Market Data: Smart Transformers and Switchgear

Transmission and Distribution Substation Technologies:
Global Market Trends and Forecasts

The transmission and distribution (T&D) power grid represents critical infrastructure for every nation worldwide. Today, in response to a number of operational and regulatory challenges, utilities are working to expand and upgrade their substation infrastructure. The aim is to ensure system reliability and security, as well as accommodate burgeoning distributed energy resources (DER). As a result, transformers and switchgear—also known as big iron—are increasingly equipped with connectivity and automation characteristics that make them smart. However, the very high cost and long lead times for the procurement of this equipment mean that the overall market is expected to grow steadily but not rapidly.

At the transmission level, these devices are massive, expensive pieces of equipment that may take several years to procure. While an unforeseen failure can be catastrophic, the logistics and budgeting/planning involved in replacing existing transformers or switches mean only a very small percentage of existing equipment is typically replaced each year. In the distribution grid, similar dynamics are at work, but there is generally far less automation. This is beginning to change, particularly in North America and Europe. For a variety of reasons discussed in this report, utilities increasingly are investing in greater automation and visibility further out in the grid. According to Navigant Research, revenue for smart transformers and switchgear is expected to grow from $20.3 billion in 2016 to $24.1 billion in 2025.

This Navigant Research report summarizes the global outlook for smart transformers and switchgear for high-voltage (HV) and medium-voltage (MV) substations. The study describes the market drivers and barriers associated with growth in both the smart transformer and switchgear markets. Global market forecasts, segmented by T&D-level equipment (category) and region, extend through 2025. The report also outlines Navigant Research’s assumptions supporting these regional market forecasts for smart transformers and switchgear.

Key Questions Addressed:
  • How large is the global market for smart transformers and switchgear?
  • Which regions are expected to experience the greatest growth in smart transformers and switchgear—and why?
  • What challenges do transmission and distribution system operators face when upgrading major assets?
  • What are the market drivers and barriers for transformer and switchgear upgrades?
  • How quickly will these equipment upgrades occur?
Who needs this report?
  • Transmission and distribution (T&D) equipment vendors
  • Transmission system operators (TSOs)
  • Distribution system operators (DSOs)
  • Independent system operators (ISOs)
  • Engineering design and construction companies
  • Government agencies and regulators
  • Research organizations
  • Investor community

Table of Contents

1. Executive Summary

1.1  Smart Transformers and Switchgear Market Overview

1.2  Market Forecast

2. Market Issues

2.1  Overview

2.2  Market Definitions and Scope

2.3  Market Segmentation

2.4  Market Drivers

2.5  Market Barriers

3. Market Forecasts

3.1  Market Forecast Methodology

3.2  Global Market Forecast Overview

3.2.1     North America

3.2.2     Europe

3.2.3     Asia Pacific

3.2.4     Latin America

3.2.5     Middle East & Africa

3.3  Conclusions and Recommendations

3.3.1     Conclusions and Recommendations for Utilities and Vendors

4. Acronym and Abbreviation List

5. Table of Contents

6. Table of Charts and Figures

7. Scope of Study, Sources and Methodology, Notes

List of Charts and Figures

  • Annual Revenue for Smart Transformers and Switchgear by Region, World Markets: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Segment, World Markets: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, World Markets: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, North America: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Europe: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Asia Pacific: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Latin America: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Middle East & Africa: 2016-2025

List of Tables

  • Annual Revenue for Smart Transformers and Switchgear by Category, World Markets: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Region, World Markets: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, World Markets: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Region, World Markets: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, North America: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, North America: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Europe: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, Europe: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Asia Pacific: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, Asia Pacific: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Latin America: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, Latin America: 2016-2025
  • Annual Revenue for Smart Transformers and Switchgear by Category, Middle East & Africa: 2016-2025
  • Cumulative Revenue for Smart Transformers and Switchgear by Category, Middle East & Africa: 2016-2025
  • Simplified Utility Transmission and Distribution Network Classifications

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