The global smart transformers market was valued at USD 1.25 Billion in 2016 and is projected to reach USD 2.43 Billion by 2022, at a CAGR of 10.54%, from 2017 to 2022.
The report "Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region - Global Forecast to 2022", is expected to grow from an estimated USD 1.47 Billion in 2017 to USD 2.43 Billion by 2022, registering a CAGR of 10.54%, from 2017 to 2022. The global market is set to witness a significant growth due to increasing emphasis on alternative energy production across the globe, digitalization of power utilities, and huge investments in smart grids and energy systems.
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The smart grid segment is expected to hold the largest share of the smart transformers market, by application, during the forecast period
The smart grid segment led the smart transformers market in 2016, and is projected to dominate the market during the forecast period.
One of the biggest uses of a smart transformer in smart grids is its role in integrating power from distributed generation into the main grid. Smart grids have two-way communication for real-time monitoring and controlling of network characteristics.
For this, the basic step is the implementation of smart meters for end-user interactions, followed by employing smart transformers in the network to further strengthen communications and avoid power outages. Although smart grids prevent faults and power outages, they are also equipped with self-realization characteristic that allows the network to restore to normal, once the fault is cleared.
This is driving the market for smart transformers in the smart grid segment, which is expected to create new revenue pockets for the smart transformers market during the forecast period.
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- Banks, venture capitalists, financial institutions, and other investors
- Companies related to electric power generation, transmission, and distribution
- Energy associations
- Environment associations
- Government and industry associations
- Government and research organizations
- Smart grid project developers
- Smart transformer component manufacturers, dealers, and suppliers
- State and national regulatory authorities
- Substation equipment manufacturing companies
Distribution transformers to be the fastest growing segment in the smart transformers market
With regard to the type segment, distribution transformers are expected to constitute the fastest growing market from 2017 to 2022. Smart distribution networks require smart transformers to communicate with consumers and also for continuous load monitoring.
Distribution transformers are less efficient than power transformers as they are subject to load fluctuations and the chances of failure are higher. Power distribution sometimes results in increased load above the peak limit of the equipment.
Hence, the implementation of a distribution network is essential for proper load management, resulting in better power quality and less power outages.
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Asia Pacific: The leading market for smart transformers
In this report, the smart transformers market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to account for the largest market share in the global smart transformers market by 2022.
Countries, such as China, Japan, and India are investing in grid expansion projects to increase the distribution grid reliability. China accounted for the largest share of the smart transformers market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity, resulting in an increased demand for transformers.
The country, which is an export-oriented economy, has witnessed an exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Meanwhile, the Indian government is also taking initiatives to increase the power generation capacity using renewable energy sources.
For instance, the country is the third-largest electricity producer in the world and is likely to generate approximately 30 GW of power from renewable energy sources in 2017. This would require grid connected as well as local distribution networks.
These factors are expected to drive the growth of the smart transformers market in Asia Pacific.
This research study involved the use of extensive secondary sources, directories, journals on energy storage, and other related rental markets; newsletters and databases, such as Hoover’s, Bloomberg, Businessweek, and Factiva, to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. The primary sources include several industry experts from core and related industries, vendors, preferred suppliers, technology developers, alliances, and organizations related to all the segments of this industry’s value chain.
The research methodology has been explained below.
Study of annual revenues and market developments of the major players providing smart transformers
- Assessment of future trends and growth of end-users
- Assessment of the market with respect to the technology used for different applications
After arriving at the overall market size, the total market was split into several segments and sub-segments. The figure given below illustrates the breakdown of primary interviews conducted during the research study based on company type, designation, and region.
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