Smart Transformers market was valued at US$ xx Mn in 2019 is expected to reach US$ xx Mn by the end of 2026 at a CAGR of 14.5% from 2020 to 2026.
The smart transformers are used to provide additional flexibility to control power distribution networks, thereby, facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Smart transformer caters to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others. Smart Transformer (ST), alternately known as ‘Solid State Transformer,’ is an amalgamation of high-powered semiconductor components, control circuitry, and conventional high-frequency transformers. Smart Transformers are a modern alternative approach thanks to advancements in semiconductor technology (ST).
For adjusting the voltage ratio, the ST uses semiconductor technology. The ST has a high power density and can operate at a high frequency, resulting in a smaller size and lower cost. This has opened up new opportunities for researchers all over the world to propose new topologies, new materials, and experimentation in various environments and application areas.
Global Smart Transformers Market Dynamics:
Increasing Investment in Strengthening Smart Grid to Drive Smart Transformers Market
Non-conventional energy sources like wind and solar, as well as new loads like electric vehicles, pose a challenge to load dispatching and grid management thus, it difficult for the power infrastructure to meet the load demand as new load creates problems such as power quality issues, transformer overload, and phase imbalance. Smart transformers have many benefits over other traditional transformers, for instance, they are designed to handle higher power than the nominal power.
Their short-term overload potential is based on short-term overload, and high temperatures (Hot spot) is permitted for a few hours per day. It is important to make the power system more responsive to demand so that it not only meets current needs but also saves energy while improving power quality. The smart transformer is a solution for handling low and medium voltage grids at the same time while still delivering ancillary services to the distribution system, in accordance with many scenarios.
The market for smart transformers is showing a Northward trend also it has tremendous potential growth. The market’s growth is attributed to the global up-gradation of aging power delivery networks. Furthermore, as part of development initiatives, governments in developing countries are making significant investments to extend the scope of electrification through various villages and towns. However, unlike conventional transformers, the smart transformer has a very limited overload capacity due to the short time constant of the junction temperature, which must always be below its maximum limit.
The report has profiled twenty-five key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analysis and report has come up with recommendations for a future hot spot in North America. Major country’s policies about manufacturing and their impact on Smart Transformers demand are covered in the report.
Global Smart Transformers Market Segment Analysis
Smart Transformers market
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The distribution segment is expected grow at a CAGR of xx% during the forecast period.
Based on the type, in 2019, the distribution segment holds the largest market share of xx% in 2019 and it is estimated to reach USD$ XX Mn by 2026. . Since distribution transformers deal primarily with load fluctuation and voltage fluctuations, they are less efficient than power transformers. As a result, monitoring and transmitting variations in load becomes increasingly important in order to achieve higher reliability. As a result, the smart transformer is installed in the distribution sector, which improves contact and diagnosis in fault situations, resulting in increased operational efficiency, reliability, and grid stability. As a result, during the forecast period, the distribution segment is expected to gain traction.
Global Smart Transformers Market Regional Insights:
Global Smart Transformers Market Regional Insights
Asia Pacific to witness a high market growth rate and is expected to grow at a CAGR of xx% by 2026
The Asia Pacific market for Smart Transformers is expected to rise at a faster pace than the rest of the world by 2026, owing to increased energy demand, rising construction, activity, and disposable income. Asia Pacific countries are concentrating their efforts on smart grid projects and enhancing grid stability. As a result, the use of smart transformers in smart grids improves grid reliability, stability, and power quality. According to the World Energy Scenario 2019 survey, China is planning to invest USD 500 billion in smart grids and renewable energy projects. As a result, the demand for these transformers is increasing thanks to smart grid investments and government initiatives.
During the forecast period, North America is likely to hold the second-largest share of this market. Thanks to the significant increases in utility expenditures to upgrade existing grid networks, the United States accounted for the largest share in North America. According to the EIA study 2018, investment in transmission infrastructure in the United States reached a high of USD 35 billion in 2016. As a result, as investments and demand for smart grids increased the demand for smart transformers is also increased.
The objective of the report is to present a comprehensive analysis of the global Smart Transformers market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Smart Transformers market dynamics, structure by analyzing the market segments and project the global Smart Transformers market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Smart Transformers market make the report investor’s guide.
• April 2018 – Siemens introduced a digital transformer under the portfolio of Sensformer, which is equipped with digital intelligence and sensors for transmitting the flow of information enhancing flexibility and optimized operation of the grid.
• November 2018 –ABB had launched the world’s rst dry-type (oil-free) digital transformer where the core and the coil are cooled by air and non-flammable solid insulation material which makes it more favorable for offshore applications.
COVID-19 Impact on the Global Smart Transformers Market
The entire power industry is negatively hit by the COVID-19 outbreak. According to IEA, the major declining factors are supply chain disruptions, delays in construction project activity. Imposed of strict lockdown by many countries and preventive measures such as social distancing which has a probe to financial difficulties and lack of workers availability slow down the market growth.
Global Smart Transformers Market Scope: Inquire before buying
Global Smart Transformers Market
Global Smart Transformers Market, by Region
• North America
• Middle East & Africa
• Asia Pacific
• South America
Global Smart Transformers Market Key Players
• Schneider Electric
• Wilson Transformer
• Mitsubishi Electric
• CG Power
• Howard Industries
• SPX Transformer
• General Electric Company
• Bharat Heavy Electricals Limited
• Crompton Greaves Ltd.
• Other key players
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