APAC Smart Transformers Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Smart Transformers Market Analysis
The Asia-Pacific smart transformers market is expected to grow at a CAGR of more than 8% during the forecast period. Factors such as the increasing focus of governments across the developed and emerging economies, such as China and India, on adopting smart technology in power grid infrastructure and rising challenges, such as ageing transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart transformers across Asia-Pacific. Moreover, the increasing demand for smart grid technologies and energy storage initiatives is likely to further drive the smart transformers market during the forecast period. The challenge, however, is the problem of low accessibility to electricity in some nations and poor government regulations and initiatives to expand and modernize the grid infrastructure, which in turn is expected to limit the growth of the market studied.
- Distribution transformers, which are to communicate with consumers and for continuous load monitoring, are expected to be the major segment for the smart transformers market.
- A number of governments of both emerging and underdeveloped nations across the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them to achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in smart transformers market in the near future.
- China is expected to be the largest market for smart transformers, owing to increased investment in smart grids to meet the demand of electricity in the country.
APAC Smart Transformers Market Trends
This section covers the major market trends shaping the APAC Smart Transformers Market according to our research experts:
Distribution Transformers to Dominate the Market
- The growing emphasis on renewable energy generation across the world, coupled with increasing electrical infrastructure projects, is expected to drive the demand for distribution transformers during the forecast period, in turn driving the smart transformers market.
- In electric distribution grid, smart transformers work independently to monitor and regulate the voltage while maintaining a contact with the smart grid. This enables the information about the transformer and the power supply to be provided even by remote administration. Hence, this enables for proper load management, resulting in better power quality and lesser power outages.
- In 2018, India was the third-largest electricity-generating nation in the world. This power is generated from both conventional and renewable sources. The country has made major strides in improving access to power among both rural and urban communities through various government-led schemes focused on Power for All.
- Moreover, developed economies, such as Japan, contribute to the significant demand for smart transformers, owing to the increasing replacement of aging power distribution equipment, and increase in the integration of renewables to the grid.
China to Drive the Market
- China is the world's largest market for power transmission and distribution (T&D) and is also poised to become a major consumer of smart grid technology, supported by its policy to reduce carbon emission and commitment for green development.
- China has the ambition to become a world leader in electrical power equipment by 2025. This is a national strategy outlined in the Technology Roadmap (2017) of the Made in China 2025 programme. Innovation and technology are heavily focused on in the national programme and large amounts of funding are allocated to support the development.
- State Grid Corporation of China has rolled out 'Global Energy Internet' concept, based on having smart grid connections to an ultra-high voltage power grid that would have the potential to deliver clean energy. This in turn is expected to drive the smart transformers market in the country during the forecast period.
- In 2019, China's State Grid sanctioned world's largest smart grid facility, with first phase of this project concluding in 2021, and completing it in 2024. This project is expected to bolster the smart transformer market in China and hence drive it during the forecast period.
APAC Smart Transformers Industry Overview
The Asia-Pacific smart transformers market is moderately fragmented. Some of the key players in the market include ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation PLC, and General Electric Company.
APAC Smart Transformers Market Leaders
ABB Ltd
Siemens AG
Schneider Electric SE
Eaton Corporation PLC
General Electric Company
*Disclaimer: Major Players sorted in no particular order
APAC Smart Transformers Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Distribution Transformers
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5.1.2 Power Transformers
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5.2 Geography
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5.2.1 India
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5.2.2 China
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5.2.3 Japan
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5.2.4 South Korea
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5.2.5 Rest of Asia-Pacific
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 ABB Ltd
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6.3.2 Crompton Greaves
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6.3.3 Siemens AG
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6.3.4 General Electric Company
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6.3.5 Hitachi Ltd.
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6.3.6 Schneider Electric SE
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6.3.7 Mitsubishi Electric Corporation
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6.3.8 SPX Transformer Solutions Inc.
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6.3.9 Eaton Corporation plc
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6.3.10 KONCAR - Electrical Industry Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Smart Transformers Industry Segmentation
The Asia-Pacific smart transformers market report include:
| Type | |
| Distribution Transformers | |
| Power Transformers |
| Geography | |
| India | |
| China | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
APAC Smart Transformers Market Research FAQs
What is the current Asia Pacific Smart Transformers Market size?
The Asia Pacific Smart Transformers Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Smart Transformers Market?
ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation PLC and General Electric Company are the major companies operating in the Asia Pacific Smart Transformers Market.
What years does this Asia Pacific Smart Transformers Market cover?
The report covers the Asia Pacific Smart Transformers Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Smart Transformers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Smart Transformers Industry Report
Statistics for the 2024 Asia Pacific Smart Transformers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Smart Transformers analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
