June 22, 2022 07:31 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 22, 2022 (GLOBE NEWSWIRE) -- The global smart transformer market size was USD 1.93 billion in 2021. The market is projected to grow from USD 2.14 billion in 2022 to USD 5.22 billion in 2029 at a CAGR of 13.6% in 2022-2029.This information is provided by Fortune Business Insights™, in its report, titled, “Smart Transformer Market, 2022-2029.”
According to our researchers, the rising concentration on renewable power generation and amalgamation of the energy mix, emerges the requirement for intelligent surveying and voltage regulation, thus boosting the global market growth during the projected period.
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Rising Digitalization in Power Sector to Drive Market
The power industry is at the verge of altering from centralized, conventional, and security intimidations to distributed energy mix generation and progression in control systems. Digitalization plays a major part in the power industry, involving transformer, control systems, sensors, industrial software, Industrial Internet of Things (IIoT) technologies, and many others. Digitalization has also been incorporated with equipment and devices that aids to enhance system proficiency, such as transformer, an essential part of the smart grid, which works autonomously to adjust the voltage and permit remote administration in the system.
Restricted Investment Prospects amid COVID-19 to Hamper Market Growth
The global market has been moderately impacted by the outbreak of this global health problem, as governments across the world have taken numerous steps to eradicate the spread of the coronavirus by inflicting lockdown, travel limitations, social distancing, and the shutting down of workplaces that have altered the lifestyle and functioning of people across the world.
The remarkable postponements in constructing renewable ventures and needs for social distancing have hindered the progression of renewable energy projects and developments and up-gradation of grids networks.
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Asia Pacific to Dominate Backed by Rising Investments in Grid Projects
Asia Pacific is the prime region in the global market. Nations in the Asia Pacific are deliberately emphasized on refining grid stability and investing in intelligent grid ventures.
Europe is anticipated to hold the second-largest smart transformer market share during the forecast period. Increasing digitalization in the power industry and rising demand for fortifying the grid to fuel the market demand.
North America is also predicted to hold a considerable share in the market during the predicted period. As per our market research review, North America is estimated to observe optimistic growth of smart transformers.
On the basis of type, this market is divided into power transformers, distribution transformers, specialty transformers, and instrument transformers.
This market is segregated into the smart grid, traction locomotive, electric vehicle infrastructure, and others based on application. The smart grid application is predicted to dominate the market share as it is most frequently used in power systems.
The market has been branched across five main regions which are North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Procurements Initiated by Key Companies to Promote Growth
The leading players in the market continually root for skillful campaigns to boost their brand and simultaneously promote the market growth of the product while encountering the least imaginable hurdles. Among the pool of strategies, one operative tactic is attaining competitor firms and fortifying a financial benefit for both the companies.
August 2021: Mitsubishi Electric Corporation has declared the procurement of the U.K.-based Smarter Grid Solutions conjointly with Mitsubishi Electric Power Products, its U.S. subsidiary.
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List of Players Operating in the Smart Transformer Market are as follows:
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.6. Impact of COVID-19 on Smart Transformer Market
5. Global Smart Transformer Market Analysis, Insights and Forecast, 2022-2029
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