January 19, 2022 07:11 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Increasing industrial and power generation units are finding solutions for regulating the voltage while maintain the contact with the smart grid so that information and feedback about the transformer and power supply can be provided even through remote administration. Smart transformers play a vital role in controlled dynamically allowing facilities to monitor and manage the transformers directly during the period of power fluctuations. Increasing emphasis on alternative energy production across globe are the key factors driving the smart transformer market, states Vantage Market Research, in a report, titled “Smart Transformers Market by Type (Power Transformers, Specialty Transformers, Instrument Transformers, Distribution Transformers), by Component (Transformers, Hardware for Transformer Monitoring, Converters, Switches), by Application (Smart Grid, Electric Vehicle Charging, Traction Locomotive, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size stood at USD 2.19 Billion in 2021. The Global Smart Transformers Market size is expected to reach USD 4.55 Billion by 2028, exhibiting a CAGR of 11% during the forecast period.
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The report on Smart Transformers Market highlights:
Protection of Power Systems from Load Disturbances by Isolating the Source from Load Harmonics in Industries is the Factor Driving the Smart Transformer Market.
Smart transformers are special solid transformers that play a vital role in distribution of electricity in the grid. These smart transformers work independently and regularly control the voltage while maintaining contact with the smart grid. These transformers are designed to provide a voltage optimized power supply to industries and commercial sectors, which is why these devices more and more used today so that they can use power more efficiently and cost-effectively. For instance, another main advantage of smart transformers is that they respond to fluctuations within the power grid instantly acting as voltage regulators and directly reducing energy consumption to ensure that the optimized voltage is undisturbed.
High Cost of Manufacturing & Maintenance is the Key Restraining Factor for Smart Transformer Market
Smart Transformers are highly costly and require huge maintenance. These transformers are usually government subsidized and hence to some extent provide advantage to industries and commercial owners. Theses transformers are to be regularly maintained as per the safety concerns passed by the government bodies controlling electrical grid networks and power generation. Due to these factors sales and maintenance of smart transformers becomes a difficulty and hence is a restraining factor for growth of smart transformer market.
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Increasing Growth of Smart Transformers Market in Asia Pacific
Asia Pacific is anticipated to grow at a highest CAGR in the projected period. This is attributed due to presence of smart transformer manufacturers, rising industrial and urban infrastructure and increasing petroleum prices is the key factors that are during the use of smart transformer market to achieve sustainability. Countries such as India and China have huge potential for sustainable power source due to increasing population and presence of rural location. North America, Middle East and Africa, and Europe also are growing in smart transformer market due to stringent regulations imposed by government bodies on sustainable development.
The COVID-19 outbreak has affected various industries worldwide. The smart transformer market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced construction activities further affected the demand for smart transformer across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
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List of Prominent Players in the Smart Transformers Market:
Recent Developments in the Industry:
In September 2017, Siemens introduced its new railway transformer “Tractronic Thinity”, which will be installed on board 24 DB-Regio trains within Germany. The new transformers system will feed power to the trains and ensure interference-free rail traffic.
In August 2017, Siemens received a contract from Mexico’s state-owned Comisión Federal de Electricidad (CFE). The contract states that Siemens has to deliver 12,820 pole-mounted distribution transformers (10 kVA-1ph, 15 kVA-1ph, and 15 kVA-3ph) to the CFE.
In August 2017, Siemens received a contract to deliver two HVDC transformers, with a 1,050 kV AC grid connection for the Ximeng-Taizhou project, a 10 GW transmission plan for energy from renewable sources.
In May 2017, ABB introduced a new traction transformer production facility adjacent to its South African headquarters in Longmeadow, Johannesburg. The scope of the investment is to help power trains and support South Africa’s growing railway network. Traction transformers are used to feed power at safe voltages, to essential train functions like traction, brakes, lighting, heating and ventilation, as well as passenger information, signalling, and communication.
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.
Key questions answered in the report:
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