Smart transformer market expected to reach $5.04 B by 2026
Smart transformer market size was $1.72 B in 2018 and is expected to rise at a CAGR of 14.5 % reaching $5.04 B by 2026, according to Fortune Business insights™.
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Smart transformer market size was $1.72 B in 2018 and is expected to rise at a CAGR of 14.5 % reaching $5.04 B by 2026, according to a report issued by Fortune Business insights™.
The market is growing on account of the increasing demand for smooth power supply and the rise in focus on producing alternate energy worldwide. Smart transformers provide the necessary amount of power via the voltage optimisation process and give instant response to any fluctuations in the power grid to maintain the smooth functioning of the power grid.
The report on the smart transformer market offers a comprehensive overview of the market and its prime growth trajectories. These include growth drivers, restraints, challenges, and opportunities. Apart from this, the report also throws light on recent developments, current smart transformer market trends, and other interesting insights related to the market. The report also provides detailed segmentation of the market based on type, application, and regions and the competitive landscape. It also lists the names of key players operating in the market and discusses the major strategies adopted by them to maintain a strong foothold in the market.
The key players in this market include: SPX Transformer Solutions Inc., CG Power and Industrial Solutions Limited, Ormazabal, Powerstar, GE Power, Mitsubishi Electric, Triad Magnetics, Siemens, Alstom, Hitachi ABB, Eaton, and Schneider Electric.
The regions covered in this report are: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
Source: Globe Newswire