A report published by Markets and Markets, has forecast the smart transformers market to grow from an estimated $1.47bn to $2.43bn by 2022.
The report titled, "Smart Transformers Market by Component (Converters, Switches, Transformers, Hardware for Transformer Monitoring), Type (Power, Distribution, Specialty, and Instrument), Application (Smart Grid, Traction Locomotive, Electric Vehicle Charging), and Region-Global Forecast to 2022," claims the global market is set to witness a significant growth period due to increasing emphasis on alternative energy production across the globe.
The smart transformers market is project to grow faster in the Asia Pacific region, especially in China, Japan, and South Korea.
Asia Pacific has also offered the biggest potential gains for foreign direct investment and attracted 45% of all the capital investment, globally, in 2015.
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