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Smart Transformers Market
Smart Transformers Market by Type (Power Transformers, Distribution Transformers, Instrument Transformers, and Others), End Users (Energy & Utilities, Oil & Gas, Mining & Steel, Transportation, and Others) & Geography - Global Forecast to 2031
Report ID:MRSE - 1041110 Pages: 200 Aug-2024 Formats*: PDF Category: Semiconductor and Electronics Delivery: 24 to 72 HoursSmart Transformers Market Size & Forecast
The Smart Transformers Market is projected to reach $3.16 billion by 2031, at a CAGR of 7.6% during the forecast period of 2024–2031. The growth of this market is driven by rising digitalization in power utilities and increasing investment in smart grids. In addition, the increasing focus on alternate power generation sources is expected to offer significant growth opportunities for the stakeholders in the smart transformers market. However, high capital & installment costs may restrain the market's growth. Furthermore, data privacy & security issues are expected to challenge the growth of the smart transformers market.
Increasing Investment in Smart Grids is Expected to Drive Growth of the Smart Transformers Market
Smart grids are electricity networks that use digital technologies, sensors, and software to better match the supply and demand of electricity in real time while minimizing costs and maintaining the stability and reliability of the grid. One of the main components of a smart grid is the smart transformer: it consists of a transformer based on power electronic devices provided with efficient control and communication systems. It allows the electrical separation of low-voltage and medium-voltage grids as they act independently. In this way, it is possible to allow bidirectional power flows and improve the electric power quality of the system, filtering and mitigating disturbances such as flicker, sags, and harmonics flowing from one side to another of the smart transformer.
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Smart grids co-ordinate the needs and capabilities of all generators, grid operators, end users, and electricity market stakeholders. It allows the operation of all parts of the system as efficiently as possible, minimizing costs and environmental impacts while maximizing system reliability, resilience, flexibility, and stability. The development of smart grids provides various advantages such as energy-saving through reducing consumption, reducing balancing costs, leveling the peak demand, accuracy in the electric bill, and other benefits.
This benefit makes the power transmission through the grid system more flexible and creates more opportunities for smart grids for both utilities and customers. Due to such economic and environmental benefits, several countries have announced substantial funding to modernize and digitalize their electricity grids. For instance, In October 2022, the European Commission adopted the Digitalising the Energy System - EU action plan. The Commission expects about USD 633 billion (EUR 584 billion) of investments in the European electricity grid by 2030, of which USD 184 billion (EUR 170 billion) would be for digitalization.
Smart Grid Grants increase the flexibility, efficiency, and reliability of the electric power system, with a particular focus on increasing the capacity of the transmission systems. Such an increase in investment for smart grid applications is expected to support the growth of the smart transformers market.
Recent investments in smart grid are as follows:
- In October 2023, the U.S. Department of Energy announced up to USD 3.46 billion in Grid Resilience and Innovation Partnerships (GRIP) Program investments for 58 projects across 44 states to strengthen electric grid resilience and reliability across America. This includes 16 projects selected under Grid Resilience Utility and Industry Grants.
- In July 2022, India launched a USD 38 billion (INR 3.03 trillion) scheme to support power distribution companies and improve distribution infrastructure.
- In May 2022, Japan announced a funding program of USD 155 billion to promote investments in smart power grids.
Key Findings in the Global Smart Transformers Market Study:
Based on Type, the Distribution Transformers Segment is Expected to Account for the Largest Share of the Smart Transformers Market
Based on type, the global smart transformers market is broadly segmented into power transformers, distribution transformers, special application transformers, and instrument transformers. In 2024, the distribution transformers segment is expected to account for the largest share of the global smart transformers market. The large market share of this segment is attributed to factors such as an increase in the generation capacity of both conventional and non-renewable sources and the growing demand for upgrading aging infrastructure to increase grid reliability. The rising requirements for power from residential, industrial, and commercial sectors and increased development of energy projects also contribute to the segment’s large share.
Based on End Users, the Energy & Utilities Segment is Expected to Account for the Largest Share of the Smart Transformers Market
Based on end users, the global smart transformers market is segmented into energy & utilities, automotive transportation, oil & gas, water treatment facilities, mining & steel, manufacturing, commercial & residential, transportation, and other end users. In 2024, the energy & utilities segment is expected to account for the largest share of the global smart transformers market. The large market share of this segment is attributed to the growing use of smart transformers for enhancing grid management, load balancing, and demand response capabilities. The increasing focus of utilities on intelligent asset management practices and the rising focus of the energy sector on alternative power generation sources also contribute to the large share of the segment.
In addition, the increasing focus on the development of IoT-based smart transformers by key players is also contributing to the large market share. For instance, in February 2023, TELAWNE POWER EQUIPMENTS PRIVATE LIMITED (India) launched an IoT-based smart transformer that aims to help reduce the maintenance costs of utilities.
Asia-Pacific: Largest Regional Market
Based on geography, the global smart transformers market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global smart transformers market. The large market share of the region is attributed to factors such as the growing focus of the region on the development of smart grids, and increased investment by countries to modernize and digitalize their electricity grids.
In addition, the growing focus of key players on the advanced development of transformers is also contributing to the large market share. For instance, in July 2021, Hitachi Energy Ltd. (Switzerland) (Formerly Hitachi ABB Power Grids), a global technology leader, and Nanyang Technological University (Singapore), a leading research-intensive university, worked together to advance developments in Solid State Transformer (SST) technology. The project is part of the Singapore Government’s flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system and transforming how energy is managed by consolidating multiple energy sources into a single intelligent network that is more efficient, sustainable, and resilient.
Smart Transformers Market: Competitive Analysis
Some of the key players operating in the global smart transformers market are Hitachi Energy Ltd. (Switzerland), Schneider Electric SE (Germany), General Electric Company (U.S.), Ormazabal (Spain), Hyosung Heavy Industries (South Korea), Efacec (Portugal), Siemens Energy AG (Germany), Eaton Corporation plc (U.K.), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Wilson Transformers (Australia), Bharat Heavy Electricals Limited (India), CG Power & Industrial Solutions Ltd. (India), and Toshiba Corporation (Japan).
Smart Transformers Market Report Summary:
|
Particulars |
Details |
|
Number of Pages |
200 |
|
Format |
|
|
Forecast Period |
2024-2031 |
|
Base Year |
2023 |
|
CAGR |
7.6% |
|
Estimated Market Size (Value) |
$3.16 billion by 2031 |
|
Segments Covered |
By Type
By End Users
|
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Latin America, and the Middle East & Africa. |
|
Key Companies |
Hitachi Energy Ltd. (Switzerland), Schneider Electric SE (Germany), General Electric Company (U.S.), Ormazabal (Spain), Hyosung Heavy Industries (South Korea), Efacec (Portugal), Siemens Energy AG (Germany), Eaton Corporation plc (U.K.), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Wilson Transformers (Australia), Bharat Heavy Electricals Limited (India), CG Power & Industrial Solutions Ltd. (India), and Toshiba Corporation (Japan) |
Key questions answered in the report:
The smart transformers market is projected to reach $3.16 billion by 2031, at a CAGR of 7.6% during the forecast period.
In 2024, the distribution transformers segment is expected to account for the largest share of the global smart transformers market.
The growth of this market is driven by rising digitalization in power utilities and increasing investment in smart grids.
The key players operating in the smart transformers market are Hitachi Energy Ltd. (Switzerland), Schneider Electric SE (Germany), General Electric Company (U.S.), Ormazabal (Spain), Hyosung Heavy Industries (South Korea), Efacec (Portugal), Siemens Energy AG (Germany), Eaton Corporation plc (U.K.), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Wilson Transformers (Australia), Bharat Heavy Electricals Limited (India), CG Power & Industrial Solutions Ltd. (India), and Toshiba Corporation (Japan).
Europe is projected to register the highest CAGR during the forecast period and offer significant growth opportunities for market players.
1. Introduction
1.1. Market Definition & Scope
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study
3. Executive Summary
3.1. Market Overview
3.2. Market Analysis, by Type
3.3. Market Analysis, by End User
3.4. Market Analysis, by Geography
3.5. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Drivers
4.2.1.1. Rising Digitalization in Power Utilities
4.2.1.2. Increasing Investment in Smart Grids
4.2.2. Restraints
4.2.2.1. High Capital & Installment Cost
4.2.3. Opportunities
4.2.3.1. Increasing Focus on Alternate Power Generation Sources
4.2.4. Challenges
4.2.4.1. Data Privacy & Security Issues
4.3. Trends
4.4. Case Studies
4.5. Porter's Five Force Analysis
4.6. Vendor Selection Criteria/Factors Affecting Buying Decision
5. Smart Transformers Market Assessment—by Type
5.1. Overview
5.2. Power Transformers
5.3. Distribution Transformers
5.4. Special Application Transformers
5.5. Instrument Transformers
6. Smart Transformers Market Assessment—by End User
6.1. Overview
6.2. Energy & Utilities
6.3. Automotive Transportation
6.4. Oil & Gas
6.5. Water Treatment Facilities
6.6. Mining & Steel
6.7. Manufacturing
6.8. Commercial & Residential
6.9. Transportation
6.10. Other End Users
7. Smart Transformers Market Assessment—by Geography
7.1. Overview
7.2. North America
7.2.1. U.S.
7.2.2. Canada
7.3. Asia-Pacific
7.3.1. China
7.3.2. Japan
7.3.3. India
7.3.4. South Korea
7.3.5. Rest of Asia-Pacific
7.4. Europe
7.4.1. Germany
7.4.2. U.K.
7.4.3. Italy
7.4.4. France
7.4.5. Spain
7.4.6. Rest of Europe
7.5. Latin America
7.6. Middle East & Africa
8. Competition Analysis
8.1. Overview
8.2. Key Growth Strategies
8.3. Competitive Benchmarking
8.4. Competitive Dashboard
8.4.1. Industry Leaders
8.4.2. Market Differentiators
8.4.3. Vanguards
8.4.4. Emerging Companies
8.5. Market Ranking, by Key Players
9. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
9.1. Hitachi Energy Ltd.
9.2. Schneider Electric SE
9.3. General Electric Company
9.4. Ormazabal
9.5. Hyosung Heavy Industries
9.6. Efacec
9.7. Siemens Energy AG
9.8. Eaton Corporation plc
9.9. Mitsubishi Electric Corporation
9.10. Alstom SA
9.11. Wilson Transformers
9.12. Bharat Heavy Electricals Limited
9.13. CG Power & Industrial Solutions Ltd.
9.14. Toshiba Corporation
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)
10. Appendix
10.1. Available Customization
10.2. Related Reports
List of Tables
Table 1 Currency Conversion Rate (2021-2023)
Table 2 Global Smart Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 3 Global Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 4 Global Smart Distribution Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 5 Global Smart Power Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 6 Global Smart Special Application Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 7 Global Smart Instrument Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 8 Global Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 9 Global Smart Transformers Market for Energy & Utilities, by Country/Region, 2022-2031 (USD Million)
Table 10 Global Smart Transformers Market for Automotive Transportation, by Country/Region, 2022-2031 (USD Million)
Table 11 Global Smart Transformers Market for Oil & Gas, by Country/Region, 2022-2031 (USD Million)
Table 12 Global Smart Transformers Market for Water Treatment Facilities, by Country/Region, 2022-2031 (USD Million)
Table 13 Global Smart Transformers Market for Mining & Steel, by Country/Region, 2022-2031 (USD Million)
Table 14 Global Smart Transformers Market for Manufacturing, by Country/Region, 2022-2031 (USD Million)
Table 15 Global Smart Transformers Market for Commercial & Residential, by Country/Region, 2022-2031 (USD Million)
Table 16 Global Smart Transformers Market for Transportation, by Country/Region, 2022-2031 (USD Million)
Table 17 Global Smart Transformers Market for Other End Users, by Country/Region, 2022-2031 (USD Million)
Table 18 North America: Smart Transformers Market, by Country, 2022-2031 (USD Million)
Table 19 North America: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 20 North America: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 21 U.S.: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 22 U.S.: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 23 Canada: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 24 Canada: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 25 Europe: Smart Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 26 Europe: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 27 Europe: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 28 Germany: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 29 Germany: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 30 U.K.: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 31 U.K.: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 32 France: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 33 France: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 34 Italy: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 35 Italy: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 36 Spain: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 37 Spain: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 38 Rest of Europe: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 39 Rest of Europe: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 40 Asia-Pacific: Smart Transformers Market, by Country/Region, 2022-2031 (USD Million)
Table 41 Asia-Pacific: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 42 Asia-Pacific: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 43 China: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 44 China: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 45 Japan: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 46 Japan: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 47 India: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 48 India: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 49 South Korea: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 50 South Korea: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 51 Rest of Asia-Pacific: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 52 Rest of Asia-Pacific: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 53 Latin America: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 54 Latin America: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 55 Middle East & Africa: Smart Transformers Market, by Type, 2022-2031 (USD Million)
Table 56 Middle East & Africa: Smart Transformers Market, by End Users, 2022-2031 (USD Million)
Table 57 Recent Key Developments, by Company, 2021-2024
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Key Secondary Sources
Figure 5 Primary Research Techniques
Figure 6 Key Executives Interviewed
Figure 7 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 8 Market Sizing and Growth Forecast Approach
Figure 9 Key Insights
Figure 10 Global Smart Transformers Market, by Type, 2024 VS. 2031 (USD Million)
Figure 11 Global Smart Transformers Market, by End Users, 2024 VS. 2031 (USD Million)
Figure 12 Geographic Snapshot: Global Smart Transformers Market
Figure 13 Factors Affecting the Market Growth
Figure 14 Porter's Five Force Analysis: Smart Transformers Market
Figure 15 Global Smart Transformers Market, by Type, 2024 VS. 2031 (USD Million)
Figure 16 Global Smart Transformers Market, by End Users, 2024 VS. 2031 (USD Million)
Figure 17 Global Smart Transformers Market, by Geography, 2024-2031 (USD Million)
Figure 18 North America: Smart Transformers Market Snapshot
Figure 19 Europe: Smart Transformers Market Snapshot
Figure 20 Asia-Pacific: Smart Transformers Market Snapshot
Figure 21 Key Growth Strategies Adopted by Key Players (2021-2024)
Figure 22 Competitive Dashboard
Figure 23 Vendor Market Positioning Analysis (2021-2024)
Figure 24 Schneider Electric SE: Financial Overview
Figure 25 General Electric Company: Financial Overview
Figure 26 Hyosung Heavy Industries: Financial Overview
Figure 27 Efacec: Financial Overview
Figure 28 Siemens Energy AG: Financial Overview
Figure 29 Eaton Corporation plc: Financial Overview
Figure 30 Mitsubishi Electric Corporation: Financial Overview
Figure 31 Alstom SA: Financial Overview
Figure 32 Bharat Heavy Electricals Limited: Financial Overview
Figure 33 CG Power & Industrial Solutions Ltd.: Financial Overview
Figure 34 Toshiba Corporation: Financial Overview
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