Yahoo Finance Smart Transformer Market to Reach USD 5.39 billion by 2028; Increasing Digitalization Adoption in Power Industry to Fuel Market Growth: Says Fortune Business InsightsTM
Companies Profiled in Smart Transformer Market Are: ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric Corporation (Japan), Eaton (Ireland), Alstom (France), GE Power (U.S.), Powerstar (England), CG Power and Industrial Solutions Limited (India), Ormazabal (Spain), SPX Transformer Solutions Inc. (U.S.), Triad Magnetics (U.S.)
Pune, India, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The global smart transformer market size is projected to hit USD 5.39 billion by 2028 and exhibit a CAGR of 12.5% during the forecast period. The increasing trend of digitalization adoption in the power industry and rising investments to strengthen and develop smart grids are anticipated to be the key factors driving the market’s growth. Fortune Business InsightsTM has presented this information in its report titled “Smart Transformer Market, 2021-2028”. The market size stood at USD 2.07 billion in 2020 and is estimated to reach USD 2.36 billion in 2021.
The market’s growth is also ascribable to smart grids. Smart grids work more reliably and efficiently by voltage regulation at the end user, using smart type of transformers in the power grid. This improves the efficiency of the grid and is anticipated to complement the market growth.
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The Report Lists the key Companies in the Market:
ABB (Switzerland)
Schneider Electric (France)
Siemens (Germany)
Mitsubishi Electric Corporation (Japan)
Eaton (Ireland)
Alstom (France)
GE Power (U.S.)
Powerstar (England)
CG Power and Industrial Solutions Limited (India)
Ormazabal (Spain)
SPX Transformer Solutions Inc. (U.S.)
Triad Magnetics (U.S.)
Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 12.5% |
2028 Value Projection | USD 5.39 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 2.07 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 196 |
Segments covered | Type, Application and Geography |
Growth Drivers | Key Players Ingenious Strategies to Capture Growth |
Smart Grids to Influence Market Growth Significantly | |
Rising Investments in Smart Grid Projects to Fuel Growth in Asia Pacific |
COVID-19 Impact-
The implementation of stringent lockdowns, social distancing, workplace shutdowns, and travel restrictions to curb the global coronavirus spread have negatively impacted the market growth. The grid electricity demand in India declined 25% in March & April 2020, compared to the demand in the same period in 2019. The delays in renewable construction projects and the low available workforce have affected the market growth. However, the swift vaccination drives being carried out by nations across the globe are helping the market recover. The market is likely to exhibit substantial growth during the forecast period.
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Competitive Landscape-
Key Players Ingenious Strategies to Capture Growth
The global market is fragmented and comprises several key players operating in the highly competitive market space. ABB is currently one of the world’s largest power service companies. The company continues to dominate the global market with its advanced services. Various other key players operating in the market adopt various growth strategies, including product development, joint ventures, mergers, acquisitions, and others, to amplify their market presence. For instance, Eaton Corporation acquired Tripp Lite for USD 1.65 billion in January 2021. Tripp Lite is a leading supplier of connectivity solutions and power quality products for America's medical, industrial, data center communication markets.
Industry Developments-
August 2021: Mitsubishi Electric and its U.S. subsidiary, Mitsubishi Electric Power Products, acquired Smarter Grid Solutions. Smarter Grid Solutions is a U.K.-based distributed energy resources (DER) management software provider for DER operators and power distribution utilities.
Drivers & Restraints-
Smart Grids to Influence Market Growth Significantly
Smart grids offer various advantages, including energy-saving by reducing consumption, leveling peak demand, reducing balancing costs, and others, which drive its development. Smart grids transmission and distribution architecture can resist natural hazards or intentional attacks and enhance reliability by using smart transformers. Smart grids work more reliably and efficiently by voltage regulation at the end user, using these transformers in the power grid. This improves the efficiency of the grid and is anticipated to complement the smart transformer market growth.
Digitalization in the power industry has enabled control system advancements and distributed energy mix generation. These transformers provide digital control with modern features including cybersecurity, asset performance optimization, a digital platform to access online, cellular or ethernet option, Wi-Fi, and others, that make smart transformers manage the electric distribution grid. Hence, the rising digitalization adoption in the power industry is likely to benefit market growth.
However, the environmental hazards and high initial investments may restrain the market growth.
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Segmentation-
On the basis of type, the market is fragmented into instrument transformers, specialty transformers, distribution transformers, and power transformers. On the basis of application, the market is segmented into electric vehicle infrastructure, traction locomotive, smart grid, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage-
The report covers the market’s competitive landscape and profiles key market players accordingly.
The report highlights the challenges and restraints to market growth and suggests strategies to overcome them.
The report showcases the impact of the coronavirus outbreak and its effect on market’s growth.
The report provides information on the key market trends and latest industry developments.
The report also highlights various market segments, including type, application, and region.
Regional Insights-
Rising Investments in Smart Grid Projects to Fuel Growth in Asia Pacific
Asia Pacific is projected to attain the largest global smart transformer market share. The rising investments in smart grid projects and the growing emphasis of the regional countries to improve grid stability are predicted to be the key factors driving the adoption of smart transformers and the regional market growth.
North America is anticipated to acquire the second rank in the global market due to the increasing investments from utilities to upgrade existing grid infrastructure.
Europe is expected to acquire substantial growth during the forecast period. The rising demand to strengthen smart grids and the increasing digitalization in the power industry are likely to fuel the region’s market growth.
Major Table of content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Smart Transformer Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Smart Transformer Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Power Transformer
Distribution Transformer
Specialty Transformer
Instrument Transformer
Market Analysis, Insights and Forecast – By Application
Smart Grid
Traction Locomotive
Electric Vehicle Infrastructure
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Smart Transformer Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Power Transformer
Distribution Transformer
Specialty Transformer
Instrument Transformer
Market Analysis, Insights and Forecast – By Application
Smart Grid
Traction Locomotive
Electric Vehicle Infrastructure
Others
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Europe Smart Transformer Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Power Transformer
Distribution Transformer
Specialty Transformer
Instrument Transformer
Market Analysis, Insights and Forecast – By Application
Smart Grid
Traction Locomotive
Electric Vehicle Infrastructure
Others
Market Analysis, Insights and Forecast – By Country
U.K.
Germany
France
Italy
Spain
The Netherland
Rest of Europe
TOC Continued…!
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