Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Smart Transformers Market size was over USD 2.8 billion in 2024 and is anticipated to cross USD 14.03 billion by 2037, witnessing more than 13.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of smart transformers is estimated at USD 3.11 billion.
The growth of the market can be attributed to the growing adoption of smart grids, as it is an essential element of the smart grid. Smart transformers continually regulate voltage, and reduce energy consumption, which indirectly reduces the operational cost. Additionally, smart transformers cut down energy wastage, and maintain least fluctuations, which is essential for high-consumption machines in the industrial sector. These advantages of smart transformers over traditional transformers are estimated to boost the market growth. Furthermore, the rising adoption of smart grid network, backed by the increasing awareness regarding energy conservation amongst people, is estimated to fuel the market growth.
Smart Transformers Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Adoption of Smart Grid Network
- Rising Investment in Digitalization of Energy & Power Sector
Challenges
- Slow Pace of Replacement of Traditional Transformers with Smart Transformers
- High Capital Investment
Smart Transformers Market: Key Insights
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
13.2% |
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Base Year Market Size (2023) |
USD 2.47 billion |
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Forecast Year Market Size (2036) |
USD 12.38 billion |
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Regional Scope |
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Smart Transformers Segmentation
The market is segmented by application into smart grid, electric vehicle charging, and others, out of which, the smart grid segment is anticipated to hold notable share in the global smart transformers market over the forecast period as smart transformers are an integral component of a smart grid. The growing adoption of smart grids and smart electric meters across the globe, is estimated to boost the market growth.
Our in-depth analysis of the global smart transformers market includes the following segments
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By Type |
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By Application |
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Customize this ReportSmart Transformers Industry - Regional Synopsis
North America Market Statistics
North America industry is anticipated to account for largest revenue share by 2037, owing to increasing adoption of smart grid network in the region, owing to increasing adoption of smart grid network in the region. According to a report by the IEA, the United States’ investment in smart grid overtook China in 2019, recording a robust growth of 12%. The growing infrastructural development in the region is estimated to boost the regional market growth.
Companies Dominating the Smart Transformers Landscape
- EMSc Ltd. (Powerstar)
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- BHEL
- ABB Ltd.
- Grid Point, Inc.
- The General Electric Company
- Siemens AG
- Honeywell International Inc.
- Schneider Electric
- Mitsubishi Electric Corporation
- Grid Corporation
In the News
Author Credits: Dhruv Bhatia
- Report ID: 3466
- Published Date: Dec 26, 2024
- Report Format: PDF, PPT
