Smart Transformer Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Smart Transformer Market grew at a CAGR of 10.2% between 2017-2021 and is estimated to be US$ 1,743.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 14.6% and is expected to reach a valuation of US$ 6,810.7 Mn by 2032 end.
Throughout the projected period, with the increasing investment in emerging and fortifying the smart grid and the power industry, as well as the surging trend for embracing automation, this market is expected to grow. Moreover, renewable energy resolutions such as solar systems are linked to the basic power grid and modify its operations.
ChemView Consulting has analyzed that The growing demand for alternative fuels in the GCC nations is propelling the smart transformer market. The Region is witnessing a significant rise in shale gas and oil production. The GCC nations have few of the greatest carbon dioxide emission rates globally. Consequently, several countries invest in alternative fuels and energy proficiency and actively work on untapped resources, particularly shale gas.
Alternative fuels are safer and cleaner than fossil fuels and can enhance the environment by decreasing air pollution. Governments across the globe are also endorsing the utilization of alternative fuels and sanctioning numerous beneficial guidelines. These factors are predicted to bolster the smart transformer market growth shortly.
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Segments Covered in Report
- Power Transformers
- Distribution Transformers
- Specialty Transformers
- Instrument Transformers
- Smart Grid
- Traction Locomotive
- Electric Vehicle Infrastructure
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Smart Transformer Market
- Based on the type, The distribution type segment is estimated to hold the largest revenue market position over the forecast period as it has been widely used to regulate and optimize the voltage power supply for many commercial and industrial sites. Distribution transformers are less efficient when compared to power transformers as they are subject to load fluctuation and the chances of failure are higher.
- Based on the application, In 2021, Smart transformers will be used in traction locomotives to provide electricity to traction motors, connecting multiple traction motors to a group of wheels. This smart transformer can be installed on rail cars, locomotives, tracks, or bridges.
- Based on Region, the North American market held a sizeable revenue share of 32.5%. North America is the largest market in our report. It is projected to witness healthy market growth during the projected period as utilities upgrade their grid infrastructure to meet the increase in power demand.
Key companies covered in the market study are ABB, Schneider Electric, Siemens, Mitsubishi Electric Corporation, Eaton, Alstom, GE Power, Powerstar, CG Power and Industrial Solutions Limited, Ormazabal, SPX Transformer Solutions Inc., Triad Magnetics.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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