Smart transformers market 2020 can expect to attain a growth rate of 11.5% between 2017 and 2023 (review period), confirms Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The report offers a detailed evaluation of the market following the coronavirus disease outbreak.
Growth Drivers and Key Barriers
The impact analysis on COVID-19 conducted by MRFR says that the energy and power industry can be deeply impacted by the fizzling demand as well as the crashing prices of power. Speaking of the long-term impact of COVID-19, a majority of leading vendors are struggling to bring down the costs while protecting their assets, in addition to putting in efforts to ensure continuous operations to curb revenue loss. While countries are striving to find a COVID-19 breakthrough, the pandemic induced lockdown situation has restrained the movement of materials across the energy and power plants. The short term impact has led to a massive decline in the investment capacity of companies coupled with a drop in power prices in the light of political turbulence, reveals the COVID-19 analysis by MRFR. Novel coronavirus has left a profound impact on various industries, especially the energy and power sector, but experts anticipate the Smart Transformers Market to perform well in the coming years, with growing digitalization of power utilities to be a chief reason behind it.
Furthermore, it is expected that despite the SARS-CoV-2 outbreak, the market for smart transformers can remain resilient as a result of the frequent upgradation of the existing power distribution networks. Governments across emerging countries are making heavy investments in the development of electrification infrastructure to boost the reach of power across various cities and villages, which could be largely favorable to the smart transformers market in the ensuing period. Governments have also been proactively participating in mitigating processes to deal with the financial crisis being faced by several industries after the COVID-19 outbreak, which could benefit the market.
The escalating need for more efficient and safer power transmission combined with mounting environmental concerns pertaining to power generation has resulted in the imposition of various international as well as nation-specific regulations like European Commission’s Ecodesign regulation and more. These types of regulations are also responsible for the strong growth of the smart transformers market worldwide. In addition, the market can be benefitted by the considerable surge in utility (transformers) along with significant industrial infrastructure development in developing markets like China and India.
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Notable vendors in the smart transformers industry include Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation. (Japan), Ormazabal (Spain), General Electric Company (U.S.), SPX Transformer Solutions, Inc. (U.S.), Alstom (France), Bharat Heavy Electricals Limited (India),Siemens AG (Germany), Schneider Electric SE (France), Eaton Corporation PLC (Ireland), Howard Industries (U.S.), ABB Ltd. (Switzerland), to name a few.
Smart transformers market can be considered for type, component as well as application.
The types of smart transformers are distribution transformers, power transformers, instrument transformers and specialty transformers. Between these, distribution transformers can be the biggest segment in the market, as they are critical for efficient load management, facilitate higher power quality along with reduced power failures as well as outages.
The components covered the research include hardware, switches, converters, and others. Converters segment led the worldwide market in the year 2016 and can also achieve the fastest CAGR during the appraisal period.
The application areas of smart transformers include electric vehicle charging, smart grid, traction locomotive, and others. In 2016, smart grids emerged as the top segment in the market and are expected to the fastest-gaining application over the coming period, as they are largely responsible for preventing faults along with power failures as well as outages.
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APAC or Asia Pacific, North America, Europe and RoW or the rest of the world are the main markets for smart transformers.
APAC can procure the highest growth rate between 2017 and 2023, with China touted to be the biggest gainer in the region, trailed by India and Japan. The expanding population with significant energy demand has been a huge reason behind the rapidly developing industrial infrastructure, which boosts the demand for smart transformers in the region. The region is also focused on the use of clean energy sources for the consistently increasing energy needs, which is deemed to be another growth booster in the market. Escalating investments in various smart grid technologies as well as smart cities such as smart meters, demand response systems and distribution grid automation in South Korea, Australia and Japan could give rise to lucrative opportunities for the regional market in the years to follow.
In North America, the rising emphasis on renewable energy sources for power generation, paired with the surging number of electrical infrastructure projects has resulted in a higher demand for distribution transformers, which means better growth prospects for the smart transformers market. The constant work done on the aging power distribution equipment to upgrade them also induces market growth in North America.
Table of Content:
Smart Transformers Market Research Report 2023
Chapter 1: Industry Overview
Chapter 2: Smart Transformers Market International and Market Analysis
Chapter 3: Environment Analysis of Smart Transformers
Chapter 4: Analysis of Revenue by Classifications
Chapter 5: Analysis of Smart Transformers Market Revenue Market Status
Chapter 6: Analysis of Revenue by Regions and Applications
Chapter 7: Analysis of Smart Transformers Market Key Manufacturers
Chapter 8: Sales Price and Gross Margin Analysis
Chapter 9: Continue To TOC……………………
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