Smart transformer protects electrical equipment by providing proper and continuous electric supply, and helps in reducing grid losses and improving overall power supply reliability.
Major factor driving growth of the global smart transformers market is increasing government initiatives for upgradation of electricity transmission and distribution systems. Additionally, smart transformers are ecofriendly and also provide various benefits such as improved power quality and supply reliability which are other factors expected to propel growth of the global market over the forecast period. But, high costs and problems associated with use of smart transformers is limiting use and are major factors expected to hamper growth of the global market over the forecast period.
The global smart transformers market is segmented on the basis of product type, application, and region. On the basis of product type, the target market is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers.
On the basis of application, the target market is segmented into smart grid, traction locomotive, electric vehicle charging, and others. Among the application segments, the smart grid segment is estimated to have highest revenue share in the target market owing to increasing adoption of smart grid for real-time monitoring and controlling of power distribution across the globe.
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On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing power consumption and replacement of aging power distribution infrastructures in emerging economies such as China, India, etc. Also, the market in North America is projected to register significant growth in terms of revenue over the forecast period, owing to increasing adoption of smart transformers in countries in the region.
Key players in the global smart transformers market include ABB Ltd., Schneider Electric S.E., Eaton Corporation plc, Siemens AG, General Electric Company, Wilson Transformer Company Pty Ltd., Mitsubishi Electric Corporation, Cooper Power Systems, LLC, Howard Industries, Inc., and Alstom SA.