North America Smart Transformers Market Forecat 2017-2025
The North America smart transformers market was valued at $226 million in 2016 and is expected to reach$1088 million by 2025 growing at an anticipated CAGR of 19.14% during the forecast period 2017-2025. The rising production of electricity, compliance with regulatory standards and the increasing demand for green energy are majorly responsible for driving the market.
Smart transformers have overcome the short comings of traditional transformers in terms of reliability, security and effective transmission. This market is segmented on the basis of type, component, and application. The different types of smart transformers include distribution transformer, specialty transformer, instrument transformer, and power transformer. Of these, the distribution transformer is expected to exhibit the fastest growth in the coming years. The components of the transformers includes switch, converter and other such components whereas the market finds its application in electric vehicle charging station, traction locomotives, power (distribution) grid and in alternative power generation.