The Asia Pacific smart transformers market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to use of smart technologies in power grid infrastructure and emerging difficulties such as ageing transmission and distribution (T&D) infrastructure, electric car charging, and distributed generation.
The usage of classic transformers has increased the complexity of electrical power networks as the use of renewable energy and distributed energy sources has expanded.
Transformers are an important part of any power distribution system. However, there are certain disadvantages to this technology, including voltage loss under load, sensitivity to harmonics, and performance degradation due to system disturbances and overload. The necessity to deal with these drawbacks is becoming more important as the provision of high-quality electricity becomes one of the most pressing challenges in today's world.
The distribution segment is plagued by outdated infrastructure, substantial network losses, and poor financial results. To overcome these issues, the performance of the sub transmission and distribution networks must be improved.
The latest buzzword is smart grids. The idea of intelligence being entrenched in the electrical network gives rise to the concept of smartness. This smartness is supposed to improve value for the end user by increasing the availability of power and making it more convenient.
Smart transformers cut energy usage immediately. As a result, it cuts greenhouse gas emissions. They are a vital component of any energy or lighting overhaul. While smart transformers cut power usage instantly by delivering a consistent, optimum power supply that delivers the right voltage to electrical equipment, they also safeguard electrical equipment from power fluctuations, allowing it to survive more.
India was the world's third-major electricity-generating country in 2018. Both conventional and renewable energy sources are used to create this power. The country has achieved significant progress in boosting access to power among both rural and urban areas.
Furthermore, developed economies such as Japan contribute to the large demand for smart transformers, owing to a rise in the replacement of old power distribution equipment and the integration of renewables into the grid.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for renewable energy sources is projected to fuel the market in coming years.
- Growing electrical infrastructure is expected to drive the market during the forecast period.
- Rising electricity consumption and growing demand for charging infrastructure is anticipated to boost the market.
- Growing industrialization and infrastructure development are expected to fuel the market.
- Low capital investment and maintenance is projected to drive the market.
- Advancement and technology development in power distribution channel offers lucrative opportunities for the manufactures.
Scope of the Report
The report on the Asia Pacific smart transformers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Asia-Pacific Smart Transformers Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Distribution Transformer and Power Transformer)
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Regional Scope
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Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Eaton Corporation PLC; General Electric Company; ABB Ltd; Siemens AG; Schneider Electric SE
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Market Segment Insights
The distribution transformer segment is projected to represent a large market share
On the basis of types, the Asia Pacific smart transformers market is bifurcated into distribution transformer and power transformer. The distribution transformer segment is expected to account for a key share of the market in the coming years. Smart transformers function independently in the electric distribution system to monitor and manage voltage while retaining contact with the smart grid. This enables remote administration to deliver information on the transformer and the power supply. As a consequence, proper load control is possible, resulting in improved power quality and less power outages.
Segments
The Asia Pacific smart transformers market has been segmented on the basis of
Types
- Distribution Transformer
- Power Transformer
Region
Key Players
- Eaton Corporation PLC
- General Electric Company
- ABB Ltd
- Siemens AG
- Schneider Electric SE
Competitive Landscape
Key players competing in the Asia-Pacific smart transformers market include Eaton Corporation PLC; General Electric Company; ABB Ltd; Siemens AG; Schneider Electric SE.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
