HOME Top Market Reports Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region - Global Forecast to 2022

Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: October 2017
Report Code: EP 3487

 

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The global smart transformers market was valued at USD 1.25 Billion in 2016 and is projected to reach USD 2.43 Billion by 2022, at a CAGR of 10.54%, from 2017 to 2022. The years considered for the study are as follows:

  • Base Year: 2016
  • Estimated Year: 2017
  • Projected Year: 2022
  • Forecast Period: 2017–2022

The base year considered for company profiles is 2016. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

  • To define and segment the market with respect to component, type, application, and region
  • To provide detailed information on major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the market with respect to individual growth trends, future expansions, and contributions to the market
  • To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
  • To forecast the growth of the market with respect to major regions (Asia Pacific, Europe, North America, South America, the Middle East, and Africa)
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To analyze competitive developments, such as, new product launches, mergers & acquisitions, expansions and investments, and contracts & agreements, in this market

Research Methodology

This research study involved the use of extensive secondary sources, directories, journals on energy storage, and other related rental markets; newsletters and databases, such as Hoover’s, Bloomberg, Businessweek, and Factiva, to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. The primary sources include several industry experts from core and related industries, vendors, preferred suppliers, technology developers, alliances, and organizations related to all the segments of this industry’s value chain. The research methodology has been explained below.

Study of annual revenues and market developments of the major players providing smart transformers

  • Assessment of future trends and growth of end-users
  • Assessment of the market with respect to the technology used for different applications

After arriving at the overall market size, the total market was split into several segments and sub-segments. The figure given below illustrates the breakdown of primary interviews conducted during the research study based on company type, designation, and region.

Smart Transformers Market

To know about the assumptions considered for the study, download the pdf brochure

Some of the prominent players in this market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Eaton (Ireland), and General Electric (US).

Target Audience:

  • Banks, venture capitalists, financial institutions, and other investors
  • Companies related to electric power generation, transmission, and distribution
  • Energy associations
  • Environment associations
  • Government and industry associations
  • Government and research organizations
  • Smart grid project developers
  • Smart transformer component manufacturers, dealers, and suppliers
  • State and national regulatory authorities
  • Substation equipment manufacturing companies

Scope of the Report:

By Component

  • Converters
  • Switches
  • Transformers
  • Hardware for Transformer Monitoring
  • Others

By Type

  • Power Transformers
  • Distribution Transformers
  • Specialty Transformers
  • Instrument Transformers

By Application

  • Traction Locomotive
  • Smart Grid
  • Electric Vehicle Charging
  • Other Applications

By Region

  • Asia Pacific
  • North America
  • Europe
  • Middle East
  • South America
  • Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Company Information

Detailed analyses and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in the Smart Transformers Market, 2017–2022
    4.2 Smart Transformers Market, By Region, 2016
    4.3 Smart Transformers Market, By Type, 2017 & 2022
    4.4 Smart Transformers Market, By Application, 2017 & 2022
    4.5 Asia Pacific Smart Transformers Market Size, By Type & By Country

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Evolution
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Emphasis of Alternate Energy Production Across the Globe
                    5.3.1.2 Digitalization of Power Utilities
                    5.3.1.3 Huge Investments in Smart Grids and Energy Systems
           5.3.2 Restraints
                    5.3.2.1 High Initial Cost Incurred in the Installation of Smart Transformers
           5.3.3 Opportunities
                    5.3.3.1 Growth of the Electric Vehicle Market and the Allied Infrastructure
           5.3.4 Challenges
                    5.3.4.1 Lack of Data for Effective Planning
                    5.3.4.2 Cyber Security & Data Privacy

6 Smart Transformers Market, By Type (Page No. - 41)
    6.1 Introduction
    6.2 Power Transformers
    6.3 Distribution Transformers
    6.4 Specialty Transformers
    6.5 Instrument Transformers

7 Smart Transformers Market, By Component (Page No. - 47)
    7.1 Introduction
    7.2 Converters
           7.2.1 Ac to Dc Converters
           7.2.2 Dc to Ac Converters
           7.2.3 Dc to Dc Converters
           7.2.4 Ac to Ac Converters
    7.3 Switches
           7.3.1 Sic Power Mosfets
           7.3.2 Power Diodes
           7.3.3 Insulated Gate Bipolar Transistors (IGBTs)
           7.3.4 Sic Power Thyristors
    7.4 Transformers
    7.5 Hardware for Transformer Monitoring
    7.6 Others
           7.6.1 High Voltage Inductors
           7.6.2 High Voltage Capacitors
           7.6.3 High Voltage Resistors

8 Smart Transformers Market, By Application (Page No. - 53)
    8.1 Introduction
    8.2 Traction Locomotive
    8.3 Smart Grid
    8.4 Electric Vehicle Charging
    8.5 Others

9 Smart Transformers Market, By Region (Page No. - 59)
    9.1 Introduction
    9.2 North American
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 Germany
           9.3.2 UK
           9.3.3 France
           9.3.4 Rest of Europe
    9.4 Asia Pacific
           9.4.1 China
           9.4.2 India
           9.4.3 Japan
           9.4.4 South Korea
           9.4.5 Australia
           9.4.6 Rest of Asia Pacific
    9.5 Middle East
           9.5.1 Rest of the Middle East
           9.5.2 South America
           9.5.3 Africa

10 Competitive Landscape (Page No. - 95)
     10.1 Introduction
     10.2 Market Ranking, Smart Transformers Market, 2016
     10.3 Competitive Situation & Trends

11 Company Profiles (Page No. - 98)
(Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, MnM View)*
     11.1 ABB
     11.2 Siemens
     11.3 Schneider Electric
     11.4 Eaton
     11.5 GE
     11.6 Wilson Transformer
     11.7 Mitsubishi Electric
     11.8 BHEL
     11.9 CG Power
     11.10 Gridco
     11.11 Howard Industries
     11.12 Spx Transformer

*Details on Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 135)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (65 Tables)

Table 1 Smart Transformer vs Traditional Transformer
Table 2 Smart Transformers Market Snapshot
Table 3 Comparison Between Conventional & Smart Grids
Table 4 Challenges for Transformer Owners/Operators
Table 5 Key Smart Grid Investment Initiatives
Table 6 Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 7 Power Transformers: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 8 Distribution Transformers: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 9 Specialty Transformers: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 10 Instrument Transformers: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 11 Smart Transformers Market Size, By Component, 2015–2022 (USD Million)
Table 12 Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 13 Traction Locomotive: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 14 Smart Grid: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 15 Smart Grid: Smart Transformers Market Size, By Country (Top 5 Countries), 2015–2022 (USD Million)
Table 16 Electric Vehicle Charging: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 17 Others: Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 18 Smart Transformers Market Size, By Region, 2015–2022 (USD Million)
Table 19 Smart Transformers Market Size, By Country (Top 5 Countries), 2015–2022 (USD Million)
Table 20 North America: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 21 North America: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 22 North America: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
Table 23 US: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 24 US: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 25 Canada: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 26 Canada: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 27 Mexico: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 28 Mexico: Smart Transformers Market Size, By Application, 2015–2022 (USD Thousand)
Table 29 Europe: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 30 Europe: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 31 Europe: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
Table 32 Germany: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 33 Germany: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 34 UK: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 35 UK: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 36 France: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 37 France: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 38 Rest of Europe: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 39 Rest of Europe: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 40 Asia Pacific: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 41 Asia Pacific: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 42 Asia Pacific: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
Table 43 China: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 44 China: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 45 India: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 46 India: Smart Transformers Market Size, By Application, 2015–2022 (USD Thousand)
Table 47 Japan: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 48 Japan: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 49 South Korea: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 50 South Korea: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 51 Australia: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 52 Australia: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 53 Rest of Asia Pacific: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 54 Rest of Asia Pacific: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 55 Middle East: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 56 Middle East: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 57 Middle East: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
Table 58 Rest of the Middle East: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 59 Rest of the Middle East: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 60 South America: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 61 South America: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 62 South America: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
Table 63 Africa: Smart Transformers Market Size, By Type, 2015–2022 (USD Million)
Table 64 Africa: Smart Transformers Market Size, By Application, 2015–2022 (USD Million)
Table 65 Africa: Smart Transformers Market Size, By Country, 2015–2022 (USD Million)
 
 
List of Figures (36 Figures)
 
Figure 1 Smart Transformer: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 Assumptions of the Research Study
Figure 6 Asia Pacific Held the Largest Market Size By Value in the Smart Transformers Market in 2016
Figure 7 The Distribution Transformer is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 8 The Smart Grid Segment is Expected to Dominate the Smart Transformers Market During the Forecast Period
Figure 9 The Converters Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 10 Digitalization of Power Utilities is Expected to Drive the Smart Transformers Market During the Forecast Period
Figure 11 The Asia Pacific Market Held the Largest Share in 2016
Figure 12 The Distribution Transformer Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 13 The Smart Grid is Expected to Lead the Smart Transformers Market During the Forecast Period
Figure 14 The Distribution Transformer, By Type & China, By Country, Held the Maximum Share in the Asian Smart Transformers Market in 2016
Figure 15 Digitalization of Power Utilities is Expected to Drive the Smart Transformers Market During the Forecast Period
Figure 16 Total Renewable Energy Capacity
Figure 17 Moving Toward Smart Power Distribution
Figure 18 Smart Distribution Transformers Segment is Expected to Hold the Largest Market Size By 2022
Figure 19 Transformers Segment is Expected to Account for the Largest Market Size By 2022
Figure 20 Smart Grid Application is Expected to Hold the Largest Market Size By 2022
Figure 21 Regional Snapshot: the Market in Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Smart Transformers Market Size (Value), By Region, 2016
Figure 23 North America: Smart Transformers Market Snapshot
Figure 24 Asia Pacific: Smart Transformers Market Snapshot
Figure 25 Companies Adopted Contracts & Agreements to Capture A Share of the Market, 2014–2017
Figure 26 Market Ranking, Smart Transformers Market, 2016
Figure 27 Battle for Market Share: Contracts & Agreements Was the Key Strategy, 2014–2017
Figure 28 Market Evaluation Framework: New Product Launches, Mergers & Acquisitions, Partnerships, Contracts & Agreements, & Others Fueled the Growth of the Companies From 2014–2017
Figure 29 ABB: Company Snapshot
Figure 30 Siemens : Company Snapshot
Figure 31 Schneider Electric : Company Snapshot
Figure 32 Eaton : Company Snapshot
Figure 33 GE: Company Snapshot
Figure 34 Mitsubishi Electric : Company Snapshot
Figure 35 BHEL: Company Snapshot
Figure 36 CG Power : Company Snapshot

The global smart transformers market is projected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of USD 2.43 Billion by 2022. This growth can be attributed to the increasing power demand, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, investments in smart grids and energy systems, and revamping of old T&D infrastructure.

The report segments the smart transformers market, by application, into traction locomotive, smart grid, electric vehicle charging, and others (others includes applications in research, shipping and aviation and packaged substations, data centers and alternative power generation). The smart grid segment is expected to grow at the highest CAGR during the forecast period. The smart grid has two-way communication for real-time monitoring and controlling of network characteristics. For this, the basic step is the implementation of smart meters for end-user interactions, followed by employing smart transformers in the network to further strengthen communications and avoid power outages. Smart grids prevent faults and power outages. They are also equipped with self-realization characteristic that allows the network to restore to normal once the fault is cleared.

The smart transformers market, by type, is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. The distribution transformers segment is estimated to be the fastest growing smart transformer, in 2017.  A distribution transformer is essential for proper load management, resulting in better power quality and less power outages.

The smart transformers market, by component, is segmented into converters, switches, transformers, hardware for transformer monitoring, and others (others include high voltage inductors, high voltage capacitors, and high voltage resistors). The converters segment is estimated to be the fastest growing smart transformer, in 2017.  Converters can be both AC and DC types and provide the output in either form of current as per the requirement of the output stage.

In this report, the smart transformers market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

The market in Asia Pacific is estimated to be the fastest growing smart transformers market, from 2017 to 2022. Factors, such as increased power consumption, government initiatives to increase power generation capacity using renewable energy sources, and replacement of aging power plants are to drive the smart transformers market in the region. The market in China is expected to be the fastest growing smart transformers market during the forecast period. With the increase in consumption of electric power, the demand for smart transformers is largely driven by smart grid applications. In November 2014, China set a target to increase its total energy generation from zero emission sources (solar and wind) to 20% by 2030 based on the China‒US Joint Announcement on Climate Change and Clean Energy Cooperation, consequently boosting the demand for the smart transformers market.

North America is expected to be the second highest smart transformers market during the forecast period. The region is making huge investments to modernize the electric grid, strengthen cybersecurity, and improve interoperability, thereby, raising the demand for smart transformers. The smart transformers market in North America is competitive with players such as GE, Gridco, Howard Industries, and SPX Transformers headquartered in the region.

Smart Transformers Market

Access to affordable capital, cyber security and data privacy, and high initial cost incurred in the installation of smart transformers could act as restraints for the smart transformers market, leading to a decline in profits. The players in the smart transformers market provide services to developing and underdeveloped nations where the infrastructure is aging. The leading players in the smart transformers market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Eaton (Ireland), and General Electric (US). Contracts & agreements was the most commonly adopted strategy by the top players. This was followed by new product launches, expansions and investments, and mergers & acquisitions.

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