Smart Transformer Market Size Analysis
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.
GROWING DIGITALIZATION IN THE POWER SECTOR DRIVES THE MARKET FOR
The power industry has switched from centralized, conventional, and security systems to distributed generation and progression. Digitalization plays an essential part in the power industry. Digitalization has been incorporated with equipment and devices that enhance system proficiency, such as transformers, a necessary part of the smart grid, which works autonomously to adjust the voltage and permit remote administration in the system.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Smart transformers can prevent any failure in the transformer to achieve efficient production and operation of the power system. They include extensive settings, like transform input and output, transformer coil configuration and performance, valves, and transistors. These smart transformers are affordable compared to traditional ones, which have higher costs mainly owing to their reliability features. Smart transformers can handle weather conditions by forming a better protection mechanism but cannot withstand lightning strikes.
RISE IN ALTERNATIVE ENERGY SMART GRIDE WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Alternative fuel is a term used to describe energy sources that do not directly produce useable thermal energy but can be converted into thermal energy. The term alternative fuel includes both fossil fuel and nuclear power, some of which are considered green. Fossil fuels are fossilized remains of organisms that lived in the distant past, including coal, petroleum products, and natural gas. Nuclear power is a method of producing electricity by using the energy released by splitting atoms or ionizing radiation (such as from atomic fission) that results in heat being converted to electrical power.
The global market has been immediately affected by the outbreak of this global health problem, as governments worldwide have taken various steps to eliminate the spread of the virus by imposing lockdowns, travel restrictions, social distancing, and the closing of workplaces which have changed the lifestyle and working of people around the world. The notable delays in constructing renewable projects and requirements for social distancing have delayed the development of renewable energy projects and improvements and up-gradation of grid networks. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Region and Country:
Why are Distribution Transformers projected to ensure the most revenue during the forecast period?
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. These Transformers are used in large commercial facilities to utilize and distribute energy more effectively, resulting in more efficiency, reducing the cost and power consumption, and going greener.
Why is the Smart Grid segment expected to expand the fastest during the forecast period?
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 a rail cars, locomotives, tracks, or bridges. Smart transformers also ensure a smooth power flow from one pole to another and provide additional benefits such as energy efficiency, vibration isolation, and reliability.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
As a leader in the industry, the biggest players in the market continue to search for skilled marketing strategies to boost their brands and promote the growth of the product at the same time. Among the pool of strategies, one operative tactic is attaining competitor firms and fortifying a financial benefit for both companies.
Some of the key developments that have taken place in the Smart Transformer Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 10.2%.
The need for smart transformers is primarily driven by the power industry’s increasing digitalization, a significant development in building and enhancing the smart grid, and an increase in renewable energy production.
Major global Smart Transformer Market players 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
The transformer’s technological advancements are advancing daily, increasing end-user spending. When considering reliable power systems, it becomes more expensive due to the integration of cutting-edge technology and redundancy of all the power grid’s components, including sensor technologies, monitoring, diagnostics, cloud computing, and analytics.
The North America region is expected to account for the largest market revenue share in the Global Smart Transformer market.
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