A comprehensive overview of the Global Smart Transformers Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Transformers market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Smart Transformers Market at regional and country levels. The Global Smart Transformers Market is expected to grow at a CAGR of X% from 2021-2027 to reach USD X billion by 2027.
Market Overview
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. Growing industrial sector along with rising adoption of Electric Vehicle is expected to increase the demand for electricity. For Instance, China had more than 800,000 publicly accessible electric vehicle chargers in 2020, accounting for over 60 percent of such chargers in the world. The United States was ranked second: 82,263 slow chargers and around 16,700 fast chargers were installed across the nation. Improvement in transmission & distribution network and growing investment in the power sector are the significant factors expected to accelerate the market growth in the coming years.
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COVID-19 Impact
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for electricity. Global a decline of almost 10% in the overall demand of electricity was witnessed in 2020. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for electricity is expected to come to normal post 2020. China and India are expected to witness highest demand growth for electricity.
Global Smart Transformers Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
· Power Transformers
· Distribution Transformers
· Specialty Transformers
· Instrument Transformers
In 2020, distribution transformer segment dominates the market and is expected to maintain its dominance throughout the forecast period.
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By Component, the market is mainly segmented into:
· Converters
· Switches
· Transformers
· Hardware for Transformer Monitoring
· Others
In 2020, Hardware for Transformer Monitoring segment dominated the market and is expected to maintain its dominance throughout the forecast period.
By Application, the market is mainly segmented into:
· Traction Locomotive
· Smart Grid
· EV Charging Infrastructure
· Others
Currently, Smart Grid segment dominates the market, and is expected to maintain its dominance throughout the forecast period. Smart grids have two-way communication for real-time monitoring and controlling of network.
By End-User, the market is mainly segmented into:
· Industrial
· Commercial
· Residential
In 2020, Industrial and residential segment are expected to dominate the market during the forecast period 2021-2027.
Global Smart Transformers Market Geographical Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, France, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of World
Based on the estimation, Asia-Pacific dominated the market in 2020. The Asia Pacific region is moving towards clean energy on a large scale to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the potential growing markets in the power and utilities sector.
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The major players targeting the market includes:
· Siemens AG
· General Electric
· ABB Limited
· Schneider Electric
· Wilson Transformer
· Mitsubishi Electric
· BHEL
· Eaton Corp
· Alstom
· SPX Transformer
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Smart Transformers Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Global Smart Transformers Market?
· Which factors are influencing the Global Smart Transformers Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Smart Transformers Market?
· Which factors are propelling and restraining the Global Smart Transformers Market?
· What are the demanding global regions of the Global Smart Transformers Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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