Smart Transformers Market: By Type (Power, Distribution, Specialty and Instrument), By Application (Traction Locomotive, Smart Grid, Electric Vehicle Charging), By Components (Converters, Switches, Hardware) and Geography

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Smart Transformers Market size was valued at USD 2,413.8 million in 2023 and is expected to grow at a CAGR of 11.3% from 2024-2030. The smart transformers are the devices that are placed between the power grid and the external system location as a buffer. These devices have advanced technologies which can be used to support the power grid. Smart transformers are mainly used for controlling the voltage fluctuations that occur in the power grid. Digitalization of the power grid and the production of alternative current are the key advantages of smart transformers. Increasing investments in developing smart grids, and adopting digitalization in the power sector, are the key driving factors in the growth of the smart transformer market. In addition to that the primary power grid is connected to renewable solar energy to alter its operation fueling the growth of the global smart transformer market. The increasing focus of the public on generating renewable energy and the integrity of the energy mix drives the market growth in the forecasted years. The use of smart transformers reduces consumption thus saving energy, reducing the balancing cost, helping to level the peak demand of energy, and providing accurate electric bills which provides more opportunities to modernize the grid. The application of transformers in the power grid will make the smart grid work more efficiently and more reliably by regulating the voltage fluctuations at the end user thus making the power grid more efficient. Digitalization is also incorporated into the equipment. This helps the system to improve efficiently like transformers, an integral part of the smart grid which allows it to control the voltage fluctuations independently. whereas the installation cost of smart transformers is way too expensive which is expected to hinder the growth of the smart transformer market. Geographically, the Asia Pacific region held the major market share in 2022 and is expected to dominate the global smart transformers market in the forecasted years.

Smart Transformers Market Key Developments:
  • In April 2021, Siemens introduced a digital transformer, equipped with digital intelligence and sensors for the transmission of the flow of information which enhances the flexibility and optimizes the operation of the grid.
  • In November 2021, ABB launched the world’s 1st dry oil-free type of digital transformer where the coil and the core are cooled by non-flammable insulation material and air which makes it more compatible with off-shore applications.

Smart Transformers Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

11.3%

Largest Market

Asia Pacific

Fastest Growing Market

North America
Smart Transformers Market Dynamics

The smart transformer market is growing due to the increasing advancement in the power grids, digitalization of power grids, reduced power consumption, increased focus of the public on the environmental factor and changing to renewable energy generations are the key factors which drive the smart transformer market growth. The application of smart transformers in the power grid helps to consume less energy hence reduces the cost and is more flexible for usage. The installation cost is high and the training of the personnel in managing or operating the smart transformer is expected to hinder the market growth. Adoption of new technologies makes the smart transformer to enhance the energy security as the smart grids are integrated with remote monitoring. Hence, this will drive the global market growth at a significant rate.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019 to 2023), and forecast (2024 to 2030)
  • The report covers in-detail insights into the competitor’s overview, company share analysis, key market developments, and key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and startup details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market

Smart Transformers Market Segmentation

By Type
  • Power
  • Distribution
  • Specialty
  • Instrument
By Component
  • Converters
  • Switches
  • Hardware
By Application
  • Traction Locomotive
  • Smart Grid
  • Electric Vehicle Charging
By Geography
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Frequently Asked Questions

The Smart Transformers Market size was valued at USD 2413 million in 2023.

The Smart Transformers Market is poised to grow at a significant CAGR of 11.3% from 2024 to 2030.

The leading players in the global Smart Transformers Market are ABB, GE, Siemens, Schneider Electric, Eaton, Wilson Transformer, Mitsubishi Electric, BHEL, CG Power, Gridco, Howard Industries, SPX Transformer, General Electric Company, Bharat Heavy Electricals Limited, Crompton greaves Ltd., Alstom, Ormazabal

Asia Pacific smart transformers market is expected to dominate the smart transformers market. And north America market is expected to have an significant growth in the forecasted period.

1.Executive Summary
2.Global Smart Transformers Market Introduction 
2.1.Global Smart Transformers Market  - Taxonomy
2.2.Global Smart Transformers Market  - Definitions
2.2.1.Type
2.2.2.Application
2.2.3.Components
2.2.4.Region
3.Global Smart Transformers Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Smart Transformers Market Analysis, 2019-2023 and Forecast 2024-2030
4.1.  Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Smart Transformers Market  By Type, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
5.1. Power
5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Distribution
5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Specialty
5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Instrument
5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
6.Global Smart Transformers Market  By Application, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
6.1. Traction Locomotive
6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Smart Grid
6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Electric Vehicle Charging
6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
7.Global Smart Transformers Market  By Components, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
7.1. Converters
7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Switches
7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Hardware
7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
8.Global Smart Transformers Market  By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Smart Transformers Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
9.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Power
9.1.2.Distribution
9.1.3.Specialty
9.1.4.Instrument
9.2.  Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Traction Locomotive
9.2.2.Smart Grid
9.2.3.Electric Vehicle Charging
9.3.  Components Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Converters
9.3.2.Switches
9.3.3.Hardware
9.4.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Smart Transformers Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
10.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Power
10.1.2.Distribution
10.1.3.Specialty
10.1.4.Instrument
10.2.  Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Traction Locomotive
10.2.2.Smart Grid
10.2.3.Electric Vehicle Charging
10.3.  Components Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Converters
10.3.2.Switches
10.3.3.Hardware
10.4.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
10.4.6.Rest of EU
11.Asia Pacific (APAC) Smart Transformers Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
11.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Power
11.1.2.Distribution
11.1.3.Specialty
11.1.4.Instrument
11.2.  Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Traction Locomotive
11.2.2.Smart Grid
11.2.3.Electric Vehicle Charging
11.3.  Components Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Converters
11.3.2.Switches
11.3.3.Hardware
11.4.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Smart Transformers Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
12.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Power
12.1.2.Distribution
12.1.3.Specialty
12.1.4.Instrument
12.2.  Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Traction Locomotive
12.2.2.Smart Grid
12.2.3.Electric Vehicle Charging
12.3.  Components Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Converters
12.3.2.Switches
12.3.3.Hardware
12.4.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Smart Transformers Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
13.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Power
13.1.2.Distribution
13.1.3.Specialty
13.1.4.Instrument
13.2.  Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Traction Locomotive
13.2.2.Smart Grid
13.2.3.Electric Vehicle Charging
13.3.  Components Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Converters
13.3.2.Switches
13.3.3.Hardware
13.4.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.ABB
14.2.2.GE
14.2.3.Siemens
14.2.4.Schneider Electric
14.2.5.Eaton
14.2.6.Wilson Transformer
14.2.7.BHEL
14.2.8.CG Power
14.2.9.Gridco
14.2.10.Howard Industries
14.2.11.SPX Transformer
14.2.12.Bharat Heavy Electricals Limited
14.2.13.Crompton greaves Ltd.
14.2.14.General Electric Company
14.2.15.Ormazabal
15. Research Methodology 
16. Appendix and Abbreviations 
  • ABB
  • GE
  • Siemens
  • Schneider Electric
  • Eaton
  • Wilson Transformer
  • Mitsubishi Electric
  • BHEL
  • CG Power
  • Gridco
  • Howard Industries
  • SPX Transformer
  • General Electric Company
  • Bharat Heavy Electricals Limited
  • Crompton greaves Ltd.
  • Alstom
  • Ormazabal

Adjacent Markets