Top Facts About the Global Smart Transformer Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–The latest market research report by Technavio
on the global
smart transformer market predicts a CAGR of more than 15% during the
period 2017-2021.

The report segments the global smart transformer market by type (smart
distribution transformers and smart power transformers), and by
geography (the Americas, EMEA, and APAC). It provides a detailed
illustration of the major factors influencing the market, including
drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global smart transformer market,
according to Technavio heavy
industry researchers:

• Renewable power generation capacity expansion: a major market driver
• In 2016, the smart distribution transformer segment dominated the
  market owing to growing urbanization in developing countries
• APAC led the global smart transformer market, with close to 36% of the
  market in 2016
• ABB, GE, and Siemens are the leading players in the market

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Market growth analysis

Renewable power generation capacity expansion is one of the major
factors driving the global smart
transformer market. Most of the major expansion activities are
taking place in renewable energy. Many countries are using renewable
sources of energy, such as wind and solar energy, to meet stringent
carbon emission goals and minimize the dependency on the depleting
fossil resources. Many end-users are adopting alternative forms of
energy to avoid depending on power generators that operate on fossil
fuels. Wind power, solar power, and other forms of renewable energy are
gaining popularity among all categories of electricity end-users.

According to Gaurav Mohidru, a lead analyst at Technavio for research on unit
operations, “A huge emphasis is being placed on the
commercialization of renewable energy worldwide, which will create an
increased demand for power and distribution transformers, as most of
these renewable energy resources are set up in places that lack proper
T&D infrastructure.”

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Geographical analysis

Technavio researchers anticipate high growth for the global smart
transformer market in APAC, which holds the major share in the smart
transformer market among all the regions. The demand in this region is
generated mainly due to rapid demand for electric power in growing
economies in APAC countries such as India and China. APAC represents a
highly potential market, as renewable energy, network expansion,
implementation of smart grids, and transformer replacements are
happening or expected to occur on a large-scale during the forecast
period. The developed economies in Europe and the Americas will exhibit
a demand for these transformers from renovation activities.

Competitive vendor landscape

ABB, GE, and Siemens are the three key vendors that dominate all the
three key geographic regions, due to which the global smart transformer
market is highly concentrated. The product is relatively new and is in
demand globally, especially in the developing regions. Vendors
established in the Western markets are now focusing on increasing their
market share in the high potential regions, such as APAC, via strategic
agreements and mergers and acquisitions. New entrants will find it
difficult to compete with the international vendors in terms of quality,
design, product features, services, turnaround time, and maintenance of
customer relationships.

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