Press release
Smart Transformers Market to be Worth $3.16 Billion by 2031
Smart Transformers Market
According to this latest publication from Meticulous Research®, the smart transformers market is projected to reach $3.16 billion by 2031, at a CAGR of 7.6% from 2024 to 2031. The growth of this market is driven by rising digitalization in power utilities and increasing investment in smart grids. In addition, the increasing focus on alternate power generation sources is expected to offer significant growth opportunities for the stakeholders in the smart transformers market. However, high capital & installment costs may restrain the market's growth. Furthermore, data privacy & security issues are expected to challenge the growth of the smart transformers market.
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Based on type, the global smart transformers market is broadly segmented into power transformers, distribution transformers, special application transformers, and instrument transformers. In 2024, the distribution transformers segment is expected to account for the largest share of the global smart transformers market. The large market share of this segment is attributed to factors such as the increase in generation capacity of both conventional and non-renewable sources and the growing demand for upgrading aging infrastructure to increase grid reliability. The rising requirements for power from residential, industrial, and commercial sectors and increased development of energy projects also contribute to the segment's large share.
However, the special application transformers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for special transformers by various end-use industries such as water treatment facilities, oil & gas, and mining & steel. The growing use of special-purpose transformers in industries with applications of high voltage requirements with minimum voltage loss also contributes to the segment's growth.
Based on end users, the global smart transformers market is segmented into energy & utilities, automotive transportation, oil & gas, water treatment facilities, mining & steel, manufacturing, commercial & residential, transportation, and other end users. In 2024, the energy & utilities segment is expected to account for the largest share of the global smart transformers market. The large market share of this segment is attributed to the growing use of smart transformers for enhancing grid management, load balancing, and demand response capabilities. The increasing focus of utilities on intelligent asset management practices and the rising focus of the energy sector on alternative power generation sources also contribute to the segment's large share.
In addition, increasing key player focus on the development of IoT-based smart transformers is also contributing to the large market share. For instance, in February 2023, TELAWNE POWER EQUIPMENTS PRIVATE LIMITED (India) launched an IoT-based smart transformer. This transformer aims to reduce maintenance costs for utilities.
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However, the automotive transportation segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing requirement for transformers to support electric vehicle charging infrastructure and the growing number of EV charging stations to support rising electric vehicle adoption.
Several companies are entering into the EV market to manufacture components for commercial electric vehicle power chargers. For instance, in August 2022, Virginia Transformer Corp. (U.S.) launched a manufacturing division to create components for commercial electric vehicle power chargers. The Virginia Transformer Corp. manufactures a new product, E2V. This unit includes multiple elements needed for charging stations, including transformers, switchgears, distribution circuits, and breakers.
Based on geography, the global smart transformers market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global smart transformers market. The large market share of the region is attributed to factors such as the growing focus of the region on developing smart grids and increasing investment by countries to modernize and digitalize their electricity grids.
In addition, the growing focus of key players on the advanced development of transformers is also contributing to the large market share. For instance, in July 2021, Hitachi Energy Ltd. (Switzerland) (Formerly Hitachi ABB Power Grids) and Nanyang Technological University (Singapore) worked together to advance developments in Solid State Transformer (SST) technology. The project is part of the Singapore Government's flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system and transforming how energy is managed by consolidating multiple energy sources into a single intelligent network that is more efficient and sustainable.
However, the Europe region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by factors such as the growing focus of European countries on renewable energy generation to achieve carbon neutrality, the need to transform aging electricity infrastructure, increasing investment in smart grids, and the growing focus of key players on development.
For instance, in August 2022, The European Commission proposed a new energy independence policy called REPowerEU that would ramp up the development of wind and solar power to wean EU nations. The proposal aims to double the EU's solar power capacity and require new buildings to be equipped with solar power.
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Key Players:
Some of the key players operating in the global smart transformers market are Hitachi Energy Ltd. (Switzerland), Schneider Electric SE (Germany), General Electric Company (U.S.), Ormazabal (Spain), Hyosung Heavy Industries (South Korea), Efacec (Portugal), Siemens Energy AG (Germany), Eaton Corporation plc (U.K.), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Wilson Transformers (Australia), Bharat Heavy Electricals Limited (India), CG Power & Industrial Solutions Ltd. (India), and Toshiba Corporation (Japan).
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