Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSAugust, 2019: Powerstar to provide energy integration and microgrid solution to the Design Museum. Powerstar VIRTUE, a new energy optimization system (EOS) is chosen for energy management at the museum.
The global smart transformers market is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing adoption of smart grids, as it is an essential element of the smart grid. Smart transformers continually regulate voltage, and reduce energy consumption, which indirectly reduces the operational cost. Additionally, smart transformers cut down energy wastage, and maintain least fluctuations, which is essential for high-consumption machines in the industrial sector. These advantages of smart transformers over traditional transformers are estimated to boost the market growth. Furthermore, the rising adoption of smart grid network, backed by the increasing awareness regarding energy conservation amongst people, is estimated to fuel the market growth. According to the statistics by the International Energy Agency (IEA), USD 123 billion were spent globally on power equipment for the smart grid infrastructure in 2019.
The market is segmented by application into smart grid, electric vehicle charging, and others, out of which, the smart grid segment is anticipated to hold notable share in the global smart transformers market over the forecast period as smart transformers are an integral component of a smart grid. The growing adoption of smart grids and smart electric meters across the globe, is estimated to boost the market growth.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
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 increasing adoption of smart grid network in developed nations, such as, United States, and Canada. According to a report by the IEA, the United States’ investment in smart grid overtook China in 2019, recording a robust growth of 12%. The growing infrastructural development in the region is estimated to boost the regional market growth.
The global smart transformers market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart transformers market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing investment in adopting smart grids to drive the market growth.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
High initial investment is estimated to hamper the market growth.
The market in the North America region will provide more business opportunities over the forecast period owing to the high investment in the digitalization and decentralization of power grid infrastructure.
The major players in the market are Schneider Electric, BHEL, The General Electric Company, Siemens AG, Honeywell International Inc., Grid Point, Inc., Mitsubishi Electric Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The smart grid segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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