The rising awareness about green energy sources across the world is transforming the energy and power industry. The trend of green energy is emerging on account of increasing environmental pollution from traditional energy resources. Governments are playing a significant role in conducting awareness programs about clean energy. Fortune Business Insights in a report, titled “Smart Transformers Market Size, Industry Share and Growth Rate 2019-2026” published the above information.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Top Players Mentioned:
- Siemens AG
- Schneider Electric SE
- Eaton Corporation Plc
- General Electric Company
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Limited
- Crompton Greaves Ltd.
- Howard Industries.
- SPX Transformer Solutions Inc.
- Electric Hammond Power Solutions
- Dongan Electric Manufacturing Co
- Kotsons Pvt. Ltd.
Key Players Focusing on Heavy Investments in Power Projects
Major vendors are focusing on adopting various strategies to strengthen their product portfolio and attract high smart transformer market revenue in the forecast period. These strategies include merger and acquisition, contracts and agreements, investments in product development, the launch of new products, and other collaborative efforts.
The rising instability in crude oil prices is expected to positively impact the growth of the Smart Transformers Market. Rising privatization and relaxation in the FDI norms are factors enabling growth in the market. Also, governments are heavily investing in power projects, which in turn, may fuel demand for energy and power plants across the globe.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Smart Transformers Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fuelling demand for energy and is expected to drive the Smart Transformers Market.
- By Component
- By Type
- By Application
- By Geography
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Significant Industry Developments of Smart Transformers Market Include:
April 2018 – Hyundai Power Transformers USA, Inc. invested USD 33 million in Alabama, the US, to increase its production capacity of power transformers by more than 60%. The company strongly believes this investment will help to strengthen the position of the company in the coming years.
November 2018 – The world’s first dry-type (oil-free) transformer with the coil and the core can be cooled by air was launched by ABB. Non-flammable solid insulation material and air can be utilized for offshore applications.
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