Smart Transformers Market- What Are The Main Factors That Contributing Towards Industry Growth?

The Global Smart Transformers Market was valued at USD 1.32 billion in 2016 and is projected to reach USD 3.24 billion by 2025, growing at a CAGR of 10.48% from 2017 to 2025.

Smart transformer operates independently to regulate voltage, maintain contact with smart grid to permit remote access, and provide feedback in a power supply system. These transformers are designed to provide a voltage optimized power supply to fulfill the energy needs of the system. Benefits of Smart transformer includes – voltage regulation, reliability fault prediction – detection, energy efficiency, condition assessment communication

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Market Dynamics:
1. Market Drivers
1.1 Growth of the electric vehicle market
1.2 Increasing investments in smart grids and energy systems
1.3 Rising focus on alternate energy production across the globe
1.4 Growing digitalization of power utilities
2. Market Restraints
2.1 Poor cyber security and data privacy
2.2 Lack of data for effective planning
2.3 Increasing initial cost for the installation of smart transformers

Market Segmentation:
The Global Smart Transformers Market is segmented on the type, component, application, and region.

1. Type:
1.1 Power Transformers
1.2 Specialty Transformers
1.3 Instrument Transformers
1.4 Distribution Transformers

2. By Component:
2.1 Transformers
2.2 Hardware for Transformer Monitoring
2.3 Converters
2.4 Switches
2.5 Others

3. By Application:
3.1 Smart Grid
3.2 Electric Vehicle Charging
3.3 Traction Locomotive
3.4 Others

4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Siemens
2. Eaton
3. Wilson Transformer
5. Gridco
6. SPX Transformer
7. Schneider Electric
8. GE
9. Mitsubishi Electric
10. CG Power
11. ABB
12. Howard Industries

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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Research study on the Global Smart Transformers Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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