Advancements in IoT and Communication Technologies to Support Grid Modernization

Global smart transformer market is anticipated to grow at a CAGR of 3.5% during the forecast period (2024–2031). The market growth is driven by the advancements in smart transformers and relative technology which are assisting the market in driving the development of more complex and efficient transformers. The advancements are expected to improve grid monitoring, enable predictive maintenance, improve fault detection capabilities, and increase overall operational efficiency through several technologies. Conclusively, the future of smart transformers relies on the scale at which new technologies are incorporated into the product.

Browse the full report description of “Smart Transformer Market Size, Share & Trends Analysis Report by Type (Power Transformer, Distribution Transformer, Specialty Transformer, and Instrument Transformer), and by Application (Smart Grid, Locomotives, and Electric Vehicle Infrastructure) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/smart-transformer-market

Recent Developments

• In February 2024, Siemens introduced generative AI features to its predictive maintenance solution, Senseye Predictive Maintenance. This advancement makes predictive maintenance more conversational and understandable. Siemens' new release of Senseye Predictive Maintenance with generative AI features will accelerate and improve human-machine interactions and predictive maintenance by combining established machine learning capabilities with generative AI.

• In April 2022, Siemens Energy introduced CAREPOLETM, a novel dry-type single-phase transformer for pole applications. The new cast-resin distribution transformer, designed to meet the technological requirements of the American grids offers a dependable and sustainable alternative to oil-filled transformers. When equipped with a smart IoT gateway, the transformer may send end-to-end encrypted data to an analytics and visualization platform.

Market Coverage  

· The market number available for 2024-2031 

· Base year: 2023 

· Forecast period: 2024-2031 

· Segment Covered- 

o By Type

o By Application

· Regions Covered- 

o North America 

o Europe 

o Asia-Pacific 

o Rest of the World

• Competitive Landscape: ABB Group, General Electric Co., Hitachi Energy Ltd., Mitsubishi Electric Corp., and Siemens AG among others.

Key questions addressed by the report 

• What is the market's growth rate? 
• Which segment and region dominate the market in the base year? 
• Which segment and region will project the fastest growth in the market? 
• Who is the leader in the market? 
• How are players addressing challenges to sustain growth? 
• Where is the investment opportunity? 

Global Smart Transformer Market Report Segment 

By Type

• Power Transformer 
• Distribution Transformer
• Specialty Transformer
• Instrument Transformer

By Application

• Smart Grid
• Locomotives
• Electric Vehicle Infrastructure

Global Smart Transformer Market Report Segment by Region 

North America 

· United States 

· Canada 

Europe 

· UK 

· Germany 

· Italy 

· Spain 

· France 

· Rest of Europe 

Asia-Pacific 

· China 

· India 

· Japan 

· South Korea 

· Rest of Asia-Pacific 

Rest of the World 

· Latin America

· The Middle East and Africa

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