Press release
Smart Transformers Market Size to Grow at a CAGR of 11.5% | Industry New Tech Developments and Growth by Leading International Manufacturers with its Applications, Usage and Types by 2023
Market Overview:-Smart transformers market is projected to have an enormous number of developments over the forecast period owing to incessant technological advancements in energy sector tied with rising power demand. The market is also likely to have huge expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top contractors and governments across the globe.
Smart transformers are transformers that incorporate a general transformer’s features with communication technology, monitoring software and others. Smart transformer operates autonomously to regulate voltage, maintain contact with the smart grid to allow remote access, as well as it facilitates feedback in a power supply system. The remote access delivered by the smart transformers save time and resources of users. An instinctive monitoring function of smart transformers improves the reliability by keeping a guard on critical constituents, such as core, winding, tap changer and others. Smart transformers safeguard electrical equipment from power variations, diminish energy consumption and greenhouse emissions, and improve efficiency of electrical appliances.
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Industry Top key Players:-
• ABB Ltd.
• Siemens AG
• Schneider Electric SE
• Eaton Corporation plc
• General Electric Company
• Mitsubishi Electric Corporation.
• Howard Industries.
Scope of the Report:-
This study provides an overview of the global smart transformers market, tracking three market segments, across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Smart Transformers market by type, design, end-user and region.
By Type
• Power Transformers
• Distribution Transformers
• Specialty Transformers
• Instrument Transformers
By Component
• Converters
• Switches
• Hardware
• Others
By Application
• Traction Locomotive
• Smart Grid
• Electric Vehicle Charging
• Others
By Regions
• North America
• Asia Pacific
• Europe
• Rest of the World
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Market Research Analysis
Distribution transformer by type, converters by component and smart grids by application are expected expand the highest CAGR.
Global smart transformers market has been segmented based on type, component, application, and region. Based on type, the market is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. Among these, distribution transformers are projected to dominate the smart transformers market through 2023. A distribution transformer is vital for proper load management, consequential in better power quality and less power failures & outages. On the basis of components, the market is segmented into converters, switches, hardware, and others. Converters segment dominated the market in 2016 and is projected to be the fastest-growing design segment. Converters can be of both, AC and DC types and offer the output in either form of current as per the necessity of the output stage. Based on application, the market is segmented into traction locomotive, smart grid, electric vehicle charging and others. Smart grid dominated the market in 2016 and has been projected to be the fastest-growing application over the next five years.
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