Smart transformer operates independently to regulate voltage, maintain contact with smart grid to permit remote access, and provide feedback in a power supply system. The remote access provided by smart transformers saves time and resources of users. An in-built monitoring function of smart transformers improves reliability by keeping a watch on critical components, such as winding, core, tap changer and others. Smart transformers protect electrical equipment from power fluctuations; reduce energy consumption and greenhouse emissions, and improve efficiency of electrical appliances. It is eco-friendly and enables users to save money by utilizing energy efficiently.
Aging infrastructure, awareness about energy sources, and advancements in technology propel the growth of the world smart transformers market. However, access to affordable capital and cyber security & data privacy are factors obstructing the growth of the market. On the other hand, reformations in power sector and monitoring micro generators are creating opportunities in the market.
The world smart transformers market is segmented based on type, application, and geography. On the basis of types, the market is further classified into power, distribution, specialty, and instrument. The applications discussed in the report are smart grid, traction locomotive, electric vehicle charging, and others. Geographically, the market is divided into North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA).
The prominent manufacturers operating in the market are Siemens AG, ABB Ltd., General Electric, Eaton Corporation, Alstom, Schneider Electric, Crompton Greaves, Howard Industries Inc, Gridco Systems, Alstom S.A., SPX Transformer Solutions Inc., and Bharat Heavy Electricals Limited. Approvals, agreements, collaborations, mergers & acquisitions, partnerships, joint ventures, expansions, and others are some of the key strategies adopted by these companies to gain stronghold in the market.
KEY BENEFITS FOR STAKEHOLDERS:
SMART TRANSFORMERS MARKET KEY SEGMENTS:
Market - By Type
Market - By Application
Market - By Geography
KEY MARKET PLAYERS: