The smart transformer market is primarily driven by increasing power demand, expanding power transmission & distribution networks, and the need to improve efficiency of grids along with reduction in wastage of electricity.
Chicago, IL -- (SBWIRE) -- 08/20/2015 -- The report "Smart Transformers Market by Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging, and Others) & by Region - Global Trends & Forecast to 2020" defines and segments the smart transformer market with analysis of value, market share of leading players, and forecast for future trends. It also identifies the driving forces, restraining factors, and challenges for the market, highlighting the latest trends, and identifying opportunities.
Browse 76 market data tables and 62 figures spread through 182 pages and in-depth TOC on "Smart Transformers Market - Global Trends & Forecast to 2020"
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The global distribution smart transformer market is projected to grow from $903.7 Million in 2015 to $2,185.8 Million in 2020, at a CAGR of 19.3%.
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In 2014, Asia-Pacific was the single largest regional market for smart transformers across the globe and accounted for a market share of 34% by value. Growing demand for electric power and related spending on smart grids to upgrade transmission & distribution infrastructure is one of the key drivers of demand for smart transformer market in Asia-Pacific, as well as the world.
The global smart transformer market is projected to grow at a CAGR of 19.3% from 2015 to 2020, with increasing demand from countries such as China, India, the U.S., and Germany. Expansion of power distribution networks to connect more populations to electricity supply, modernize aged infrastructure, improving efficiency of power supply using smart grid technology, and increasing installations of electric vehicle charging stations are playing an important role in generating demand for smart transformers.
Leading players in the global smart transformer market include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric (U.S.), Eaton Corporation (U.S.), Alstom (France), Schneider Electric (France), and Crompton Greaves (India) among others. Players in the global smart transformer market make investments in R&D to enhance the efficiency of their products. These companies are expanding into new territories to take advantage of opportunities in the fast-growing emerging economies of Asia-Pacific, the Middle East, and South America through joint-ventures, mergers and acquisitions, and partnerships.
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