Smart transformers are solid state transformers that operate independently and remotely to manage the electricity distribution grid in order to control, regulate and monitor the voltage in real time and provide feedback. Smart transformers merge the properties of basic transformers with inbuilt advanced communication technology and monitoring software. Smart transformer protects the electronic equipment from power fluctuations, improves the efficiency and performance of electronic equipment, and reduces the energy consumption and greenhouse emissions.
Aging electric grid infrastructures, rapid advancements in technology, the rise in the use of micro-generators, revolutions in the power sector, and growing number of smart grids with smart transformers in industrial and urban sectors are the major factors driving the global smart transformers market. Moreover, the GaN and SiC-based semiconductors are the core components of smart transformers. The rising adoption of these semiconductors is expected to drive the global smart transformers market. Also, the compact design and lightweight of the smart transformer are expected to drive their adoption in the near future.The rising power demand, need of the efficient grid infrastructure, rising investments in smart grids and advanced energy systems and the rapidly spreading electricity grid network are expected to drive the smart transformers market over the forecast period. However, the lack of advanced electric grid infrastructure in developing countries, and issues such as data breach and cyber security are some of the factors that are restraining the growth of smart transformers market. Nevertheless, the smart transformers market is still in its budding stages but it has huge potential to change the future of the power sector. The Governments of developing countries such as India, China, and Brazil are pouring huge capital to expand electric grid infrastructure. There are various regulatory bodies at the national and international level in order to provide safe, eco-friendly and efficient power transmission such as the European Commission’s “Ecodesign”.
The global smart transformers market is segmented on the basis of type, application, and geography. By type, the smart transformers market is divided into a distribution transformer, power transformer, traction transformer, specialty transformer, and others. The power transformer is the largest segment in the smart transformer market. It is one of the most complex components of the electricity generation and transmission process. The power transformers are mostly preferred in the transmission networks. However, the power transformers have very high maintenance and replacement cost. On the basis of the component, the smart transformers market is segmented by converters, high-frequency transformers, switches, and others.Based on application, the market is divided into power distribution, smart grid, alternative power generation, electric vehicle charging stations, traction locomotives and, others.
The global smart transformers market is segmented into North America, Latin America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is expected to be fastest growing region for the global smart transformers market. The rising industrialization and urbanization in the Asia Pacific region are some major factors driving the growth of this market.The rising investments in Indian railway infrastructure are pushing the Asia Pacific smart transformers market. North America and Europe are the largest markets owing to aging power grids and infrastructure andrising demand for smart transformers.
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