Asia Pacific Smart Transformers Market to Witness Significant Growth until 2024

Advancements in the power sector and the increased monitoring of microgenerators in the region is expected to drive the growth of Asia Pacific Smart Transformers market.

According to TechSci Research report, “Asia Pacific Smart Transformers Market By Component, By Product Type, By Application, By Country, By Company, Forecast & Opportunities, 2024”, the Asia-Pacific smart transformers market is expected to grow at a CAGR of around 10% during the forecast period. The smart transformers are witnessing adoption owing to the growing investments in the energy sector. Additionally, ageing infrastructure, growing awareness about energy sources, flourishing power sector, increasing uses of micro-generators and advancements in technology are further propelling the demand for smart transformers in the region. Further, the rising demand for compact design and lightweight smart transformer across the region is another vital factor supporting the growth of Asia-Pacific smart transformers market. Moreover, However, high initial cost of purchase and installation, access to affordable capital and cyber security & data privacy are factors obstructing the growth of Asia Pacific Smart Transformers market during the forecast period.

The Asia-Pacific smart transformers market is segmented based on component, product type, application, country and company. Based on component, the market can be categorized into converters, switches, transformers, hardware for transformer monitoring and others. The converters segment is expected to register the highest CAGR during the forecast period. This can be attributed to the factor that converters can be both AC and DC types and can generate the output in either form of the current. Based on product type, the market can be fragmented into power transformers, distribution transformers, specialty transformers and instrument transformers. The distribution transformers are expected to hold a significant market share during the forecast period owing to proper load management, better power quality and lesser wastage. Based on application, the market can be segmented into traction locomotive, smart grid, electric vehicle charging and others. Smart grid is projected to be the fastest growing application during forecast period since smart grid has reciprocal communication for instantaneous monitoring and controlling of network features. Additionally, smart grids prevent faults and power failures & outages.

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Siemens Aktiengesellschaft, Schneider Electric SE, ABB Ltd., General Electric Company, Eaton Corporation Plc, Crompton Greaves Ltd., Mitsubishi Electric Corporation, Howard Industries, Inc., Maschinenfabrik Reinhausen GmbH, Toshiba Corporation and others are some of the leading players operating in Asia-Pacific smart transformers market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

“The Asia-Pacific smart transformers market is expected to witness significant growth during the forecast period, owing to the rise in power demand and upgradation of transmission and distribution infrastructure of smart grids in the region. Additionally, rising domestic demand and easy access to resources have made the Asia-Pacific region emerge as one of the leading producers and consumers of smart transformers.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Asia Pacific Smart Transformers Market By Component, By Product Type, by Application, By Country, By Company, Forecast & Opportunities, 2024” has evaluated the future growth potential of Asia Pacific Smart Transformers market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia Pacific Smart Transformers market.

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