Smart Transformers Market Size Worth USD 6.18 Billion in 2032 | Emergen Research

Digitization of power utilities is a major factor driving revenue growth of the smart transformers market

Vancouver, Dec. 19, 2023 (GLOBE NEWSWIRE) — The global smart transformers market size was USD 2.34 Billion in 2022 and is expected to register a revenue CAGR of 10.2% during the forecast period, according to the latest analysis by Emergen Research. Integration of the Internet of Things (IoT) technology is a major factor driving market revenue growth.

One emerging trend in the smart transformers market is increasing integration of Internet of Things (IoT) technology with these transformers. Smart transformers are equipped with sensors and communication capabilities that enable real-time monitoring, data collection, and remote control. IoT connectivity allows for advanced analytics and predictive maintenance, improving reliability and performance of transformers. Grid resilience is also becoming a major trend in the smart transformer market. With the increasing frequency of extreme weather events and natural disasters, the need for resilient power infrastructure is dominant. Smart transformers are equipped with self-healing capabilities and advanced protection systems that can isolate faults and restore power quickly, enhancing grid resilience and minimizing disruptions.

The digitization of power utilities is a major factor driving revenue growth of the market. This digital transformation involves integration of advanced technologies, digital communication systems, and data analytics into power utility operations. Digitization enables real-time monitoring and control of power grid. Smart transformers equipped with sensors and communication capabilities provide continuous data on voltage levels, load conditions, and equipment health.

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Digitization enables utilities to gain better insights into energy consumption patterns, demand fluctuations, and distribution losses. Many developing countries are implementing these transformers which is expected to create a high demand in various industries. For example, in February 2023, U.K. Power Network’s Project Stratus, touted as a pioneering trial, will deploy smart electricity transformers in the existing substations of Uckfield and New Romney in East Sussex. This innovative initiative aims to gather real-time data on electricity consumption and demand, potentially becoming the first of its kind globally.

However, limited market penetration in developing regions can act as a major factor restraining revenue growth of the smart transformers market. The adoption of smart transformers can be slower in developing regions due to limited infrastructure development, funding constraints, and a focus on basic electricity access. The market growth potential in these regions can be restrained by economic factors and other priorities.

Scope of Research

Report Details Outcome
Market size in 2022 USD 2.34 Billion
CAGR (2023–2032) 10.2%
Revenue forecast to 2032 USD 6.18 Billion
Base year for estimation 2022
Historical data 2019–2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Component, Rating, Application, End-Use, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled ABB, Emerson Electric Co., Siemens, Schneider Electric, General Electric, Eaton, Wilson Transformers, Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, CG Power & Industrial Solutions Ltd., and HPL
Customization scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global smart transformers market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
Some of the major companies included in the global smart transformers market report are:

  • ABB
  • Emerson Electric Co.
  • Siemens
  • Schneider Electric
  • General Electric
  • Eaton
  • Wilson Transformers
  • Mitsubishi Electric Corporation
  • Bharat Heavy Electricals Limited
  • CG Power & Industrial Solutions Ltd.
  • HPL

Strategic Development

  • On July 04, 2023, HPL Electric & Power Ltd., a company specializing in electrical equipment and solutions, recently completed the acquisition of smart meter orders worth USD 110 Million, including taxes. This successful acquisition adds to HPL’s existing pipeline of orders, bringing their total order book to USD 270 Million.
  • On June 28, 2023, Tauron, a Polish Distribution System Operator (DSO), revealed plans to enhance its network infrastructure by investing PLN 3 billion (USD 743 million) in 2024. This investment will be utilized for various purposes, including the installation of 600,000 smart meters. The funds will primarily be allocated to connecting new customers, including Renewable Energy Sources (RES), to the power grid, as well as modernizing and reconstructing the grid infrastructure. 

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Some Key Highlights from the Report

  • Based on type, the power transformers segment accounted for largest revenue share in 2022. Power transformers are essential components in high-voltage transmission networks, responsible for altering voltage levels to facilitate efficient electricity transmission and distribution. These large transformers play a critical role in the power infrastructure. Rising demand for electricity, spurred by factors such as urbanization and industrialization, is a major factor driving revenue growth of the power transformers segment.
  • On the basis of application, the power grid segment accounted for largest revenue share in 2022. Modern power grids are designed to prevent and withstand physical or cyber-attacks. Robust security measures are implemented to ensure the grid’s resilience and protect against potential threats. This enhances public safety and maintains the reliability of the power supply.
  • On March 22, 2023, Swiss tech-giant ABB’s relocation project of ABB Chongqing Liangjiang New Area transformer intelligent manufacturing base has been completed and is scheduled to commence operations this year. With a remarkable annual capacity exceeding 50,000 megawatts, ABB’s intelligent manufacturing base holds immense importance in the completion of Chongqing’s transformer industrial chain and the advancement of related industries. By centering its operations in Chongqing and extending its reach throughout China and beyond, the base will establish a comprehensive supply system for the production of transformers upon its operationalization.

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Emergen Research has segmented the global smart transformers market on the basis of type, component, rating, application, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Power Transformers
    • Distribution Transformers
    • Specialty Transformers
    • Instrument Transformers
  • Component Mode Outlook (Revenue, USD Billion; 2019-2032)
    • Converters
      1. AC to DC Converters
      2. DC to AC Converters
      3. DC to DC Converters
      4. AC to AC Converters
    • Switches
      1. SIC Power Mosfets
      2. Power Diodes
      3. Insulated Gate Bipolar Transistor
      4. SIC Power Thyristors
    • Others
  • Rating Outlook (Revenue, USD Billion; 2019-2032)
    • Small Power Transformers
    • Medium Power Transformers
    • Large Power Transformers
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Power Grids
    • Industrial Sector
    • Renewable Energy System
    • Electric Vehicle Charging Stations
  • End-Use Outlook (Revenue, USD Billion; 2019-2032)
    • Industrial
    • Commercial
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

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