Medium-voltage Segment is Expected to Dominate the Global Solar Transformer Market
Governments around the world are offering various
incentives and initiatives to promote the adoption of solar energy. This is
driving the demand for solar transformer systems.
According
to TechSci Research report, “Global Solar Transformer Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Solar Transformer is anticipated to project
robust growth in the forecast period with a CAGR of 3.25% through 2028. Solar transformer
manufacturers are constantly developing new technologies to improve the
efficiency, reliability, and cost-effectiveness of solar transformers. This is
making solar transformers more attractive to customers, and it is also driving
the growth of the solar transformer market. Governments and private investors
are investing heavily in the solar sector. This is driving the demand for solar
transformers, as solar transformers are used in all types of solar
installations, from residential to utility-scale. Some of the leading solar
transformer manufacturers in the world are headquartered in the APAC region,
such as Huawei, Sungrow, and Ginlong Solis. These manufacturers have a strong
presence in the APAC market, and they are well-positioned to meet the growing
demand for solar transformers in the region.
Commercial
solar installations are also becoming increasingly popular due to their
benefits, such as lower electricity costs and increased sustainability.
Medium-voltage solar transformers are used in commercial solar installations to
step up the voltage of DC power
The
COVID-19 pandemic and other global events have caused disruptions to the global
supply chain. This has made it difficult for solar transformer manufacturers to
obtain the raw materials and components they need to produce solar
transformers.
Rising
costs of raw materials: The cost of raw materials, such as copper and steel,
has been rising in recent years. This has increased the cost of producing solar
transformers. Trade tensions between different countries can also impact the
solar transformer market. For example, the trade war between the United States
and China has led to tariffs on solar transformers imported from China. This
has increased the cost of solar transformers in the United States. Despite the
challenges it faces, the solar transformer market is expected to experience
significant growth in the coming years. This is due to the increasing adoption
of solar energy, rising demand for grid-connected solar systems, growing
investments in the solar sector, and technological advancements.
Solar
transformer manufacturers are working to address the challenges facing the
market. For example, they are developing new technologies to improve the
efficiency and reduce the cost of solar transformers. They are also working to
raise awareness of the benefits of solar energy systems and solar transformers.
Governments can also play a role in supporting the growth of the solar
transformer market. They can offer incentives for solar energy systems, and
they can invest in research and development of new solar transformer
technologies.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Solar
Transformer Market.”
The
Asia Pacific region is expected to be the largest market for solar transformers
during the forecast period. This is due to the growing demand for solar energy
in the region, particularly in China and India. China is the world's largest
solar market, and India is the world's third-largest solar market. Both
countries are investing heavily in the solar sector, and this is driving the
demand for solar transformers. North America and Europe are also expected to be
significant markets for solar transformers during the forecast period. The
North American solar market is growing rapidly, and the European solar market
is expected to recover from its recent decline. The key players in the global
solar transformer market include ABB, Schneider Electric, Siemens, TMEIC, and
Toshiba. These companies are offering a wide range of solar transformers to
meet the different needs of customers. Overall, the global solar transformer
market is expected to experience significant growth in the coming years, driven
by the increasing adoption of solar energy, rising demand for grid-connected
solar systems, growing investments in the solar sector, and technological
advancements.
Key
market players in the Global Solar Transformer Market are following:-
- ABB
- Ormazabal
Velatia
- OREX
- Olsun
Electrics
- Núcleo
ATS
- Northern
Transformer
- Noratel
- Ningbo
Wanji Electronics Science & Technology
- ABC
Transformers
- Marsons
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“
In January 2022, Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co Ltd. launched a
new tender for the supply of a digital 3-phase distribution transformer for the
state power distribution grid of Madhya Pradesh.
As
of May 2022, according to the Central Electricity Authority (CEA), India had a
total installed renewable capacity of 159.94 GW. The country is poised to
achieve its target of 175 GW of renewable capacity by 2022. In November 2021,
the Indian government announced a new non-fossil energy capacity target of 500
GW by 2030. “said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Solar Transformer Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Voltage Rating (Central Voltage, Medium-voltage,
Low-voltage), By Application (Grid-connected and Off-grid solar systems ), By
Colling Type (Oil-Immersed &
Air-Cooled), By Region, Competition 2018-2028. has evaluated the future growth
potential of Global Solar Transformer Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Solar Transformer Market.
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