Market Insights forecasts Europe’s smart transformers market to generate $503 million in revenue by 2025.The energy market research firm predicts revenue generation in the region’s smart transformers market to grow by 9.67% from $220 million in 2016.
The growth of the market will mainly be due to increased investments in smart grids, a rise in industrial activities, demand for green energy and an increase in the production of electricity to meet growing demand.
In addition, the growing hybrid and electric vehicles markets will positively impact on the smart transformer market during the forecast period.
Utilities' efforts to operate ‘error free’ energy networks will drive the market growth.
The smart transformers market is divided into three segments:
- Components: Comprising switches and converters
- Applications: Which include technologies used in traction locomotives, alternative power generation, electric vehicle charging stations and power distribution networks
- Type: Instrument type, specialty transformer, distribution transformer and the power transformer.
The alternative power generation segment is expected to generate the highest revenue within the smart transformer market whilst the distribution transformer segment will be the fastest growing type of the market.
In 2016, the power grid market held the largest share of the smart transformer market.
Smart grid investments
In relation to smart grid investments, Polish energy distribution system operator Energa has in early October made an announcement that it is set to deploy smart grid infrastructure to improve the efficiency of the grid. The energy distribution system operator signed a deal with the country’s Ministry of Energy to jointly fund the implementation of the smart grid programme.
The energy ministry agreed to provide up to PLN166 million ($45.1 million) to help Energa to modernise its energy network. The smart grid project will include the installation of advanced metering infrastructure to ensure consumers are accurately billed and provided with access to real-time energy usage data, which they can use to improve their energy efficiency. Read more...
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