Asia Pacific Smart Transformers Market Forecast 2017-2025
KEY FINDINGS The Asia Pacific smart transformers market was valued at $498 million in 2016 and is expected to reach $1269 million by 2025 growing at a CAGR of 11.02% during the forecast period of 2017-2025. Increasing urbanization and the subsequent increase in electricity demand are majorly responsible for driving the Asian market.
MARKET INSIGHTS The smart transformers market is segmented on the basis of type, application, and component. The various types of smart transformers include distribution transformer, instrument transformer, power transformer and specialty transformer. The market finds its application in electric vehicle charging station, power (distribution) grids, traction locomotives, and alternative power generation. The smart distribution components are divided into the converter, switch, and other components.
COMPETITIVE INSIGHTS Some of the major market players are Bharat Heavy Electricals Limited, Mitsubishi Electric Corporation Alstom, Cooper Industries, Gridco Systems Inc, Grid Bridge, Inc., Maschinenfabrik Reinhausen Gmbh, and Siemens.