Smart Transformer Market to Reach USD 5.22 Billion by 2029; GE’s Renewable Energy Grid Solution and Hitachi ABB Power Grids Engage in Contract, set to Make Beneficial Changes

The global smart transformer market size was USD 1.93 billion in 2021. The market is projected to grow from USD 2.14 billion in 2022 to USD 5.22 billion in 2029 at a CAGR of 13.6% in 2022-2029.

This information is provided by Fortune Business Insights™, in its report, titled, “Smart Transformer Market Size, Share & COVID-19 Impact Analysis, By Type (Power Transformer, Distribution Transformer, Specialty Transformer, Instrument Transformer), By Application (Smart Grid, Traction Locomotive, Electric Vehicle Infrastructure, Others), and Regional Forecast, 2022-2029.”

The surging investment in emerging and fortifying the smart grid as well as the surging trend for embracing automation in the power industry is expected to work in the favor of the market. Moreover, renewable energy resolutions such as solar systems are linked to the basic power grid and modify its operations.

Constrained Investment Prospects during COVID-19 to Hamper Growth

The worldwide market is averagely impacted by the spread of this global concern, as governments across the world have imposed several guidelines to avert the spread of the novel COVID-19 by actively inflicting travel limitations, social distancing, and the shutting down of workplaces that have modified the routine and functioning of people globally.

The noteworthy interruptions in assembling renewable projects and necessities for social distancing have deferred the progression of renewable energy projects and enhancements and progression of grids networks.

Eaton Signs Contract to Attain Tripp Lite, Set to Make Notable Progress

Eaton declared that it has commenced a contract to procure Tripp Lite, who is a pioneer in the supplying of power quality products and connectivity solutions comprising single-phase uninterruptible power supply systems, surge protectors, rack power distribution units, and enclosures for data centers, industrial, medical, and communications markets in North America. The company was founded about 100 years ago and its headquarters is presently located in Chicago, Illinois, U.S. Eaton’s goal is to augment the quality of life and the environment via the utilization of power management technologies and services. 

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https://www.fortunebusinessinsights.com/industry-reports/smart-transformers-market-101199

Rising Significance of Alternative Energy Production Backed by Government Policies

The surging use of fossil fuels holds a latent hazard to the global and regional environment on account of their release of CO2 into the atmosphere. The GCC nations have few of the greatest carbon dioxide emission rates throughout the globe. Consequently, several nations invest in alternative fuels and energy proficiency and are actively working on untapped resources, particularly shale gas. Alternative fuels are safer and cleaner in comparison with fossil fuels and can enhance the environment by decreasing air pollution. Governments across the globe are also endorsing the utilization of alternative fuels and sanctioning numerous beneficial guidelines. These factors are predicted to bolster the smart transformer market growth in the near future.

Partnerships Deals among Corporations to Fortify Their Brand in Market

Fundamental companies operating in the market are continually opting for efficient tactics to endorse their products and inaugurate their positions in the market. One such tactic is to launch novel products by teaming up with other companies to expand their reach to end-users.

Industry Development

• April 2021: GE’s Renewable Energy Grid Solution and Hitachi ABB Power Grids engaged in a landmark contract to decrease the environmental effect in the electrical transmission industry. This deal comprises complementary share intellectual property of power technologies and fast-tracking proficient insulation and switching gas in high-voltage equipment.

List of Key Players Covered in the Report

• ABB (Switzerland)


• Schneider Electric (France)


• Siemens (Germany)


• Mitsubishi Electric Corporation (Japan)


• Eaton (Ireland)


• Alstom (France)


• GE Power (U.S.)


• Powerstar (England)


• CG Power and Industrial Solutions Limited (India)


• Ormazabal (Spain)


• SPX Transformer Solutions Inc. (U.S.)


• Triad Magnetics (U.S.)

Further Findings

Asia Pacific is the prime region and held the largest smart transformer market share. Nations in the Asia Pacific are deliberately emphasized on refining grid stability and investing in intelligent grid ventures.

This market is segregated into the smart grid, traction locomotive, electric vehicle infrastructure, and others based on application. The smart grid application is predicted to dominate the market share as it is most frequently used in power systems.

Table of Segmentation