Smart Transformers Market by Type (Power Transformers, Distribution Transformers, Instrument Transformers, and Others), End Users (Energy & Utilities, Oil & Gas, Mining & Steel, Transportation, and Others) & Geography

Description

List of Tables

Global Smart Transformers Market by Type (Power Transformers, Distribution Transformers, Instrument Transformers, and Others), End Users (Energy & Utilities, Oil & Gas, Mining & Steel, Transportation, and Others) & Geography-Forecast to 2031

The research report titled 'Global Smart Transformers Market by Type (Power Transformers, Distribution Transformers, Instrument Transformers, and Others), End Users (Energy & Utilities, Oil & Gas, Mining & Steel, Transportation, and Others) & Geography-Forecast to 2031', provides in-depth analysis of smart transformers market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The smart transformers market is projected to reach $3.16 billion by 2031, at a CAGR of 7.6% from 2024 to 2031. The growth of this market is driven by rising digitalization in power & utilities and increasing investment in smart grids. In addition, the increasing focus on alternate power generation sources is expected to offer significant growth opportunities for the stakeholders in the smart transformers market. However, high capital & installment costs may restrain the market's growth. Furthermore, data privacy & security issues are expected to challenge the growth of the smart transformers market.

The smart transformers market is segmented by type (power transformers, distribution transformers, special application transformers, and instrument transformers) and end-use industry (energy & utilities, automotive transportation, oil & gas, water treatment facilities, mining & steel, manufacturing, commercial & residential, transportation, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the global smart transformers market is broadly segmented into power transformers, distribution transformers, special application transformers, and instrument transformers. In 2024, the distribution transformers segment is expected to account for the largest share of over 44.0% of the global smart transformers market. The large market share of this segment is attributed to factors such as the increase in generation capacity of both conventional and non-renewable sources and the growing demand for upgrading aging infrastructure to increase grid reliability. The rising requirements for power from residential, industrial, and commercial sectors and increased development of energy projects also contribute to the segment's large share.

However, the special application transformers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for special transformers by various end-use industries such as water treatment facilities, oil & gas, and mining & steel. The growing use of special-purpose transformers in industries with applications of high voltage requirements with minimum voltage loss also contributes to the segment's growth.

Based on end-use industry, the global smart transformers market is segmented into energy & utilities, automotive transportation, oil & gas, water treatment facilities, mining & steel, manufacturing, commercial & residential, transportation, and other end-use industries. In 2024, the energy & utilities segment is expected to account for the largest share of over 41.0% of the global smart transformers market. The large market share of this segment is attributed to the growing use of smart transformers for enhancing grid management, load balancing, and demand response capabilities. The increasing focus of utilities on intelligent asset management practices and the rising focus of the energy sector on alternative power generation sources also contribute to the segment's growth.

In addition, the increasing focus of key players on the development of IoT-based smart transformers is also contributing to the large market share. For instance, in February 2024, TELAWNE POWER EQUIPMENTS PRIVATE LIMITED (India) launched an IoT-based smart transformer. This transformer aims to reduce maintenance costs for utilities.

However, the automotive transportation segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing requirement for transformers to support electric vehicle charging infrastructure and the growing number of EV charging stations to support rising electric vehicle adoption.

Several companies are entering into the EV market to manufacture components for commercial electric vehicle power chargers. For instance, in August 2022, Virginia Transformer Corp. (U.S.) launched a manufacturing division to create components for commercial electric vehicle power chargers. The Virginia Transformer Corp. manufactures a new product, E2V. This unit includes multiple elements needed for charging stations, including transformers, switchgears, distribution circuits, and breakers.

Based on geography, the global smart transformers market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 39.0% of the global smart transformers market. The large market share of the region is attributed to factors such as the growing focus of the region on developing smart grids and increasing investment by countries to modernize and digitalize their electricity grids.

In addition, the growing focus of key players on the advanced development of transformers is also contributing to the large market share. For instance, in July 2021, Hitachi Energy Ltd. (Switzerland) (Formerly Hitachi ABB Power Grids) and Nanyang Technological University (Singapore) worked together to advance developments in Solid State Transformer (SST) technology. The project is part of the Singapore Government's flagship Energy Grid 2.0 initiative aimed at shaping the next-generation grid system and transforming how energy is managed by consolidating multiple energy sources into a single intelligent network that is more efficient and sustainable.

However, Europe is projected to register the highest CAGR of 8.7% during the forecast period. The growth of this region is driven by factors such as the increasing focus of European countries on renewable energy generation to achieve carbon neutrality, the need to transform aging electricity infrastructure, increasing investment in smart grids, and the focus of key players on development.

For instance, in August 2022, The European Commission proposed a new energy independence policy called REPowerEU that would ramp up the development of wind and solar power to wean EU nations. The proposal aims to double the EU's solar power capacity and require new buildings to be equipped with solar power.

Key Players:

Some of the key players operating in the global smart transformers market are Hitachi Energy Ltd. (Switzerland), Schneider Electric SE (Germany), General Electric Company (U.S.), Ormazabal (Spain), Hyosung Heavy Industries (South Korea), Efacec (Portugal), Siemens Energy AG (Germany), Eaton Corporation plc (U.K.), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Wilson Transformers (Australia), Bharat Heavy Electricals Limited (India), CG Power & Industrial Solutions Ltd. (India), and Toshiba Corporation (Japan).

Key questions answered in the report:

Which are the high-growth segments in the smart transformers market in terms of type and end users?
What is the historical market size for smart transformers across the globe?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the global smart transformers market?
Who are the major players in the global smart transformers market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global smart transformers market?
What are the different strategies adopted by the major players in the global smart transformers market?
What are the geographic trends and high-growth countries in the global smart transformers market?

Scope of the report:

Smart Transformers Market Assessment-by Type

Power Transformers
Distribution Transformers
Special Application Transformers
Instrument Transformers

Smart Transformers Market Assessment-by End User

Energy & Utilities
Automotive Transportation
Oil & Gas
Water Treatment Facilities
Mining & Steel
Manufacturing
Commercial & Residential
Transportation
Other End Users

Smart Transformers Market Assessment-by Geography

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
Latin America
Middle East & Africa

Product Code: MRSE - 1041110

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Type
3.3. Market Analysis, by End User
3.4. Market Analysis, by Geography
3.5. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Rising Digitalization in Power Utilities
  - 4.2.1.2. Increasing Investment in Smart Grids
- 4.2.2. Restraints
  - 4.2.2.1. High Capital & Installment Cost
- 4.2.3. Opportunities
  - 4.2.3.1. Increasing Focus on Alternate Power Generation Sources
- 4.2.4. Challenges
  - 4.2.4.1. Data Privacy & Security Issues
4.3. Trends
4.4. Case Studies
4.5. Porter's Five Force Analysis
4.6. Vendor Selection Criteria/Factors Affecting Buying Decision

5. Smart Transformers Market Assessment-by Type

5.1. Overview
5.2. Power Transformers
5.3. Distribution Transformers
5.4. Special Application Transformers
5.5. Instrument Transformers

6. Smart Transformers Market Assessment-by End User

6.1. Overview
6.2. Energy & Utilities
6.3. Automotive Transportation
6.4. Oil & Gas
6.5. Water Treatment Facilities
6.6. Mining & Steel
6.7. Manufacturing
6.8. Commercial & Residential
6.9. Transportation
6.10. Other End Users

7. Smart Transformers Market Assessment-by Geography

7.1. Overview
7.2. North America
- 7.2.1. U.S.
- 7.2.2. Canada
7.3. Asia-Pacific
- 7.3.1. China
- 7.3.2. Japan
- 7.3.3. India
- 7.3.4. South Korea
- 7.3.5. Rest of Asia-Pacific
7.4. Europe
- 7.4.1. Germany
- 7.4.2. U.K.
- 7.4.3. Italy
- 7.4.4. France
- 7.4.5. Spain
- 7.4.6. Rest of Europe
7.5. Latin America
7.6. Middle East & Africa

8. Competition Analysis

8.1. Overview
8.2. Key Growth Strategies
8.3. Competitive Benchmarking
8.4. Competitive Dashboard
- 8.4.1. Industry Leaders
- 8.4.2. Market Differentiators
- 8.4.3. Vanguards
- 8.4.4. Emerging Companies
8.5. Market Ranking, by Key Players

9. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

9.1. Hitachi Energy Ltd.
9.2. Schneider Electric SE
9.3. General Electric Company
9.4. Ormazabal
9.5. Hyosung Heavy Industries
9.6. Efacec
9.7. Siemens Energy AG
9.8. Eaton Corporation plc
9.9. Mitsubishi Electric Corporation
9.10. Alstom SA
9.11. Wilson Transformers
9.12. Bharat Heavy Electricals Limited
9.13. CG Power & Industrial Solutions Ltd.
9.14. Toshiba Corporation

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

10. Appendix

10.1. Available Customization
10.2. Related Reports