Smart Transformers Market Growth, Share & Global Forecast 2022

According to Precision Business Insights (PBI), the global smart transformers market size was valued at USD 2,413.8 billion in 2021 and is poised to grow at a significant CAGR of 11.3% during the forecast period 2022 to 2028. The primary drivers of the expansion of the global smart transformers market include the increasing advancement in the power grids, digitalization of power grids, reduced power consumption, increased focus of the public on the environmental factor and changing to renewable energy generations.

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Distribution Transformer Segment is expected to Dominate the Smart Transformers Market
Based on the type, the global Smart Transformers Market is segmented into Power, Distribution, Specialty, and Instrument. The Distribution transformer segment is expected to account for a larger revenue share in the global smart transformers market. The increasing focus on the generation of renewable energy across the globe in addition to increased electrical infrastructure projects, is expected to drive the demand for distribution transformer which in turn increases the demand for smart transformers in the forecasted period.

Asia Pacific Smart Transformers Market
The Asia Pacific smart transformers market is expected to increase over the forecast period due to the increasing demand of smart transformers and smart power grids owing to the increased replacement of aged power distribution equipment and increase the integration of renewable energy in the grid. Rapid evolution of industries and manufacturing sectors across the Asia Pacific region especially in China, India and Japan has shown a significant growth in smart transformers markets. For instance, In 2021, India was considered as the third largest electricity-generating country in the globe. Countries like India has made major studies in improving access to power for both urban and rural areas led by the government policies and schemes. These systems have largely driven the use of distribution transformer in the market.
This in turn propels the growth of smart transformers market in this region.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Smart Transformers Market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In April 2021, Siemens introduced a digital transformer, equipped with digital intelligence and sensors the transmission of flow of information which enhances the flexibility and optimizes the operation of grid.

In November 2021, ABB launched the world's 1st dry oil free type of digital transformer where the coil and the core are cooled by non- flammable insulation material and air which makes it more compatible for off-shore applications.

Detailed Segmentation
The Smart Transformers Market is segmented based on type, application, component, and geography.

Key players profiles in the Smart Transformers Market report are ABB, GE, Siemens, Schneider Electric, Eaton, Wilson Transformer, Mitsubishi Electric, BHEL, CG Power, Gridco, Howard Industries, SPX Transformer, General Electric Company, Bharat Heavy Electricals Limited, Crompton greaves Ltd., Alstom, Ormazabal

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