Global Smart Transformers market accounted for $1,093.5 million in 2015 and is expected to reach $2,932.4 million by 2022 growing at a CAGR of 15.1% from 2015 to 2022 according to the Stratistics MRC’s publication “Smart Transformers Types and Applications-Global Market Outlook (2015-2022)”.
Increasing demand for electricity, improving & evolving technology, growing power transmission & distribution networks and aging infrastructure are the factors favoring the market growth.
However, data privacy and cyber security are hindering the market growth. By using smart transformers, monitoring and controlling of the power flow is achieved. Smart grids with smart transformers are capturing maximum of the market demand. The demand is attributed to high urbanization and industrialization in Asia Pacific. Distribution segment is witnessing the fastest growth due to implementation of smart grids happens majorly at the distribution level.
In 2014, Asia Pacific dominated the global market and accounted for more than 30% of global share and is also expected to witness high growth rate during the forecast period. China and India are projected to be the fastest growing markets in this region. U.S., UK, China, India, Brazil, Saudi Arabia and UAE are expected to be promising markets over the study period.