NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global transformers market for renewable
energy size is estimated to grow by USD 3.44 bn from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
about 4.65% during the forecast period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Solar PV
and Wind farm), Indication
(Dry insulation and Liquid immersed insulation),
and Geography (APAC, Europe, North America,
South America, and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America
and Middle East and Africa
|
Key companies
profiled
|
Bharat Heavy
Electricals Ltd., CG Power and
Industrial Solutions Ltd., Daihen Corp., Eaton
Corp. Plc, ENERCON GmbH, Esennar
Transformers Pvt. Ltd., General Electric Co.,
Hitachi Ltd., LC Magnetics Inc., Marsons Energy
Pvt. Ltd., Northern Transformer Corp., Rajasthan
Powergen Transformer Pvt. Ltd., S.E.A. Societa
Elettromeccanica Arzignanese S.p.A., Schneider
Electric SE, Siemens AG, STC Inc., Synergy
Transformers Pvt. Ltd., TESLA TRANSFORMERS
GLOBAL Pvt. Ltd., Voltamp Transformers Ltd.,
and Westrafo Srl
|
Key Market Trends Fueling Growth
In the renewable energy sector, transformers play a crucial role
in ensuring dependable electrical supply from solar and wind power
sources. These energy installations generate electricity that may
vary in voltage and load profiles, necessitating voltage
transformation for efficient energy transmission. Transformers made
of copper, aluminum, insulating materials, and magnetic cores
facilitate bidirectional power transmission, enabling grid
stability during renewable energy integration. Urban areas and
various industries, including hospitals, commercial end-users, and
transportation, rely on these transformers for meeting their energy
demands. Despite the initial investment, transformers contribute to
performance optimization, production cost savings, and reducing
carbon footprint in line with sustainability goals. Severe weather
conditions and large transformer installations pose challenges,
requiring robust designs and maintenance strategies.
Market Challenges
- The transformers market for renewable energy integration is
significant due to the expansion and upgrading of electricity
distribution infrastructure. This involves investments in
substations, transmission lines, and transformers for accommodating
renewable energy sources like solar, wind, and hydropower. High
costs for grid upgrades may deter developers from investing in
renewable energy projects, leading to reduced demand for
transformers. Uncertainty surrounding infrastructure expansion can
hinder the growth of renewable energy systems, including
solar PV, wind farms, and hydro-energy projects. Transformers
play a crucial role in sustainable energy systems, enabling the
integration of various renewable energy sources into the electrical
power grid.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This transformers market for renewable energy report extensively
covers market segmentation by
- Application
- 1.1 Solar PV
- 1.2 Wind farm
- Indication
- 2.1 Dry insulation
- 2.2 Liquid immersed insulation
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Solar PV- The renewable energy
transformers market segmentation by application reveals significant
growth in the electricity production sector, particularly in the
integration of solar PV, wind farm, and hydropower systems.
Distribution transformers and dry-type transformers play a crucial
role in this expansion, facilitating the electrical infrastructure
required for renewable energy sources. The power transformer market
is also experiencing growth due to the increasing capacity of
electricity production plants and transmission facilities in the
renewable energy sector. Solar PV and wind energy are major
contributors to this growth, with solar energy becoming
increasingly cost-effective and hydropower generation continuing to
dominate the hydropower market. The integration of renewable energy
sources into the electrical power system necessitates the use of
transformers to ensure a sustainable and carbon-neutral energy
system. Geothermal and biomass energy are also emerging as
significant contributors to the renewable energy transformers
market. Overall, the market is driven by the expansion of renewable
energy systems, the integration of various renewable energy
sources, and the need for a sustainable and carbon-impact reducing
electrical power system.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The transformers market for renewable energy is experiencing
significant growth due to the increasing integration of renewable
energy sources into the power grid infrastructure. Renewable energy
systems, such as wind, solar, hydropower, geothermal, and biomass,
require specialized transformers for distribution and transmission.
Dry-type transformers are commonly used in renewable energy
applications due to their advantages in terms of carbon impact and
construction advancement. In rural and remote places, the
availability of electricity is a major challenge, making
sustainable energy systems and unconventional energy sources
increasingly important. Transmission routes for renewable energy
are being developed to connect townships and housing projects to
the electrical infrastructure, further driving the demand for
distribution transformers in the renewable energy sector. Hydro
energy, as a major renewable energy source, also requires robust
transformer technology for efficient power transmission and
distribution.
Market Research Overview
The Transformers Market for Renewable Energy is experiencing
significant growth due to the increasing adoption of renewable
energy sources worldwide. These transformers play a crucial role in
converting and managing the electrical energy generated from
renewable sources such as solar, wind, and hydro. The market is
driven by factors such as government initiatives to reduce carbon
emissions, technological advancements, and the declining cost of
renewable energy. Transformers for renewable energy applications
are designed to handle the unique challenges posed by these energy
sources, including voltage fluctuations and intermittency. The
market is segmented based on type, application, and region.
Transformers for renewable energy are essential for ensuring the
stability and reliability of the power grid as the share of
renewable energy in the energy mix continues to increase.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Indication
-
- Dry Insulation
- Liquid Immersed Insulation
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio