Smart Transformers Market: Current Analysis and Forecast 2021-2027

Smart Transformer, as an integral part of Smart Grid solutions works independently to frequently regulate voltage and maintain contact with Smart Grid and allow remote administration and to provide information and feedback about the power supply and the transformers itself. Smart transformer acts as a power regulator which provide the exact amount of power needed and responds instantly to fluctuations within the power grid. Furthermore, smart transformers include multiple intelligent electronic devices or control systems, which can assess the condition of the transformer and make intelligent recommendations based on design and component data. Major benefits of smart transformer include 75% lower core energy loss, compared to the conventional transformers, smart transformer delivers greater consumptions savings, contributes towards CSR by reducing CO2 emissions, remote monitoring allows for greater visibility of transformers operations, Reduce operating costs. These transformers have an expected lifespan of up to 50 years and more. Online remote monitoring capabilities also act as the one of the major benefits of a smart transformer. Using Internet of Things (IoT) enabled technology, these transformers can allow 24/7 visibility of asset data to better understand how transformer is performing and identify where further efficiencies can be made.
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for electricity. Global a decline of almost 10% in the overall demand of electricity was witnessed in 2020. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for electricity is expected to come to normal post 2020.
Insights Presented in the Report
"Amongst Type, Distribution Transformers segment dominated the market in 2020."
Based on type the global Smart Transformers market is bifurcated into Power Transformers, Distribution Transformers, Specialty Transformers, Instrument Transformers. Currently distribution transformer segment dominates the market and is expected to maintain its dominance throughout the forecast period. High share of the segment can be credited to increased governments initiative to transform the energy sector.
"Amongst Component, Hardware for Transformer Monitoring segment dominated the market in 2020."
Based on Component, the market is bifurcated into Converters, Switches, Transformers, Hardware for Transformer Monitoring, Others. Currently, Hardware for Transformer Monitoring segment dominates the market and is expected to maintain its dominance throughout the forecast period. ABB provides modular approach to transformer monitoring. ABB transformer electronic control (TEC) acts as the central IED unit of the transformer, i.e., as the communication hub for all other IEDs.
"Amongst Application, Smart Grid segment dominates the market in 2020."
Based on application, the market is bifurcated into Traction Locomotive, Smart Grid, EV Charging Infrastructure, Others. Currently, Smart Grid segment dominates the market, and is expected to maintain its dominance throughout the forecast period. For instance, as per IEA, despite a 7% year-on-year reduction in overall expenditures, grids became further decentralized and digitalized in 2019. Utilities around the world deployed more sophisticated technologies, including artificial intelligence and digital twinning.
"Amongst End-users, Electricity Transmission & Distribution Poles segment dominated the market in 2020."
Based on end-users the market is segmented into Industrial, Commercial, and residential. Owing to growing industrial sector paired with growing demand for electricity due to rising urban population is expected to drive the market for smart transformer globally.
"Asia-Pacific represents as the largest markets in the Global Smart Transformers Market."
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific with countries such as India, China, Japan, and Singapore are investing in clean energy on a large scale to meet its growing energy needs in an efficient way. This would provide ample growth opportunity for the utility sector in the Asia-Pacific region. Some of the major companies profiled in the report includes Siemens AG, General Electric, ABB Limited, Schneider Electric, Wilson Transformer, Mitsubishi Electric, BHEL, Eaton Corp, Alstom, SPX Transformer.
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Smart Transformer, as an integral part of Smart Grid solutions works independently to frequently regulate voltage and maintain contact with Smart Grid and allow remote administration and to provide information and feedback about the power supply and the transformers itself. Smart transformer acts as a power regulator which provide the exact amount of power needed and responds instantly to fluctuations within the power grid. Furthermore, smart transformers include multiple intelligent electronic devices or control systems, which can assess the condition of the transformer and make intelligent recommendations based on design and component data.
Based on type the global Smart Transformers market is bifurcated into Power Transformers, Distribution Transformers, Specialty Transformers, Instrument Transformers. Currently XX segment dominates the market. However, XX segment is expected to witness increased demand owing to governments initiative to transform the energy sector.
Based on Component, the market is bifurcated into Converters, Switches, Transformers, Hardware for Transformer Monitoring, Others. Currently, XX segment dominates the market. However, XX segment is expected to witness rapid growth owing to the benefits associated with composite materials.
Based on application, the market is bifurcated into Traction Locomotive, Smart Grid, EV Charging Infrastructure, Others. Currently, XX segment dominates the market, however XX segment is expected to witness high demand during the forecast period
Based on end-users the market is segmented into Industrial, Commercial and residential. In 2020, XX segment dominated the market
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently North America dominated the market and is expected to maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to witness highest CAGR growth during the forecast period.
Some of the major companies operating in the global Smart Transformers market includes Siemens AG, General Electric, ABB Limited, Schneider Electric, Wilson Transformer, Mitsubishi Electric, BHEL, Eaton Corp, Alstom, SPX Transformer.