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The electricity demand is increasing globally owing to the increasing population, and industrialization. The increase in demand has prompted countries to invest in alternative and current energy generation capabilities to meet future demand, alongside integrating smart equipment into the network to provide monitoring, tracking, and predictive maintenance features, making the grid networks future-ready and cost-efficient. According to the International Energy Agency (IEA), in 2022, global power demand remained resilient despite the global energy crisis caused by Russia's invasion of Ukraine. Demand increased by about 2.0%, compared to an average growth rate of 2.4% from 2015 to 2019. The electrification of the transportation and heating sectors has continued to accelerate globally, with record sales of electric automobiles and heat pumps in 2022 contributing to growth. Electricity consumption in the European Union fell sharply by 3.5% year on year (y-o-y) in 2022, as the region was particularly hard impacted by high energy prices, resulting in significant demand destruction among industrial consumers. Electricity demand in India and the US increased, while COVID-19 regulations hampered China's expansion.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
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
- copyright
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
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart transformer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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