Most of the installed transformers worldwide consist of conventional transformers, but the global transformer market is expected to move towards smart transformers that are more equipped to accommodate the significant deployment of renewable energy. Smart transformers provide many advantages, including remote monitoring, improved efficiency, and improved functionality. In the future, a range of initiatives are expected to drive the market of smart transformers, especially in the advanced economies (EU member states and the US), including the EU’s regulation for power transformers, Smart Grids Task Force, Transformer Resilience, and Advanced Components (TRAC) Program, and Grip Smart Program.