• Stacy Lawlor

Global Smart Transformers Market Size to grow by US$ 5.1 Bn in 2030

The smart transformers market is projected to reach US$ 5.1 Bn by 2030, at a CAGR of 12.1%.


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Many countries throughout the world are launching smart city initiatives and adopting smart city technologies to manage resources due to rising population and urbanization. Sensors, smart lights, and smart meters, among other connected devices, aid in increasing the functionalities and efficiency of infrastructure. The growing number of smart homes and buildings, smart infrastructures, smart grid, and Industry 4.0 projects is likely to result in significant business transformations, propelling market growth.


The rise of the worldwide smart transformers market has been fueled by an increase in type investments in developing nations, as well as the emergence of big data analytics. Furthermore, the IIoT market is predicted to grow due to increased demand from the smart grid industry and the launch of industry-specific platforms in the developed world.


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Due to factors such as rising Wi-Fi penetration, technological advancements in wireless network technologies, and increased acceptance of cloud platform, the smart transformers market size continues to grow. Furthermore, as the development of smart transportation and smart cities progresses, IoT adoption increases. This, in turn, pulls the smart transformers industry forward. The market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the tactics being developed to create a united digital-human workforce are projected to provide significant prospects for growth.


Because fossil fuels emit carbon dioxide (CO2) into the atmosphere, their increasing use poses a potential threat to the global and regional ecology. The Gulf Cooperation Council countries have some of the highest CO2 emission rates in the world. As a result, several governments are investing in alternative fuels and energy efficiency, as well as tapping previously untapped resources, such as shale gas. Alternative fuels are far safer and cleaner than fossil fuels, and they can help the environment by lowering pollution levels in the air. Governments all across the world are pushing alternative fuels and establishing regulations to encourage their use.

The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational operational visibility. Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they're concentrating on IIoT adoption in order to entice customers, improve customer experience, and raise brand awareness. All of these activities promise well for the electric vehicle charging IoT market's growth in the next years.


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KEY INDUSTRY DEVELOPMENTS:


October 2021- Prolec GE has acquired SPX Corporation to expand the portfolio and to increase the customer base in America.


March 2021- Hitachi and ABB Power Grid has partnered up with Nanyang Technological University, Singapore (NTU Singapore) for a government lead smart grid project, which is a part of the Singapore Government Energy 2.0 initiative to shape and transform the grid system.


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