Smart Transformers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Smart Transformers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global smart transformers market is expected to grow at a CAGR of more than 2% over the period 2020-2025. Factors such as the increasing focus of governments across the developed and emerging economies on adopting smart technology in power grid infrastructure and rising challenges, such as ageing transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart transformers across the globe. Moreover, the increasing demand for smart grid technologies and energy storage initiatives is likely to further drive the smart transformers market during the forecast period. The challenge, however, is the problem of low accessibility to electricity in underdeveloped nations across the world and poor government regulations and initiatives to expand and modernize the grid infrastructure, which is expected to limit the growth of the market studied.

Key Highlights

• Distribution transformers, which is to communicate with consumers and for continuous load monitoring, is expected to be the major segment for smart transformers market.
• A number of governments of both emerging and underdeveloped nations across the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them to achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in smart transformers market in the near future.
• Asia-Pacific is the largest and is expected to be the fastest growing region primarily driven by the transmission and distribution developments and industrial growth in Southeast Asia, China, and India.

Key Market TrendsDistribution Transformers to Dominate the Market

• The growing emphasis on renewable energy generation across the world, coupled with increasing electrical infrastructure projects, is expected to drive the demand for distribution transformers during the forecast period, in turn driving the smart transformers market.
• In electric distribution grid, smart transformers work independently to monitor and regulate the voltage while maintaining a contact with the smart grid. This enables the information about the transformer and the power supply to be provided even by remote administration. Hence, this enables for proper load management, resulting in better power quality and lesser power outages.
• In 2018, India was the third-largest electricity-generating nation in the world. This power is generated from both conventional and renewable sources. The country has made major strides in improving access to power among both rural and urban communities through various government-led schemes focused on Power for All.
• Developed economies, such as the United States, European Countries, and Japan, contribute to the significant demand for smart transformers, owing to the increasing replacement of aging power distribution equipment, and increase in the integration of renewables to the grid.

Asia-Pacific to Dominate the Market

• Asia-Pacific has dominated the smart grid network market in 2018 and is expected to continue its dominance in the coming years as well backed up by countries such as China, India, and Japan.
• China has the ambition to become a world leader in electrical power equipment by 2025. This is a national strategy outlined in the Technology Roadmap (2017) of the Made in China 2025 programme. Innovation and technology are heavily focused on in the national programme. Large amounts of funding are allocated to support the development.
• In 2018, India was the third-largest electricity-generating nation in the world. This power is generated from both conventional and renewable sources. The country has made major strides in improving access to power among both rural and urban communities through various government-led schemes focused on Power for All.
• The country made its first move to modernize its power utility sector, with the National Smart Grid Mission (NSGM) announced in May 2015, with an outlay of INR 980 crore and a budgetary support of INR 338 crore.
• Moreover, in remote places, where the cost of installation of power grids can be high, it becomes comparatively less expensive for the government to deploy renewable energy sources for power generation and increase the electrification rate, thus propelling the market for distribution transformers in the country.

Competitive Landscape

The smart transformers market is moderately fragmented. Some of the key players in this market are ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation PLC and General Electric Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ABB Ltd
Crompton Greaves
Siemens AG
General Electric Company
Hitachi Ltd.
Schneider Electric SE
Mitsubishi Electric Corporation
SPX Transformer Solutions Inc.
Eaton Corporation plc
KONCAR
Electrical Industry Inc.

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.