Renewable Energy Transformer Market to Grow with a CAGR of 5.19% through 2028
Increasing
renewable energy capacity & integration and rising government incentives
and policies are likely to drive the market in the forecast period.
According to TechSci
Research report, “Renewable Energy Transformer Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Renewable Energy Transformer Market stood at USD 32.08 billion in
2022 and is anticipated to grow with a CAGR of 5.19% in the forecast period.One
of the primary drivers propelling the global Renewable Energy Transformer
market is the rapid expansion of renewable energy capacity worldwide.
Governments, businesses, and individuals are increasingly recognizing the
importance of transitioning away from fossil fuels to reduce carbon emissions
and combat climate change. This shift has led to a significant surge in the
installation of renewable energy infrastructure, including wind farms, solar
power plants, and hydropower facilities. As the capacity of renewable energy
sources grows, the demand for specialized transformers designed to efficiently
handle the unique characteristics of these sources also increases. Renewable
Energy Transformers play a vital role in converting the variable and
intermittent power generated from sources like wind and solar into a stable and
reliable electricity supply. They help ensure grid stability and optimize the
integration of renewable energy into existing electrical grids. Consequently,
the expansion of renewable energy capacity acts as a key driver fueling the
demand for Renewable Energy Transformers.
Government
policies and incentives are instrumental in driving the growth of the global
Renewable Energy Transformer market. Many countries have implemented supportive
policies and regulations to promote the adoption of renewable energy sources
and achieve sustainability goals. These policies often include renewable energy
targets, feed-in tariffs, tax incentives, and subsidies for renewable energy
projects. Government mandates that require utilities to procure a certain
percentage of their energy from renewable sources create a consistent demand
for renewable energy infrastructure, including transformers. In addition to financial
incentives, governments establish standards and regulations for grid
integration, which further emphasize the importance of specialized Renewable
Energy Transformers to ensure the efficient and reliable operation of renewable
energy systems.
In conclusion,
the increasing capacity of renewable energy sources and government policies and
incentives are two significant drivers of the global Renewable Energy
Transformer market. These factors collectively stimulate investments in
renewable energy projects and necessitate the development and deployment of
transformers optimized for renewable energy integration, making them essential
components of the transition to a cleaner and more sustainable energy future.
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The Global Renewable
Energy Transformer Market is segmented into product, cooling, application and
region. Based on product,
The Distribution Transformer segment had the largest market share in 2022 &
expected to maintain it in the forecast period. The renewable energy landscape
has seen significant growth in small-scale and distributed energy resources,
such as rooftop solar panels and small wind turbines. These decentralized
energy sources require distribution transformers to connect them to the local
electrical grid. With the increasing popularity of residential and commercial
solar installations, distribution transformers are in high demand for these
distributed renewable energy systems. Distribution transformers are crucial for
integrating renewable energy into local distribution grids. They help regulate
voltage and ensure that the electricity generated from renewable sources is
compatible with the grid's existing infrastructure. As renewable energy
capacity continues to expand at the local level, distribution transformers play
a pivotal role in grid stability and reliability. Distribution transformers
enable the efficient delivery of renewable energy to end-users. They step down
voltage from higher distribution levels to the lower voltage levels used by
homes, businesses, and small industries. This ensures that electricity from
renewable sources is delivered safely and reliably to consumers. Distribution
transformers are commonly used in residential and commercial applications where
renewable energy systems are prevalent. These include solar panels on rooftops,
small wind turbines, and local microgrids. As individuals and businesses
increasingly adopt renewable energy solutions to reduce energy costs and
environmental impact, distribution transformers become an integral part of
these systems. The deployment of renewable energy resources at the distribution
level contributes to grid resilience and decentralization. In the event of grid
failures or disruptions, distributed renewable energy systems equipped with
distribution transformers can continue to provide power to critical loads,
enhancing energy reliability.
Based on application,
The Solar PV segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. Solar energy has
experienced exponential growth globally, with solar PV installations becoming
one of the fastest-growing sources of renewable energy. The decreasing cost of
solar panels and increased efficiency of solar PV systems have contributed to
this growth. As a result, the demand for Renewable Energy Transformers
optimized for solar PV integration has surged. Solar PV installations are
highly versatile and can be deployed on various scales, from small residential
systems to large utility-scale solar farms. The dominance of distributed solar
PV systems, including residential and commercial rooftop installations, has led
to a significant demand for distribution transformers designed to connect these
systems to the grid. Efficient grid integration of solar PV energy is essential
to ensure stable and reliable electricity supply. Distribution transformers
play a critical role in regulating voltage and accommodating bidirectional
power flows, ensuring that electricity generated from solar panels can be
seamlessly integrated into local distribution grids. Many governments worldwide
have implemented supportive policies and incentives to encourage solar PV
adoption. These policies include feed-in tariffs, tax credits, and subsidies
for solar PV projects. Such incentives have further boosted the installation of
solar PV systems, driving the demand for associated transformers. Growing
concerns about climate change and environmental sustainability have led to
increased interest in clean energy sources like solar PV. Individuals,
businesses, and governments are increasingly motivated to reduce their carbon
footprint, driving investments in solar energy projects.
Major companies
operating in the Global Renewable Energy Transformer Market are:
- ABB Ltd
- Bharat Heavy Electricals Limited (BHEL)
- Crompton Greaves Consumer Electricals Limited
- DAIHEN Corp.
- General Electric Company
- Hitachi Group
- HD Hyundai Heavy Industries Co., Ltd
- Hyosung Heavy Industries
- Kirloskar Electric Co. Ltd.
- Mitsubishi Electric Corporation
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“The Global Renewable
Energy Transformer market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The growth of the market is attributed
to the increasing demand for renewable energy sources, such as solar and wind power.
Renewable energy sources are intermittent, meaning that they do not generate
electricity all the time. Renewable energy transformers are used to convert the
variable voltage and frequency of renewable energy sources to the voltage and
frequency required by the electrical grid. Another factor driving the growth of
the market is the increasing investment in renewable energy projects around the
world. In 2022, global investment in renewable energy reached a record USD 300
billion. This investment is expected to continue to grow in the coming years,
as countries strive to meet their net-zero emissions targets. The Asia Pacific
region is expected to be the largest market for renewable energy transformers
over the forecast period. This is due to the region's strong economic growth
and increasing investment in renewable energy projects. Therefore,
the market of Renewable Energy Transformer is expected to boost in the upcoming
years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Renewable
Energy Transformer Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028 Segmented By Product (Distribution
Transformer, Power Transformer), By Cooling (Dry Type, Water Cooled, Fluid
Immerged Reactor), By Application (Solar PV, Wind Farm, Hydro-Energy), By
Region, By Competition”, has evaluated the future growth potential of Global
Renewable Energy Transformer Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision-makers make sound
investment decisions., The report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities in the Global
Renewable Energy Transformer Market.
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