2016 global smart transformers and switches revenue over $20

     Power companies around the world are working to expand and upgrade their substation infrastructure to improve the stability and security of their power systems. The global market for smart transformers and switches is expected to grow from about $20.3 billion in 2016 to $24.1 billion by 2025, according to a report by Navigant Research. "The replacement of traditional transformer and switch settings means large-scale investment is coming in the next decade, " explains Richelle Elberg, chief analyst at Navigant Research, "However, smart automated transformers and switches have become the norm for the new generation of substations as operators increasingly demand reliability and security in grid-connected and grid-system operations, as well as the government's increasing emphasis on this. In the next decade, competition between smart transformers and smart switches and traditional products will become increasingly fierce, high costs remain the biggest constraint to the development of smart transformers and switchgear, the report said. So while the market will grow steadily over the next decade, it will not grow too fast.