Global Smart Transformers Market: Overview
Smart transformers operate independently to keep the contact with the smart grid in order to allow remote access, regulate the voltage, and provide feedback in the power supply system. Owing to the remote access that is provided by the smart transformers resources of users and time is saved. The smart transformers have functions that are inbuilt which monitor and improves the reliability by watching the critical components such as core, winding, tap changer, and others. They are very useful in protecting the electronic equipment against power fluctuations; helps in reducing the consumption of energy and greenhouse emissions, and improves the efficiency of the electronic appliances. The smart transformers are eco-friendly and help to save money by utilizing the energy efficiently.
Global Smart Transformers Market: Segmentation
The global smart transformers market is segmented into its type, application, and region. Based on the type, the global market is segregated into the power transformer, instrument transformer, distribution transformer, and specialty transformer. On the basis of application, the market is categorized into a smart grid, electric vehicle charging, traction locomotive, and others. Region-wise, the global smart transformers market is diversified into Asia-Pacific, Europe, North America, South America, and the Middle East and Africa.
Global Smart Transformers Market: Growth Factors
The factors that are driving the smart transformers market include awareness about energy sources, aging infrastructure, advancements in technology. The monitoring micro generators and the reformations that are made in the power sector are opening up new opportunities in the smart transformers market. Owing to the rise in industrialization and urbanization smart grids with smart transformers are in heavy demand. The power smart transformers are being used in the transmission networks thus propelling the demand for the smart transformers. Controlling and monitoring of the power flow in the real time is done with the help of smart transformers. The increasing power demand, a requirement to improve the efficiency of the grids, reduce the wastage of electricity, and the growing power transmission and networks are driving the smart transformers market. Moreover, the access to inexpensive capital and the data privacy and cyber security are some factors that are affecting the smart transformers market growth in a positive way.
Global Smart Transformers Market: Regional Analysis
The major market for the smart transformers is in the Asia Pacific region. Asia Pacific region dominates the global market of smart transformers. It is followed by the North America and Europe. The factors that attribute to this growth are the rise in the industrialization and urbanization in the regions. North America and Europe have aging power infrastructure; to improve their energy utilization there is an increasing demand for smart transformers in these regions.
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Global Smart Transformers Market: Competitive Players
The key market players in the smart transformers market include ABB Ltd., Cree Inc., Eaton Corporation Plc., Howard Industries Inc., Schneider Electric, Alstom SA, Crompton Greaves, General Electric Co., Mitsubishi Electric, and Siemens AG.
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