Smart Transformers Market Size

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.