Smart Transformers Market Outlook 2022, Global Opportunity & Growth Analysis

Posted on 2019-10-17 by MarketsandMarkets in Energy, Industrial, Semiconductors // 0 Comments

CITY, Country, 2019-Oct-17 — /EPR Network/ —

According to the new market research report “Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region – Global Forecast to 2022” the global Smart Transformers Market was valued at USD 1.25 billion in 2016 and is projected to reach USD 2.43 billion by 2022, at a CAGR of 10.54%, from 2017 to 2022 as per MarketsandMarkets.

Browse 66 Market Data Tables and 35 Figures spread through 141 Pages and in-depth TOC on “Smart Transformers Market – Global Forecast to 2022”

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Why growth of the electric vehicle market and the allied infrastructure continues to offer more opportunities?

The global electric vehicles’ (EV’s) stock stood at 665,000 at the end of 2014, accounted for 0.08% of the total passenger cars sold across the world. It represents a small fraction compared to passenger car sales. However, electric vehicle sales have registered a multifold growth in the past few years. According to the International Energy Agency (IEA) and Electric Vehicle Initiative (EVI), around 20 million electric vehicles are expected to be on the road globally, by 2020. Japan, United States, and China are some of the key markets for electric vehicles, among others. The growth of the EV market has also increased investments from various stakeholders to develop the allied infrastructure, such as electric vehicle charging systems. IEA and EVI are aiming to deploy 2.4 million slow chargers and 6,000 fast chargers across 16 EVI counties.

The Japanese government is expected to deploy 2 million slow chargers and 5,000 fast chargers across the nation, by 2020. The Netherlands aimed to have 20,000 slow chargers and 100 fast chargers by 2015. Furthermore, the US deployed 22,000 slow chargers and 350 fast chargers in 2014. Fast charging is an advanced method of vehicle charging and consumes less time compared to slow chargers. It is also known as “DC quick charging” which provides DC to a vehicle’s battery from an external charger. On the other hand, slow charging offers an AC current from an external charger to a vehicle’s battery. Here, a solid state transformer can prove to be useful as it can offer output in either form of power. Hence, the growth of EV and allied services offered a huge opportunity to the Smart Transformers Market.

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Why cyber security & data privacy remain a major challenge?

Smart equipment, such as a smart transformers, obtain information and communicate on digital networks. Moreover, these equipment can be controlled over networks, raising concerns regarding data theft, and cyber-attacks. Consumers considering these potential threats prefer conventional equipment. The misuse of this data can pose as a national security threat.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Smart Transformers Market. These players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Eaton (Ireland), and General Electric (US). The leading players are trying to make inroads in the markets in developed economies and are adopting various strategies to increase their market shares.

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