According to a new market study on the Europe smart transformers market, the market was valued at $220 million in 2016 and is expected to reach $503 million by 2025, growing at a CAGR of 9.67% during the forecast period of 2017-2025.

The major drivers for the market growth are a rise in the industrial growth, aging infrastructure leading to investment in smart grids, rising production of electricity and a growing demand for green energy, reports Business Insider.

Although the power grid market segment held the major share in the year 2016, it is the alternative power generation segment that is expected to hold the largest share by the end of the forecast period.

The market by type is classified into instrument transformer, specialty transformer, distribution transformer, and power transformer. In the coming years, the distribution transformer is predicted to be the fastest growing type of the market.

Some of the major players in the market include Cooper Industry, Wilson Power Solutions Alstom, Amantys Limited, Grid Bridge, Inc, Crompton Greaves Ltd, Eaton Corporation Plc, Siemens, Schneider Electric, Maschinenfabrik Reinhausen GmbH, and Tesla Transformers Ltd.

Source: Business Insider