Smart transformers market worth $2.43 billion by 2022
A new market study analysing smart transformers market has been published by MarketsandMarkets.
According to the report, the global smart transformers market is expected to grow from an estimated $1.47 billion in 2017 to $2.43 billion by 2022, registering a CAGR of 10.54% from 2017 to 2022.
The market is expected to witness a significant growth due to increasing emphasis on alternative energy production across the globe, digitalization of power utilities, and huge investments in smart grids and energy systems.
The smart grid segment is expected to hold the largest share of the market during the forecast period.
Distribution transformers are expected to constitute the fastest growing market from 2017 to 2022.
Asia Pacific is expected to account for the largest market share in the global market by 2022. Countries such as China, Japan, and India are investing in grid expansion projects to increase the distribution grid reliability.
The market players profiled in the report include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Eaton (Ireland), and General Electric (US).