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Smart transformer alternately known as Solid state transformers (SST) are an incorporation of high-powered semiconductor mechanisms, control circuitry in old high frequency transformers. These smart transformers are being used to provide flexibility to the existing control power distribution networks, thus facilitating the smooth conversion of AC to DC and DC to AC, as per requirement. Solid state transformers serve to an extensive variety of applications, starting from alternative power generation to traction locomotives, power transmission grid and electric industries, and others. Solid state (smart) transformers are widely used in a range of applications, which would facilitate the flat transition from AC to DC and DC to AC, in addition to voltage conversion. Moreover, alternative power generation is the most dominant application of solid state transformers pouring the market growth in the coming years. Growing adoption of renewable power foundations, like wind & solar energy, traction locomotives, are some major factors increasing the adoption of solid state transformers worldwide.
The global smart transformer market is expected to grow at a CAGR of 19.9% during 2016-2023. Smart grids along with smart transformers have huge demand in most of the regions with high industrialization urbanization degree such as Asia-Pacific region, moreover, in the regions with aging power infrastructure such as North America and Europe. Power smart transformers, on the other hand, are being used in the general transmission networks and addition of the distributed renewable power producers and monitoring and controlling of the power flow in real-time is being achieved over the smart transformers. This aids the development and the growth of smart transmission & distribution networks.
Smart transformers are a major integral part of the smart grid, offering controlled power supply with constant monitoring and feedback support system for outage prevention. The global smart transformer market is mainly driven by, rising preference for new renewable energy source, increasing use of traction locomotives & electric vehicles and substantial investments in global smart grids & energy systems. In addition, new renewable energy sources like tidal energy for power generations have boosted research and growth activities in the field of electronic distribution network system, additionally driving the rapid market growth. However, huge cost related to solid state transformer installation and inadequate SST testing structure, are likely to hinder the market growth. The smart transformers technology is still developing while the market is estimated to generate significant revenue from year 2018 and the rate of adoption of these smart transformers would entirely depend upon the growing awareness and availability of this technology in future.
Source: OBRC Analysis
The global smart transformer market is segmented into application, product and component. The application segment is divided into:
Type segment is divided into:
Component segment is divided into:
The revenue for the above application segment are specific to the smart transformer market. However, the total revenue of these application in general has been excluded from the scope of the report.
Geographically, the global smart transformer market has been segmented on the basis of four major region, which include:
Geographically, the global smart transformer market is segmented into four major regions such as North America, Europe, Asia Pacific and Rest of the world. Asia Pacific is the dominating region in terms of revenue and expected to grow during forecast period (2016-2023) due to growing industrialization in the developing countries such as China, India, Russia etc., high investment in smart grid technology and rising production of electricity. China is the largest electricity producer and consumer in the world according to enerdata, in 2015, China has consumed around 4921 TWh whereas the electricity production in China in 2015 was around 5682 TWh. Hence, the growing production and consumption of electricity in Asian countries is attributing towards the growth of Asia Pacific.
The global smart transformer market is segmented in to type, component and application. The type segment is further sub-segmented in to distribution transformer, Instrument transformer, power transformer and specialty transformer. Power transformer is expected to dominate the type segment in smart transformer market as it is widely used by power plants, traditional electric utility companies, and industrial plants for the transmission and distribution of electrical power. Application segment is further categorized in to alternative power generation, electric vehicle charging station, power grid and traction locomotives. Power grid is the dominating application segment as Using smart transformer in power grid helps monitoring faults and facilitates companies to make informed decision analytics for supply and demand of energy, predictive outage and maintenance. Component segment is further segmented in to converter, switch and others. Others segment is expected to dominate the smart transformer in component segment.
The major market players of the global smart transformer market are:
Detailed analysis of these companies provided in this report comprises Overview, SCOT Analysis, Product Portfolio, Strategic Initiative and Strategic Analysis.
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launching. Example in 2015, ABB ltd. has announced that they had launched a Transformer Intelligence. The company new innovative sensors based monitoring solution is used for transformer asserts. The company transformer solution is based on next generation online monitoring solution which keeps a close watch on transformers. General electric had launched a new product Prolec-GE Power Transformer in 2015, this product utilizes a synthetic ester liquid instead of traditional mineral oil.
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This report will:
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At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global smart transformer market offers the longest chain of market segmentation covering major market segmentation based on type, component and application. The report tracks the major market trends in the global smart transformer market such as increasing power demand and digitization of power utilities and so on. For each market segments covered in global smart transformer market report, we provide opportunity matrix, and DRO analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the smart transformer industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key Findings of the global smart transformer market:
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LIST OF FIGURES