According to a market report by Lucintel, the future of the global smart transformer market looks promising with opportunities in the smart grid, traction locomotive, and electric vehicle charging applications. The global smart transformer market is expected to reach an estimated $4.4 billion by 2030 with a CAGR of 10.5% from 2024 to 2030. The major drivers for this market are increasing demand for smart grids and rapid digitization in power industry.
A more than 150 – page report is developed to understand Trends, opportunity and forecast in smart transformer market to 2030 by type (power, distribution, specialty, and instrument), component (converters, switches, transformers, hardware for transformer monitoring, and others), application (smart grid, traction locomotive, electric vehicle charging, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
In this market, power, distribution, specialty, and instrument are the major segments of smart transformer market by type. Lucintel forecasts that power transformer is expected to witness highest growth over the forecast period due to its efficient and reliable transmission and distribution of electricity.
Within this market, smart grid will remain the largest segment due to its widespread usage to improve the efficiency of power transmission and distribution.
APAC is expected to witness highest growth over the forecast period due to rapid population growth, availability of affordable power grids, and rising investment in intelligent power grid projects in the region.
ABB, GE, Siemens, Schneider Electric, Eaton, Wilson Transformer, Mitsubishi Electric, BHEL, CG Power, and Gridco are the major suppliers in the smart transformer market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]