Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Artificial Intelligence

Smart Transformers Market Size & Share Estimated to Surpass $4.55 Billion By 2028 | Vantage Market Research

Published

on

<!– Name:DistributionId Value:8751563 –> <!– Name:EnableQuoteCarouselOnPnr Value:False –> <!– Name:IcbCode Value: –> <!– Name:CustomerId Value:1235589 –> <!– Name:HasMediaSnippet Value:false –> <!– Name:AnalyticsTrackingId Value:fce06616-01ee-43cf-b7ab-0bcea45ee8e6 –>

WASHINGTON, Feb. 17, 2023 (GLOBE NEWSWIRE) — According to a report published by Vantage Market Research, the Global Smart Transformers Market was valued at USD 2.19 Billion in 2021 and is projected to reach USD 4.55 Billion by 2028. Smart Transformers Industry is expected to increase significantly compared to the forecast period’s market, with a CAGR of 11%.         

Smart Transformers Market Overview

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.

Traditional power transformers are passive devices that step up or step-down voltage, but they lack the ability to monitor or control the flow of electricity. In contrast, smart transformers incorporate digital sensors, communication technologies, and power electronics to provide real-time monitoring and control of the power grid.

Smart transformers offer several advantages over traditional transformers, including:

  • Improved efficiency: Smart transformers can optimize the flow of power, reducing energy losses and improving overall efficiency.
  • Enhanced reliability: Smart transformers can detect and isolate faults, improving the reliability of the power grid.
  • Increased flexibility: Smart transformers can operate in different modes, adapting to changing conditions in the power grid.
  • Better asset management: Smart transformers provide real-time data on their performance, enabling better asset management and maintenance.

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.

Get Access to the In-depth Free Sample Report @ https://www.vantagemarketresearch.com/smart-transformers-market-1155/request-sample

Market Sample Report Includes:

A market sample report for the smart transformers market may include the following sections:

  • Executive Summary: This section provides a summary of the key findings and insights from the report, including market size, growth rate, and major trends and drivers.
  • Market Overview: This section provides an overview of the smart transformers market, including market definition, market segmentation, and key players.
  • Market Dynamics: This section provides an analysis of the key market dynamics driving the growth of the smart transformers market, including market drivers, restraints, and opportunities.
  • Market Segmentation: This section provides a detailed analysis of the smart transformers market by type, component, application, and region.
  • Competitive Landscape: This section provides a detailed analysis of the competitive landscape of the smart transformers market, including market share analysis, competitive positioning, and key strategies of leading companies.
  • Company Profiles: This section provides detailed profiles of the leading companies in the smart transformers market, including company overview, financial performance, product portfolio, and key developments.
  • Future Outlook: This section provides a future outlook for the smart transformers market, including market size and growth rate projections, key market trends, and emerging opportunities.
  • Appendix: This section includes additional information and data sources used in the report, as well as a glossary of key terms and acronyms.

Key Industry Insights & Findings from the report:

As an AI language model, I do not have access to specific reports or data. However, I can provide some general insights and findings related to the smart transformers market:

  • Growth drivers: The market for smart transformers is expected to grow due to several factors, including the increasing demand for renewable energy sources, the need for more efficient and reliable power grids, and the growing adoption of smart grid technologies.
  • Application areas: Smart transformers are used in a variety of applications, including power generation, transmission, and distribution. They are also used in industrial settings and in electric vehicle charging stations.
  • Market segmentation: The smart transformers market can be segmented based on type, component, application, and region. The market for distribution transformers is expected to grow at a higher rate than the market for power transformers.
  • Market challenges: Some of the challenges facing the smart transformers market include the high cost of implementation, the lack of standardization, and the complexity of integrating smart transformers into existing power grids.
  • Competitive landscape: The smart transformers market is highly competitive, with several major players vying for market share. Companies are investing in research and development to create more advanced and efficient smart transformer technologies.

Top Players in the Global Smart Transformers Market

  • GE (US)
  • ABB (Switzerland)
  • Schneider Electric (France)
  • Siemens (Germany)
  • Wilson Transformer (Australia)
  • Eaton (Ireland)
  • Mitsubishi Electric (Japan)
  • CG Power (India)
  • BHEL (India)
  • Gridco (US)
  • SPX Transformer (US)
  • Howard Industries (US)

For Additional Information on Smart Transformers Market Players and Detail List, Download a Report PDF Brochure

Smart Transformers Market Growth & Trends

The smart transformers market is expected to grow significantly in the coming years, driven by several growth factors and trends, including:

  • Increasing demand for renewable energy: The growing demand for renewable energy sources, such as solar and wind power, is driving the need for more efficient and flexible power grids that can handle variable and intermittent power generation. Smart transformers are well-suited to this task, as they can optimize the flow of power and manage power quality.
  • Focus on energy efficiency: Governments and utilities around the world are focusing on improving the efficiency of power grids to reduce energy waste and carbon emissions. Smart transformers can help achieve these goals by reducing energy losses and improving the overall efficiency of the power grid.
  • Adoption of smart grid technologies: The adoption of smart grid technologies is expected to drive the demand for smart transformers, as they are a key component of smart grid infrastructure. Smart transformers can provide real-time data on power quality and grid performance, enabling more effective grid management.
  • Increased investment in power infrastructure: As the global population continues to grow and urbanize, there is a growing need for new power infrastructure to meet increasing demand. Smart transformers can help utilities and governments optimize their power infrastructure investments and improve the reliability and efficiency of their power grids.
  • Emerging technologies: The smart transformers market is expected to benefit from emerging technologies, such as artificial intelligence, Internet of Things, and blockchain, which can be used to optimize the performance of smart transformers and enhance their functionality.

Overall, the smart transformers market is expected to grow at a steady rate in the coming years, driven by these and other growth factors and trends.

Limited Time Offer | Buy this Premium Research Report with Exclusive Discount and Immediate Delivery@ https://www.vantagemarketresearch.com/buy-now/smart-transformers-market-1155/0

Smart Transformers Market Recent Developments

  • In March 2021, Hitachi ABB Power Grids partnered with research institute Nanyang Technological University, Singapore (NTU Singapore) on a government-led smart grid development project. The partnership is expected to also work on the creation of next-gen transformers compatible with the smart grid.
  • In September 2021, Noor Energy 1 adopted the latest technologies from Huawei’s line of products, consisting mainly of the string inverters and Smart Transformer Stations that allow for a more modular system to be built on a fast-track basis.
  • In December 2021, Chinese PV inverter manufacturer Huawei planned to supply its string inverters and smart transformer station for Soudia Agro Solar PV Power Plant in Bangladesh.

Smart Transformers Market Segmentation

By Type

  • Power Transformers
  • Specialty Transformers
  • Instrument Transformers
  • Distribution Transformers

By Component

  • Transformers
  • Hardware for Transformer Monitoring
  • Converters
  • Switches
  • Others

By Application

  • Smart Grid
  • Electric Vehicle Charging
  • Traction Locomotive
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Browse Market Data Tables and Figures spread through 176 Pages and in-depth TOC on Smart Transformers Market Forecast Report (2022-2028).

Regional Analysis

The smart transformers market can be analyzed by region, with each region having its unique market dynamics and growth opportunities. Some key regions in the smart transformers market include:

  • North America: The smart transformers market in North America is driven by the increasing demand for renewable energy sources and the adoption of smart grid technologies. The United States is the largest market in this region due to the presence of major players and the need to modernize and upgrade existing power infrastructure.
  • Europe: The smart transformers market in Europe is driven by government initiatives to reduce carbon emissions and improve energy efficiency. Countries such as Germany, France, and the UK are major markets for smart transformers due to their focus on renewable energy and smart grid technologies.
  • Asia-Pacific: The Asia-Pacific region is the largest and fastest-growing market for smart transformers, driven by the increasing demand for electricity in countries such as China and India. The adoption of renewable energy sources and smart grid technologies is also contributing to the growth of the market in this region.
  • Latin America: The smart transformers market in Latin America is driven by the need to modernize and upgrade existing power infrastructure in countries such as Brazil and Mexico. The adoption of renewable energy sources is also contributing to the growth of the market in this region.
  • Middle East and Africa: The smart transformers market in the Middle East and Africa is driven by government initiatives to reduce reliance on fossil fuels and increase the use of renewable energy sources. Countries such as Saudi Arabia and UAE are major markets in this region due to their focus on renewable energy and smart grid technologies.

Overall, the smart transformers market is expected to grow in all regions, with the Asia-Pacific region expected to have the highest growth rate due to its large and rapidly growing market.

Read Full Report @ https://www.vantagemarketresearch.com/industry-report/smart-transformers-market-1155

Scope of the Report:

Report Attributes Details
Market Size in 2021 USD 2.19 Billion
Revenue Forecast by 2028 USD 4.55 Billion
CAGR 11% from 2022 to 2028
Base Year 2021
Forecast Year 2022 to 2028
Key Players GE, ABB, Schneider Electric, Siemens, Wilson Transformer, Eaton, Mitsubishi Electric, CG Power, BHEL, Gridco, SPX Transformer, Howard Industries
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Browse More Reports from Vantage Library:

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.

Follow Us on: LinkedIn | Twitter | Facebook | YouTube

Contact us

Eric Kunz

6218 Georgia Avenue NW Ste 1 – 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: [email protected]

Website:

Blog:

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Forum Systems Releases GenAI Productivity-Risk Framework and two Fine-tuned Models for Enterprise Customers

Published

on

forum-systems-releases-genai-productivity-risk-framework-and-two-fine-tuned-models-for-enterprise-customers

Announcing a framework to balance productivity and risk for enterprise deployments of GenAI models and releasing two fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—with optimized productivity-risk profiles
Gartner Data & Analytics Summit 2024, LONDON, May 13, 2024 /PRNewswire/ — Forum Systems, a leader in LLM and API technologies, today announced the public release of two language models fine-tuned to optimize their productivity-risk profile from the Gartner® Data & Analytics Summit 2024. The research is discussed at length in two recent articles, Framework for LLM Selection by Balancing Model Risk with Workforce Productivity and Improving Productivity-Risk Profile through LLM Fine-tuning. This groundbreaking work presents a framework for balancing productivity and risk in GenAI deployments, an urgent question among business leaders today.

“LLMs security has its tradeoffs. More restrictive models will be safer but may hamper productivity. If enterprises aren’t measuring the productivity-risk balance of their models, they are in the dark about whether they’ve achieved an optimal tradeoff,” remarked Mamoon Yunus, CEO of Forum Systems. He continued, “classic machine learning metrics like precision and recall can serve as proxies for productivity and risk. Fine-tuning on extensive manual multi-vote labeled data, our LLMs show superior performance compared to base models.” 
The fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—are based on Mistral-7B-Instruct-v0.2 and Meta-Llama-3-8B-Instruct.
In the first article, Forum Systems developed a framework for balancing risk and productivity and assessed the productivity-risk profile of Mistral and Llama 3 before fine-tuning. It found that, when asked to classify prompts as either safe or unsafe, Mistral was more precise and thus aligned with higher productivity, while Llama 3 was more restrictive and thus aligned with lower risk.
The second article analyzed the models after they were fine-tuned on a hand-curated dataset of about 20,000 prompts. The study showed that the productivity-risk profile of both models can see meaningful improvements after fine-tuning. Forum Systems has released both fine-tuned models on Hugging Face to contribute to the broader community of researchers and those working in AI governance and AI alignment, believing its framework for analyzing the trade-offs between productivity will also prove valuable to business leaders deploying safe and effective GenAI offerings.
As Gartner analyst Arun Chandrasekaran recently stated, “Generative AI (GenAI) has the potential to transform businesses across industries. Most business and technology leaders believe that the benefits of GenAI far outweigh its risks.” He recommends, “Put responsible AI at the heart of your generative efforts. Promote harmonious interaction among humans and machines with design thinking and by incorporating human feedback into GenAI applications.” Forum Systems agrees with Chandrasekaran’s analysis and recommendation. Its work in optimizing productivity-risk profiles of small models demonstrates that enterprise-class responsible AI deployments are within reach through fine-tuning.
Source: Gartner, 10 Best Practices for Scaling Generative AI Across the Enterprise, Arun Chandrasekaran, Leinar Ramos, Alberto Pietrobon, 10 January 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About the Gartner Data & Analytics Summit 2024 Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summits, taking place March 11-13 in Orlando, FL., March 26-27 in São Paulo, April 24-25 in Mumbai, May 13-15 in London May 21-23 in Tokyo, and July 29-30 in Sydney. Follow news and updates from the conferences on X using #GartnerDA.
About Forum SystemsForum Systems is leading the Enterprise GenAI revolution. Forum’s patent-pending QuantumSim™, together with Forum Sentry, mitigate the unpredictable nature of LLMs through integration with corporate APIs, ensuring LLM output is truthful and accurate. QuantumSim™ is secure by design and ships with industry-leading guardrails, moderation, data obfuscation, and observability for LLM-enabled offerings. Used by some of the largest global companies for building intelligent business workflows, Forum’s suite of products provides unique solutions that allow enterprises to reinvent themselves with GenAI.
Photo – https://mma.prnewswire.com/media/2410488/Fine_tuned_Comparisons_v2.jpg

View original content:https://www.prnewswire.co.uk/news-releases/forum-systems-releases-genai-productivity-risk-framework-and-two-fine-tuned-models-for-enterprise-customers-302143041.html

Continue Reading

Artificial Intelligence

LG CEO EMBARKS ON STRATEGIC U.S. VISIT TO ENHANCE AI INITIATIVES

Published

on

lg-ceo-embarks-on-strategic-us.-visit-to-enhance-ai-initiatives

AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.

AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
Photo – https://mma.prnewswire.com/media/2410563/Image1__LG_CEO_EMBARKS_ON_STRATEGIC_U_S__VISIT_TO_ENHANCE_AI_INITIATIVES.jpg
Photo – https://mma.prnewswire.com/media/2410564/Image2__LG_CEO_EMBARKS_ON_STRATEGIC_U_S__VISIT_TO_ENHANCE_AI_INITIATIVES_jpg.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/lg-ceo-embarks-on-strategic-us-visit-to-enhance-ai-initiatives-302143111.html

Continue Reading

Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

Published

on

elevate-your-virtual-reality-experience-with-kiwi-design-rgb-vertical-stand,-now-available-on-meta’s-website

LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/

https://www.youtube.com/channel/UCOzFWarIschBuBfNz01Oucw
TikTok – Make Your Day
Photo – https://mma.prnewswire.com/media/2410344/image.jpg

View original content:https://www.prnewswire.co.uk/news-releases/elevate-your-virtual-reality-experience-with-kiwi-design-rgb-vertical-stand-now-available-on-metas-website-302142936.html

Continue Reading

Trending