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Renewable Energy Transformer Market to Reach $57.6 Billion, Globally, by 2032 at 7.1% CAGR: Allied Market Research


The global renewable energy transformer market is experiencing growth due to several factors such as surge in demand for clean energy and high consumption of electricity.

WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Renewable Energy Transformer Market by Type (Distribution Transformer, Power Transformer, and Others), Insulation (Dry and Liquid Immersed), Capacity (5 MVA to 100 MVA, 100 MVA to 500 MVA, and 500 and above), and Application (Hydro Energy, Wind Farm, Solar PV, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global renewable energy transformer market attained $29.9 billion in 2022 and is projected to reach $57.6 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.

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Prime determinants of growth

The renewable energy transformer market is driven by increase in demand for clean energy, rise in infrastructure and smart construction activities, and high consumption of electricity. Environmental concerns and advances in technology create lucrative growth opportunities for the market. However, high initial investment and land requirements hinder the market growth.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023?2032

Base Year

2022

Market Size in 2022

$29.9 billion

Market Size in 2032

$57.6 billion

CAGR

7.1 %

No. of Pages in Report

250

Segments covered

Type, Insulation, Capacity, Application, and Region.

Drivers

·  Surge in demand for clean energy

·  High consumption of electricity

·  Rise in infrastructure and smart construction activities

Opportunities

·  Environmental concerns

·  Technological advancements

Restraints

·  High initial investment

·  Land and space requirements

Challenge

·  Grid integration

 

Impact of Russia-Ukraine War on Renewable Energy Transformer Market

The distribution transformer segment is expected to grow faster during the forecast period.

By type, the distribution transformer segment held the highest market share in 2022, accounting for more than half of the global renewable energy transformer market revenue and is expected to retain its dominance during the forecast period. This can be attributed to the fact that distribution transformers have a crucial role in connecting renewable energy sources, such as solar and wind farms, to the power grid. These transformers efficiently step up or down voltage for transmission and distribution, ensuring seamless integration of fluctuating renewable energy outputs. Their widespread use stems from the increasing adoption of decentralized renewable energy systems, where distribution transformers play a significant role in enhancing grid reliability and accommodating diverse renewable energy sources. This dominance reflects the evolving energy landscape, emphasizing the importance of efficient and adaptable distribution infrastructure for sustainable power integration.

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The dry segment is expected to maintain dominance during the forecast period

By insulation, the dry segment held the highest market share in 2022, accounting for more than half of the global renewable energy transformer market revenue and is likely to retain its dominance during the forecast period. This can be attributed to its eco-friendly and low-maintenance characteristics. Dry-type transformers use solid insulation materials, eliminating the need for environmentally harmful oil. This aligns with the renewable energy sector's sustainability goals and reduces the risk of oil-related environmental hazards. In addition, dry insulation transformers are more resistant to fire, ensuring safety in renewable energy installations. Their minimal maintenance requirements and compact design make them ideal for various renewable energy applications, contributing to their widespread adoption and dominance in the market.

The 5 MVA to 100 MVA segment is expected to grow faster during the forecast period.

By capacity, the 5 MVA to 100 MVA segment held the highest market share in 2022, accounting for more than two-fifths of the global renewable energy transformer market revenue, and is likely to retain its dominance during the forecast period. This can be attributed due to their versatility and scalability. This range is well-suited for medium to large-scale renewable energy projects, accommodating the varying power generation capacities of wind and solar farms. These transformers efficiently step-up voltage for transmission, adapting to the growing demand for renewable energy integration into the grid. Their capacity aligns with the typical output of modern renewable installations, making them a preferred choice for enhancing grid connectivity and managing the diverse power outputs from renewable sources.

The hydro energy segment is expected to grow faster during the forecast period.

By application, the hydro energy segment held the highest market share in 2022, accounting for more than one-third of the global renewable energy transformer market revenue and is likely to retain its dominance during the forecast period. This can be attributed due to its consistent and reliable power generation. Hydropower installations often feature large-scale generators, requiring transformers with substantial capacity to efficiently transmit electricity to the grid. Transforming the mechanical energy from water into electrical power demands robust and high-capacity transformers, typically in the range of 5 MVA to 100 MVA. This dominance reflects the longstanding and widespread use of hydropower globally, emphasizing the need for transformers capable of handling the unique demands of hydroelectric facilities, contributing to the resilience and stability of the renewable energy transformer market.

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Asia-Pacific to maintain its dominance by 2032.

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global renewable energy transformer market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The renewable energy transformer market in the Asia-Pacific region has been experiencing significant growth in recent years.  This growth is primarily driven by the rapid economic growth, increasing energy demand, and significant investments in renewable energy projects. Countries like China and India are leading the shift towards sustainable energy, driving the demand for transformers to integrate renewable sources into their grids. Government initiatives, supportive policies, and a growing awareness of environmental issues further propel the market. The region's vast and diverse geography accommodates various renewable resources, fostering a robust market for transformers catering to solar, wind, and hydroelectric installations, making Asia-Pacific a key player in the global renewable energy transformation.

Players: -

The report provides a detailed analysis of these key players in the global renewable energy transformer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario

Trending Reports in Transformer Industry:

Transformers Market: Global Analysis and Industry Forecast, 2021-2031 

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Dry Type Transformer Market Analysis and Industry Forecast, 2020?2027

Hydropower Market: Global Opportunity Analysis and Industry Forecast, 2023?2032

Instrument Transformers Market: Global Analysis and Industry Forecast, 2023-2032

Solid State (Smart) Transformer Market: Global Analysis and Industry Forecast, 2021-2028

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research


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