Smart Transformer, as an integral part of Smart Grid solutions works independently to frequently regulate voltage and maintain contact with Smart Grid and allow remote administration and to provide information and feedback about the power supply and the transformers itself. Smart transformer acts as a power regulator which provide the exact amount of power needed and responds instantly to fluctuations within the power grid. Furthermore, smart transformers include multiple intelligent electronic devices or control systems, which can assess the condition of the transformer and make intelligent recommendations based on design and component data.
Based on type the global Smart Transformers market is bifurcated into Power Transformers, Distribution Transformers, Specialty Transformers, Instrument Transformers. Currently XX segment dominates the market. However, XX segment is expected to witness increased demand owing to governments initiative to transform the energy sector.
Based on Component, the market is bifurcated into Converters, Switches, Transformers, Hardware for Transformer Monitoring, Others. Currently, XX segment dominates the market. However, XX segment is expected to witness rapid growth owing to the benefits associated with composite materials.
Based on application, the market is bifurcated into Traction Locomotive, Smart Grid, EV Charging Infrastructure, Others. Currently, XX segment dominates the market, however XX segment is expected to witness high demand during the forecast period
Based on end-users the market is segmented into Industrial, Commercial and residential. In 2020, XX segment dominated the market
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently North America dominated the market and is expected to maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to witness highest CAGR growth during the forecast period.
Some of the major companies operating in the global Smart Transformers market includes Siemens AG, General Electric, ABB Limited, Schneider Electric, Wilson Transformer, Mitsubishi Electric, BHEL, Eaton Corp, Alstom, SPX Transformer.