- July 06, 2015
The global distribution smart transformer market is projected to grow from $903.7 Million in 2015 to $2,185.8 Million in 2020.
July 6, 2015 - Asia-Pacific was the single-largest market for smart transformers in 2014, holding a 34% share, and is set to continue its dominance till 2020. Asia-Pacific is also projected to emerge as the fastest growing market during the forecast period, at a CAGR of 20% from 2015 to 2020, followed by North America at 19.4%, while Europe is expected to grow at 18.8% during the same period.
The global distribution smart transformer market is projected to grow from $903.7 Million in 2015 to $2,185.8 Million in 2020, at a CAGR of 19.3%. Major implementation of smart grids happens at the distribution level, with increased consumer communication at the load center. Smart grids with smart transformers have heavy demand in regions with high industrialization urbanization rate such as Asia-Pacific and in the regions with aging power infrastructure such as North America and Europe. Power smart transformers, on the other hand, are used in the transmission networks and integration of the distributed renewable power generators. Monitoring and controlling of the power flow in real-time is achieved through the smart transformers. This aids the development of smart transmission & distribution networks.
The smart transformer market is primarily driven by increasing power demand, expanding power transmission & distribution networks, and the need to improve efficiency of grids along with reduction in wastage of electricity. Smart transformers are an integral part of the smart grid, offering regulated power supply with constant monitoring and feedback for outage prevention.
In 2015, Asia-Pacific is estimated to be the largest market for smart transformers across the globe, and is projected to remain so till 2020. Key players such as ABB Ltd. (Switzerland), General Electric Company (U.S.), and Siemens AG (Germany) of the global smart transformer market have signed various contracts and agreements (including joint ventures, collaborations, and partnerships) as well as mergers and acquisitions to increase their share in the market. Leading smart transformer companies are expanding rapidly in fast-growing markets such as Asia-Pacific, the Middle East, Africa, and South America through new sales and service channels, expanding manufacturing capacities, and entering into partnerships with government agencies.Learn More
Did you enjoy this great article?
Check out our free e-newsletters to read more great articles..Subscribe