Smart Transformers Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Distribution Transformers, Power Transformers, Specialty Transformers and Instrument Transformers), By Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), By Application (Traction Locomotive, Electric Vehicle Charging, Smart Grid and Others), By

In addition, renewable energy solutions such as photovoltaic systems are being connected to the primary power grid changing its operation. The increasing focus on renewable energy generation and integration of the energy mix highlights the need for intelligent monitoring and voltage regulation, which will drive the growth of the global market in the projected time frame. The COVID-19 pandemic has caused significant disruption to the supply chain of smart transformers such as microchips. Additionally, in 2020, the pandemic reduced electricity consumption, impacting distribution company revenues and project financing. But after the world coming back to its normal ways, electricity consumption got increased with work from home being vanished.

Rising demand worldwide is fueling the market growth

The energy industry is moving away from centralized traditional safety threats to advances in decentralized energy mix generation and control systems. Digitization is playing a major role in the energy industry and includes transformers, control systems, sensors, industrial software, technologies for the Industrial Internet of Things (IoT), and much more. Digitization is also built into equipment and devices that help improve system capabilities, such as transformer, which is an integral part of the smart grid, operating autonomously to regulate voltage and enable remote management within the system.

Increased use of fossil fuels poses a potential threat to the global and regional environment due to the release of carbon dioxide (CO2) into the atmosphere. GCC countries have the highest CO2 emission rates in the world. As a result, many countries are investing in alternative fuels and energy efficiency to take advantage of untapped resources, especially shale gas. Alternative fuels are much safer and cleaner than fossil fuels and can improve the environment by reducing air pollutants. Governments around the world are also encouraging the use of alternative fuels and have announced several policies. In addition, the increasing number of non-linear equipment supporting renewable energy systems increases the risk of grid instability, creating the risk of grid failure and damage to electrical equipment required for renewable energy systems. Therefore, smart transformers must regulate the voltage to maintain grid frequency.

Latest Market Trends is driving the market growth

In March 2021, Hitachi ABB Power Grids partnered with the research institute of Singapore's Nanyang Technological University (NTU Singapore) on a smart grid development project led by the government. Through this partnership, work on next-generation transformers compatible with smart grids is also expected to start.

Noor Energy 1 adopted the latest technology from Huawei's product line in 2021, which mainly consists of string inverters and intelligent substations, enabling the rapid construction of more modular systems.

Chinese PV inverter manufacturer Huawei planned to supply string inverters and smart transformers in the year 2021 for Soudia Agro solar PV Power Plant in Bangladesh.

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Market Segmentation

Global Smart Transformers Market is segmented

Market player

The main market players in the Global Smart Transformers Market are ABB Ltd,