Global Smart Transformers Market Highlights over 2022 – 2030
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.
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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.
Major Macro-Economic Indicators Impacting 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.
Global Smart Transformers Market Regional Synopsis
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.
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The global smart transformers market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global smart transformers market includes the following segments:
By Type
- Power
- Distribution
- Specialty
- Others
By Application
- Smart Grid
- Electric Vehicle Charging
- Others
Growth Drivers
- Increasing Adoption of Smart Grid Network
- Rising Investment in Digitalization of Energy & Power Sector
Challenges
- Slow Pace of Replacement of Traditional Transformers with Smart Transformers
- High Capital Investment
Top Featured Companies Dominating the Market
- EMSc Ltd. (Powerstar)
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- BHEL
- ABB Ltd.
- Grid Point, Inc.
- The General Electric Company
- Siemens AG
- Honeywell International Inc.
- Schneider Electric
- Mitsubishi Electric Corporation
- Grid Corporation
