Research Nester published a report titledSmart Transformers Market: Global Demand Analysis Opportunity Outlook 2030which delivers detailed overview of theglobal smart transformers market in terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Theglobal smart transformers marketis anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 2030. On the basis of application, the market is segmented into smart grid, electric vehicle charging, and others. Among these, the smart grid segment is anticipated to hold noteworthy share in the market over the forecast period, owing to the increasing use of smart transformers in smart grid network, along with the increasing adoption of smart grids across the world.
The global smart transformers market is estimated to grow on the back of various advantages of smart transformers, such as, voltage regulation, reduction of energy consumption, and reduced fluctuations. The increasing investment in adoption of smart grids is also anticipated to drive the market growth. Moreover, rising investment in decentralization and digitalization of power grid, is expected to fuel the market growth.
On the basis of geographical analysis, the global smart transformers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing smart grid network, and high investment in the energy sector.According to a report by the IEA, the investment in smart grid grew by 12% in 2019 in the U.S.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Investment in Smart Grids to Boost the Market Growth
According to the statistics by the International Energy Agency (IEA), in 2019, USD 123 billion were spent on power equipment, USD 21 billion was spent for installation of smart meters, and USD 18 billion were invested in the smart grid infrastructure, globally.
Smart transformers are an integral part of smart grid, which is why, growth of smart grid is estimated to boost the growth of global smart transformer market. Increasing investment for promotion of smart grids, is estimated to encourage the market growth.
The Final Report will cover the impact analysis of COVID-19 on this industry.
However, the high initial investment for manufacturing smart transformers is expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smart transformers market which includes company profiling of Schneider Electric, Siemens AG, Johnson Controls International plc, Honeywell International Inc., ABB Ltd., Grid Point, Inc., BHEL, The General Electric Company, EMSc Ltd. (Powerstar), Mitsubishi Electric Corporation, Grid Corporation and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart transformers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
