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.
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Technavio has announced its latest market research report titled Global Transformers Market for Renewable Energy Market 2024-2028
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Forecast period |
2024-2028 |
|
Base Year |
2023 |
|
Historic Data |
2018 – 2022 |
|
Segment Covered |
Application (Solar PV and Wind farm), Indication |
|
Region Covered |
APAC, Europe, North America, South America |
|
Key companies profiled |
Bharat Heavy Electricals Ltd., CG Power and |
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.
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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.
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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
Solar PV
Wind Farm
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
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Website: www.technavio.com/
SOURCE Technavio
