The global smart transformers market is projected to grow at a CAGR of 10.54%, from 2017 to 2022. The market in Asia Pacific is estimated to be the largest market for smart transformers, followed by the North American market in 2017. This trend is expected to continue till 2022. The growth of the smart transformers market is driven by aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.
The smart transformers market is dominated by a few major companies that have a wide regional presence and are established brand names. The leading integrated solution providers in the smart transformers market include ABB, GE, Siemens, Schneider Electric, and Eaton.
The major strategies adopted by the players include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and joint ventures and collaborations. Contracts & agreements was the most commonly adopted strategy from January 2014 to July 2017. Industry players also adopted new product developments, which was the second most widely followed strategy, during the same period. A few key integrated solution providers have been highlighted in the section below.
ABB is a power and automation technology company that offers a wide range of products, services, and systems. The company has a strong regional footprint with its presence in more than 100 countries. With an installed base of more than 70,000 control systems connecting 70 million devices, ABB is one of the fastest growing companies in the digitally connected and enabled industrial equipment. It adopts inorganic growth strategies as its key business strategy to expand its business in untapped markets. The ABB power grid business segment provides smart transformers that caters to various end-use industries, such as utilities, industry, and transport and infrastructure globally. In March 2017, ABB launched its first digital transformer, TXper. The transformer will provide the integrated sensing and monitoring technology in intelligence to maximize reliability, optimize operating and maintenance costs, and manage the asset more efficiently. This latest innovation uses cloud computing and connected devices to generate actionable data for a broad range of customers.
GE is one of the leading technology and financial services company that manufactures products for generation, transmission and distribution, control, and utilization of electricity. It is a transforming industry with software-defined machines and solutions. Since its inception, the company has adopted inorganic growth strategies to broaden its business and improve the scope of activities. It has its presence in approximately 180 countries, with 206 manufacturing plants located in 40 states in the US and Puerto Rico, and 295 manufacturing plants located in 39 other countries. The company provides smart transformers through its power business segment serving several end-use industries, such as, power generation, industrial, government, and other customers worldwide. In October 2014, GE received a contract from Georgia Power (US) to deliver a complete transformer monitoring solution for its electrical grid infrastructure.
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
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