Smart Transformers Market size was over USD 2.47 billion in 2023 and is anticipated to reach USD 12.38 billion by the end of 2036, growing at around 13.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart transformers is assessed at USD 2.73 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.
Growth Drivers
Challenges
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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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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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North America Market Statistics
On the basis of geographical analysis, the global smart transformers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is expected to account for largest revenue share by 2036, 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.
Author Credits: Dhruv Bhatia
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