According to a new report by Vantage Market Research, the global smart transformers market, valued at $2.19 B in 2021 is projected to reach $4.55 B by 2028.

The smart transformers industry is expected to grow significantly compared to the market of the forecast period, with a CAGR of 11 %.

The smart transformers market refers to the use of advanced technology to improve the efficiency, reliability, and functionality of power transformers. Smart transformers are also known as solid-state transformers or digital transformers.

The market for smart transformers is expected to grow in the coming years, driven by the increasing demand for renewable energy sources and the need for more efficient and reliable power grids. The Asia-Pacific region is expected to be the largest market for smart transformers, due to the growing demand for electricity in countries such as China and India, with top players like GE, Schneider Electric, Siemens Energy, and others.