scene due to continuous heavy investments in the smart grid by the Chinese government and the increased demand for electricity in the smart and suburban cities of China.
The global smart transformer market is a fragmented market that houses both; domestic vendors and global players such as General Electric, ABB Ltd. and Mitsubishi Electric Corporation. All these companies are actively contributing to generating the revenue of the global smart transformers market by trying to adopt new technologies, thus increasing their global presence. Some of the powerful companies operating in the global market are Bharat Heavy Electricals Limited, Eaton Corporation PLC, Schneider Electric SE, Howard Industries, Inc., Tesla Transformers Ltd., General Electric Co., Siemens AG, Mitsubishi Electric Corporation, Maschinenfabrik Reinhausen GmbH, Crompton Greaves Ltd., SPX Transformer Solutions and ABB Ltd.