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North America Smart Transformers Market Forecast 2019-2027

The North America smart transformers market was valued at $XX million in 2018 and is expected to reach $XX million by 2027 growing at an anticipated CAGR of 8.39% during the forecast period 2019-2027. The rising production of electricity, compliance with regulatory standards and the increasing demand for green energy are majorly responsible for driving the market.

Increasing consumption of electricity in the major revenue contributing countries of North America, namely, Canada and the U.S. have boosted the adoption of solid-state transformers in North America. Smart transformers have overcome the shortcomings of traditional transformers in terms of reliability, security and effective transmission. This market is segmented on the basis of type, component, and application. The different types of smart transformers include distribution transformer, specialty transformer, instrument transformer, and power transformer. Of these, the distribution transformer is expected to exhibit the fastest growth in the coming years. The components of the transformers include switches, converters and other such components whereas the market finds its application in the electric vehicle charging station, traction locomotives, power (distribution) grid and in alternative power generation.

Crompton Greaves Ltd., Mitsubishi Electric Corporation, Maschinenfabrik Reinhausen GmbH, Siemens AG, Schneider Electric SE, SPX Transformer Solutions, ABB Ltd., Howard Industries, Inc., Bharat Heavy Electricals Limited, Tesla Transformers Ltd., General Electric Co., and Eaton Corporation PLC are major operating market players in North America.
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North America Smart Transformers Market Forecast 2019-2027
Published By :Inkwood Research
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