DUBLIN--(BUSINESS WIRE)--The "Global Smart Transformers Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Smart transformers play a managerial role in the electric distribution grid, by constantly regulating voltage and maintaining contact with the grid, allowing remote administration, if needed. The robust demand for smart grid technology and the increasing focus on on-load voltage regulation and efficient energy utilization are some of the major factors supporting the growth of the global smart transformers market.
The demand for electricity is expected to double by 2060. To balance the demand-supply gap, governments across the globe are promoting demand response initiatives, utilizing smart grids and electricity storage techniques. The electricity grid and its infrastructure assets were initially designed to deliver electricity in one direction.
The global investment in smart grids reached USD 23.7 billion in 2017, a growth of 18% compared to 2016. However, most of the transformers installed are aging and need to be replaced in most of the countries undertaking smart grid initiatives and need to be replaced by smart transformers.
Being a mature market, the demand for smart transformers in Europe is primarily driven by the increasing replacement of aging power transmission and distribution (T&D) equipment. In addition, utilities are increasingly investing on automation and focusing on expanding and upgrading their substation infrastructure, to ensure system reliability and security and accommodate the burgeoning distributed energy resources (DER).
In India, more than half a billion people have gained access to electricity since 2000, almost doubling the country's electrification rate. Across the globe, the number of people without access to power was 1.1 billion in 2016, from 1.7 billion in 2000. Initiatives are being undertaken, to further decrease it to 674 million by 2030, with India reaching universal access well before the said timeframe.
- Hammond Power Solutions Inc.
- CG Global
- General Electric
Mitsubishi Electric Power Products Inc.
- Schneider Electric
- Siemens AG
- SPX Transformer Solutions Inc.
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter's Five Forces Analysis
7. Market Segmentation and Analysis
8. Regional Market Analysis
9. Key Company Analysis
10. Competitive Landscape
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