The global smart transformer market is anticipated to grow at a CAGR of about 10.35% during the forecast years of 2017-2025. The smart transformers market is primarily driven by factors such as a rise in industrial growth, aging infrastructure leading to investment in smart grids, increasing production of electricity, compliance with regulatory standards and a rising demand for green energy.
The global smart transformers market is segmented by type, by component, and by application. The market by Type is further segmented into Distribution transformer, Power transformer, Instrument transformer, and Specialty transformer. The market by component is further segmented into Converter, Switch, and Other Components. The market by application is further segmented into Electric vehicle charging station, Traction Locomotives, Power (distribution) grid, and Alternative power generation.
Geographically, the global Smart Transformers market is divided into four major regions that include:
- North America - U.S. & Canada
- Europe - UK, France, Germany, Spain, RoE
- Asia Pacific - China, India, Japan, Australia, RoAPAC
- Rest of World- Latin America, Middle East & Africa
The Asia Pacific region is anticipated to be the fastest growing region over the forecasted period of 2017-2025. Asia-Pacific smart transformer market is mainly driven by the conversion of distribution equipment and aging power transmission. China is currently leading the market scene due to continuous heavy investments in the smart grid by the Chinese government and the increased demand for electricity in the smart and suburban cities of China.
The global smart transformer market is a fragmented market that houses both; domestic vendors and global players such as General Electric, Abb Ltd, Mitsubishi Electric Corporation, Schneider Electric Sa, and Siemens Ag. All these companies are actively contributing for generating the revenue of the global smart transformers market by trying to adopt new technologies, thus increasing their global presence.