PUBLISHER: Market Research Future | PRODUCT CODE: 1462439
PUBLISHER: Market Research Future | PRODUCT CODE: 1462439
US Smart Transformers Market Research Report Forecast to 2030
Market Overview
The US smart transformer market was valued at USD 1,005.5 million in 2022 and is projected to reach USD 2,275.5 million by the end of 2030, at a CAGR of 11.4% during the forecast period. The key factor driving the growth of the US smart transformer is the growing emphasis on the modernization of power grids and the transition towards the smart grids. The increasing population, urbanization and industrialization is creating the need for advanced technologies to optimize the power distribution and the effectiveness of smart transformers in helping in addressing the challenges associated with the growing energy demand. The utilities and energy companies are focusing on improving the energy efficiency for reducing the losses and enhancing the overall performance of the system. This factor is further driving the market growth of smart transformers owing to their excellent capabilities that help in enhancing the system efficiency.
A smart transformer is a technologically advanced and highly efficient electrical device which is designed to enhance the performance, control and monitoring of power distribution. Unlike traditional transformers, smart transformers integrate innovative technologies and communication capabilities to optimize the energy flow, improve reliability and enable real time data driven decision making. Also, the advanced monitoring capabilities of smart transformers enable self-diagnosis of potential issues. Smart transformers contribute to the efficient energy distribution by regulating the voltage levels, minimizing the losses, and accommodating the bidirectional power flow. The ability of smart transformers to actively manage and respond to the changing grid conditions makes them an important component in the evolution towards the smart grids.
Market Segmentation
The US smart transformers market has been segmented by type, component, and application. Based on type, the US smart transformers market has been segmented into power transformers, distribution transformers, specialty transformers and instrument transformers.
The US smart transformers market, according to component, has been segmented into converters, switches, transformers, hardware, and others.
Based on application, the US smart transformers market is segmented into traction locomotive, smart grid, electric vehicle charging and others.
Market Overview
The key market players are ABB, Eaton, Schneider Electric SE, General Electric, Mitsubishi Electric, Siemens Energy, ELSCO Transformers, Hitachi Energy, Toshiba Corporation, and Virginia Transformer Corp.
TABLE OF CONTENTS
1EXECUTIVE SUMMARY
- 1.1US SMART TRANSFORMERS MARKET, BY TYPE
- 1.2US SMART TRANSFORMERS MARKET, BY COMPONENT
- 1.3US SMART TRANSFORMERS MARKET, BY APPLICATION
2MARKET INTRODUCTION
- 2.1DEFINITION
- 2.2SCOPE OF THE STUDY
- 2.3MARKET STRUCTURE
3RESEARCH METHODOLOGY
- 3.1RESEARCH PROCESS
- 3.2PRIMARY RESEARCH
- 3.3SECONDARY RESEARCH
- 3.4MARKET SIZE ESTIMATION
- 3.5TOP-DOWN AND BOTTOM-UP APPROACH
- 3.6FORECAST MODEL
- 3.7LIST OF ASSUMPTIONS & LIMITATIONS
4MARKET DYNAMICS
- 4.1INTRODUCTION
- 4.2DRIVERS
- 4.2.1INCREASING FOCUS ON ALTERNATIVE ENERGY PRODUCTION
- 4.2.2INCREASING DEMAND FOR SMART GRIDS
- 4.2.3DRIVERS IMPACT ANALYSIS
- 4.3RESTRAINT
- 4.3.1HIGH INITIAL COST INCURRED IN THE INSTALLATION OF SMART TRANSFORMERS
- 4.3.2RESTRAINT IMPACT ANALYSIS
- 4.4OPPORTUNITY
- 4.4.1GROWTH OF THE ELECTRIC VEHICLE MARKET AND THE ALLIED INFRASTRUCTURE
5MARKET FACTOR ANALYSIS
- 5.1SUPPLY CHAIN ANALYSIS
- 5.1.1RESEARCH AND DEVELOPMENT
- 5.1.2RAW MATERIAL SUPPLY
- 5.1.3MANUFACTURERS
- 5.1.4DISTRIBUTION CHANNEL
- 5.1.5END-USE INDUSTRIES
- 5.2PORTER'S FIVE FORCES MODEL
- 5.2.1THREAT OF NEW ENTRANTS
- 5.2.2THREAT OF SUBSTITUTES
- 5.2.3BARGAINING POWER OF SUPPLIERS
- 5.2.4BARGAINING POWER OF BUYERS
- 5.2.5INTENSITY OF RIVALRY
- 5.3IMPACT OF COVID 19 ON ENERGY & POWER MARKET
- 5.3.1IMPACT ON OVERALL ENERGY & POWER INDUSTRY
- 5.3.1.1ECONOMIC IMPACT
- 5.3.2IMPACT ON SMART TRANSFORMERS MARKET
- 5.3.3IMPACT ON SUPPLY CHAIN OF SMART TRANSFORMERS MARKET
- 5.3.3.1PRICE VARIATION OF KEY RAW MATERIAL
- 5.3.3.2PRODUCTION SHUTDOWN
- 5.3.3.3CASH FLOW CONSTRAINTS
- 5.3.3.4IMPACT ON IMPORT/EXPORT
- 5.3.4IMPACT ON MARKET DEMAND OF SMART TRANSFORMERS MARKET
- 5.3.4.1IMPACT DUE TO RESTRICTION/LOCKDOWN
- 5.3.4.2CONSUMER SENTIMENTS
- 5.3.5IMPACT ON PRICING OF SMART TRANSFORMERS MARKET
- 5.3.1IMPACT ON OVERALL ENERGY & POWER INDUSTRY
6US SMART TRANSFORMER MARKET, BY TYPE
- 6.1OVERVIEW
- 6.1.1US SMART TRANSFORMER: MARKET ESTIMATES & FORECAST BY TYPE, 2019-2030
- 6.2POWER TRANSFORMERS
- 6.3DISTRIBUTION TRANSFORMERS
- 6.4SPECIALTY TRANSFORMERS
- 6.5INSTRUMENT TRANSFORMERS
7US SMART TRANSFORMER MARKET, BY COMPONENT
- 7.1OVERVIEW
- 7.1.1US SMART TRANSFORMER: MARKET ESTIMATES & FORECAST BY COMPONENT, 2019-2030
- 7.2CONVERTERS
- 7.3SWITCHES
- 7.4TRANSFORMERS
- 7.5HARDWARE
- 7.6OTHERS
8US SMART TRANSFORMER MARKET, BY APPLICATION
- 8.1OVERVIEW
- 8.1.1US SMART TRANSFORMER: MARKET ESTIMATES & FORECAST BY APPLICATION, 2019-2030
- 8.2TRACTION LOCOMOTIVE
- 8.3SMART GRID
- 8.4ELECTRIC VEHICLE CHARGING
- 8.5OTHERS
- 9.2MAJOR GROWTH STRATEGIES IN THE US SMART TRANSFORMERS MARKET
- 9.3MARKET SHARE ANALYSIS, 2022
- 9.4COMPETITIVE DASHBOARD
- 9.5THE LEADING PLAYER IN TERMS OF NUMBER OF DEVELOPMENTS IN US SMART TRANSFORMERS MARKET
- 9.6KEY DEVELOPMENTS & GROWTH STRATEGIES
- 9.6.1NEW PRODUCT DEVELOPMENT
- 9.6.2MERGERS & ACQUISITIONS
- 9.6.3CONTRACTS & AGREEMENTS
- 9.6.4EXPANSIONS & INVESTMENTS
10COMPANY PROFILES
- 10.1ABB
- 10.1.1COMPANY OVERVIEW
- 10.1.2FINANCIAL OVERVIEW
- 10.1.3PRODUCTS OFFERED
- 10.1.4KEY DEVELOPMENTS
- 10.1.5SWOT ANALYSIS
- 10.1.6KEY STRATEGIES
- 10.2EATON
- 10.2.1COMPANY OVERVIEW
- 10.2.2FINANCIAL OVERVIEW
- 10.2.3PRODUCTS OFFERED
- 10.2.4KEY DEVELOPMENTS
- 10.2.5SWOT ANALYSIS
- 10.2.6KEY STRATEGIES
- 10.3SCHNEIDER ELECTRIC SE
- 10.3.1COMPANY OVERVIEW
- 10.3.2FINANCIAL OVERVIEW
- 10.3.3PRODUCTS OFFERED
- 10.3.4KEY DEVELOPMENTS
- 10.3.5SWOT ANALYSIS
- 10.3.6KEY STRATEGIES
- 10.4GENERAL ELECTRIC
- 10.4.1COMPANY OVERVIEW
- 10.4.2FINANCIAL OVERVIEW
- 10.4.3PRODUCTS OFFERED
- 10.4.4KEY DEVELOPMENTS
- 10.4.5SWOT ANALYSIS
- 10.4.6KEY STRATEGIES
- 10.5MITSUBISHI ELECTRIC
- 10.5.1COMPANY OVERVIEW
- 10.5.2FINANCIAL OVERVIEW
- 10.5.3PRODUCTS OFFERED
- 10.5.4KEY DEVELOPMENTS
- 10.5.5SWOT ANALYSIS
- 10.5.6KEY STRATEGIES
- 10.6SIEMENS ENERGY
- 10.6.1COMPANY OVERVIEW
- 10.6.2FINANCIAL OVERVIEW
- 10.6.3PRODUCTS OFFERED
- 10.6.4KEY DEVELOPMENTS
- 10.6.5SWOT ANALYSIS
- 10.6.6KEY STRATEGIES
- 10.7ELSCO TRANSFORMERS
- 10.7.1COMPANY OVERVIEW
- 10.7.2FINANCIAL OVERVIEW
- 10.7.3PRODUCTS OFFERED
- 10.7.4KEY DEVELOPMENTS
- 10.7.5SWOT ANALYSIS
- 10.7.6KEY STRATEGIES
- 10.8HITACHI ENERGY
- 10.8.1COMPANY OVERVIEW
- 10.8.2FINANCIAL OVERVIEW
- 10.8.3PRODUCTS OFFERED
- 10.8.4KEY DEVELOPMENTS
- 10.8.5SWOT ANALYSIS
- 10.8.6KEY STRATEGIES
- 10.9TOSHIBA CORPORATION
- 10.9.1COMPANY OVERVIEW
- 10.9.2FINANCIAL OVERVIEW
- 10.9.3PRODUCTS OFFERED
- 10.9.4KEY DEVELOPMENTS
- 10.9.5SWOT ANALYSIS
- 10.9.6KEY STRATEGIES
- 10.10VIRGINIA TRANSFORMER CORP.
- 10.10.1COMPANY OVERVIEW
- 10.10.2FINANCIAL OVERVIEW
- 10.10.3PRODUCTS OFFERED
- 10.10.4KEY DEVELOPMENTS
- 10.10.5SWOT ANALYSIS
- 10.10.6KEY STRATEGIES
11APPENDIX
- 11.1REFERENCES
- 11.2RELATED REPORTS
LIST OF TABLES
- TABLE 1 LIST OF ASSUMPTIONS & LIMITATIONS 22
- TABLE 2 US SMART TRANSFORMER MARKET ESTIMATES & FORECAST, BY TYPE, 2019-2030 (USD MILLION) 35
- TABLE 3 US SMART TRANSFORMER MARKET ESTIMATES & FORECAST, BY COMPONENT, 2019-2030 (USD MILLION) 37
- TABLE 4 US SMART TRANSFORMER MARKET ESTIMATES & FORECAST, BY APPLICATION, 2019-2030 (USD MILLION) 39
- TABLE 5 THE MOST ACTIVE PLAYER IN THE US SMART TRANSFORMERS MARKET 44
- TABLE 6 NEW PRODUCT DEVELOPMENT 44
- TABLE 7 MERGERS & ACQUISITIONS 45
- TABLE 8 CONTRACTS & AGREEMENTS 45
- TABLE 9 EXPANSIONS & INVESTMENTS 45
- TABLE 10 ABB: PRODUCTS OFFERED 48
- TABLE 11 ABB: KEY DEVELOPMENTS 49
- TABLE 12 EATON.: PRODUCTS OFFERED 53
- TABLE 13 EATON: KEY DEVELOPMENTS 54
- TABLE 14 SCHNEIDER ELECTRIC SE: PRODUCTS OFFERED 57
- TABLE 15 SCHNEIDER ELECTRIC SE: KEY DEVELOPMENTS 58
- TABLE 16 GENERAL ELECTRIC: PRODUCT OFFERED 61
- TABLE 17 GENERAL ELECTRIC: KEY DEVELOPMENTS 62
- TABLE 18 MITSUBISHI ELECTRIC: PRODUCTS OFFERED 65
- TABLE 19 MITSUBISHI ELECTRIC: KEY DEVELOPMENTS 66
- TABLE 20 SIEMENS ENERGY: PRODUCTS OFFERED 68
- TABLE 21 ELSCO TRANSFORMERS.: PRODUCTS OFFERED 70
- TABLE 22 HITACHI ENERGY: PRODUCTS OFFERED 73
- TABLE 23 TOSHIBA CORPORATION: PRODUCTS OFFERED 77
- TABLE 24 VIRGINIA TRANSFORMER CORP.: PRODUCTS OFFERED 79
- TABLE 25 VIRGINIA TRANSFORMER CORP.: KEY DEVELOPMENTS 79
LIST OF FIGURES
- FIGURE 1MARKET SYNOPSIS12
- FIGURE 2US SMART TRANSFORMERS MARKET ANALYSIS, BY TYPE13
- FIGURE 3US SMART TRANSFORMERS MARKET ANALYSIS, BY COMPONENT14
- FIGURE 4US SMART TRANSFORMERS MARKET ANALYSIS, BY APPLICATION15
- FIGURE 5US SMART TRANSFORMERS MARKET: MARKET STRUCTURE16
- FIGURE 6RESEARCH PROCESS OF MRFR17
- FIGURE 7MARKET DYNAMICS OVERVIEW23
- FIGURE 8ELECTRICITY GENERATED IN US BY USING RENEWABLE ENERGY SOURCES IN 2021 (IN GWH)24
- FIGURE 9INVESTMENT SPENDING ON ELECTRICITY GRIDS IN US, 2018-2022 (IN USD BILLION)25
- FIGURE 10DRIVERS IMPACT ANALYSIS: US SMART TRANSFORMERS MARKET26
- FIGURE 11RESTRAINT IMPACT ANALYSIS: US SMART TRANSFORMERS MARKET27
- FIGURE 12ELECTRIC CAR SALES IN US, 2018-2022 (IN MILLIONS)28
- FIGURE 13SUPPLY CHAIN: US SMART TRANSFORMERS MARKET29
- FIGURE 15US SMART TRANSFORMER MARKET, BY TYPE, 2019 TO 2030 (USD MILLION)35
- FIGURE 16US SMART TRANSFORMER MARKET, BY COMPONENT 2019 TO 2030 (USD MILLION)37
- FIGURE 17US SMART TRANSFORMER MARKET, BY APPLICATION, 2019 TO 2030 (USD MILLION)39
- FIGURE 18MAJOR GROWTH STRATEGIES IN THE US SMART TRANSFORMERS MARKET41
- FIGURE 19US SMART TRANSFORMERS MAJOR PLAYERS MARKET SHARE ANALYSIS, 2022 (%)42
- FIGURE 20COMPETITIVE DASHBOARD43
- FIGURE 21ABB: FINANCIAL OVERVIEW SNAPSHOT48
- FIGURE 22ABB: SWOT ANALYSIS50
- FIGURE 23EATON: FINANCIAL OVERVIEW SNAPSHOT52
- FIGURE 24EATON.: SWOT ANALYSIS55
- FIGURE 25SCHNEIDER ELECTRIC SE: FINANCIAL OVERVIEW SNAPSHOT57
- FIGURE 26SCHNEIDER ELECTRIC SE: SWOT ANALYSIS58
- FIGURE 27GENERAL ELECTRIC: FINANCIAL OVERVIEW SNAPSHOT61
- FIGURE 28GENERAL ELECTRIC: SWOT ANALYSIS63
- FIGURE 29MITSUBISHI ELECTRIC: FINANCIAL OVERVIEW SNAPSHOT65
- FIGURE 30MITSUBISHI ELECTRIC: SWOT ANALYSIS66
- FIGURE 31SIEMENS ENERGY: SWOT ANALYSIS69
- FIGURE 32ELSCO TRANSFORMERS.: SWOT ANALYSIS71
- FIGURE 33HITACHI ENERGY: FINANCIAL OVERVIEW SNAPSHOT72
- FIGURE 34HITACHI ENERGY: SWOT ANALYSIS74
- FIGURE 35TOSHIBA CORPORATION: FINANCIAL OVERVIEW SNAPSHOT76
- FIGURE 36TOSHIBA CORPORATION: SWOT ANALYSIS78
- FIGURE 37VIRGINIA TRANSFORMER CORP.: FINANCIAL OVERVIEW SNAPSHOT79
- FIGURE 38VIRGINIA TRANSFORMER CORP.: SWOT ANALYSIS80
