Renewable Energy Transformer Market Size & Share, by Product-Type (Distribution Transformer, Power Transformer); Cooling-Type (Dry-Type, Water-Cooled, Fluid-Immerged Reactor); Application (Solar PV, Wind Farm, Hydro-Energy) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3255
  • Published Date: Apr 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Renewable Energy Transformer Market size is anticipated to cross USD 42.4 Billion by the end of 2035 , growing at a CAGR of 4.8% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of renewable energy transformer was over USD 23 Billion. The growth of the market can be attributed to the demand for electric grids due to increased industrialization and urbanization.

Renewable energy transformers are crucial elements of power grids as they aid in power transfer between networks with minimal variations in frequency and degradation. In the next years, the requirement for renewable energy transformers is expected to be fueled by higher expenditures in the development of power grid infrastructure along with transmission routes to provide electricity availability in rural places. In the time frame of the evaluation, the transformer market is estimated to be driven by increased transmission network studies and the growing utilization of unconventional and renewable energy sources for producing power in remote places. Renewable energy increased from 20% to 28% of worldwide electricity supply between 2011 and 2021. There are 3,146 gigawatts of installed renewable energy capacity in 135 nations, with 156 countries having legislation governing the renewable energy sector.


Renewable Energy Transformer Market
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Renewable Energy Transformer Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising consumption of energy in developing countries-- Increasing energy consumption in emerging and developed countries, together with increased infrastructure investment, is predicted to be the key driver for market expansion over the duration of the forecast. Energy consumption in emerging countries is expected to expand at a 3% annual rate, while energy demand in developed countries is expected to grow at a 0.9% annual rate. 
  • Rapid Industrialization and Urbanization- Energy consumption in emerging countries is expected to expand at a 3% annual rate, while energy demand in developed nations is expected to increase at a 0.9% annual rate. 
  • Infrastructure and construction operations advancement- The development in infrastructure and construction operations has resulted in a surge in demand for power transformers. Between April 2000 and September 2022, FDI in construction advancement (townships, housing, built-up infrastructure, and construction advancement initiatives), as well as construction (infrastructure) operation sectors, totaled US$ 26.23 billion and US$ 28.95 billion, respectively.
  • Rising demand for Smart grid and transformer deployment- In 2019, National Grid began work on the West Ashville substation assignment in New York to tackle low voltage concerns on the current transmission grid. National Grid has authorized the construction of a new substation in the Town of Harmony in order to reduce the burden on the current system. These investments in new power grid initiatives are projected to drive up demand for renewable energy transformers even more.
  • High Consumption of Electricity - The consumption of electricity has soared in recent years as a result of increased computerization and population growth. The rise in average energy usage is projected to be responsible for the renewable energy transformers market's consistent growth. The world's population is predicted to grow by about 2 billion people during the next 30 years, from 8 billion today to 9.7 billion in 2050, with a peak of nearly 10.4 billion in the mid-2080s.

Challenges

  • Standardization Issues Related to Renewable Energy Products
  • Lack of Competence - Employees must be instructed to set up, utilize, and upkeep cutting-edge technology. Some require operational expertise in specific climatic conditions before optimizing performance. During the projected period, this aspect is likely to hinder the expansion of the renewable energy market. 
  • Huge initial investments to create infrastructure

Renewable Energy Transformer Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~4.8%

Base Year Market Size (2022)

~ USD 23 Billion

Forecast Year Market Size (2035)

~ USD 42.4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Renewable Energy Transformer Segmentation

The market is segmented and analyzed for demand and supply by end users into distribution transformer, power transformer, and others. Out of these, the distribution transformer segment is estimated to gain the largest market share of about ~50% in the year 2035. The demand for distribution transformers is rising owing to rapid urbanization. The rising number of electricity production plants and transmission facilities has resulted in higher distribution transformer revenues. Out of all regions, the African continent is anticipated to have the greatest potential. The expected fuel need for distribution transformers in the coming decades is the electrification of the African continent in the years ahead. The incorporation of renewable energy into the electrical grid in advanced as well as emerging nations has raised investment in the electrical power system and boosted the expansion of the distribution transformer segment. At the 24th World Energy Congress in Abu Dhabi, the United Arab Emirates' capital, in September 2019, Chinese telecom giant Huawei unveiled a variety of power solutions, involving aspirations for a smart distribution transformer. 

Application (Solar PV, Wind Farm, Hydro-Energy)

The global renewable energy transformer industry is also segmented and analyzed for demand and supply by application into solar PV, wind farm, hydro-energy, and others. Amongst these three segments, the heat hydro-energy segment is expected to garner a significant share of around ~35% in the year 2035. During the projected period, the segment is expected to be driven by factors including a growing number of novel hydropower initiatives backed by government backing and an increased need for reliable electricity. In the coming years, emerging technological advancements aiming at expanding hydropower generation are likely to present considerable potential for the hydropower market. In 2019, hydropower capacity (80.25 GW) was worth 6.7% of installed electricity production capacity in the United States.


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Research Nester
Renewable Energy Transformer Market Size
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Companies Dominating the Global Renewable Energy Transformer Landscape

top-features-companies
    • Eaton Corporation Plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Hitachi ABB Power Grids
    • CG Power and Industrial Solutions Ltd.
    • DAIHEN Corp.
    • Schneider Electric SE
    • Siemens AG
    • STC Inc.
    • Bharat Heavy Electricals Ltd.
    • ENERCON GmbH
    • General Electric Company

In-the-news

In The News

  • Hitachi ABB Power Grids have launched a transformer for floating offshore wind energy, which operates by enabling the new generation of floating and turbines and substations. The aim of this product is to overcome large volume of wind to support the energy transition for a sustainable future.
  • Siemens Energy was awarded a contract to set up 22 distribution transformers at China's first industrial 66 kV offshore wind farm, Yuhuan Offshore Wind Power Project Phase 1, near Taizhou, Zhejiang Province.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3255
  • Published Date: Apr 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising demand for electric grids on account of increase in industrialization and urbanization is expected to drive the growth of the market.

The market is anticipated to attain a high CAGR oof 4.8% over the forecast period, i.e., 2023-2035.

Issues with standardization of renewable energy products is estimated to hamper the market growth of the renewable energy transformer market.

The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing number of government initiatives for renewable energy sources in the region.

The major players dominating the renewable energy transformer market are Eaton Corporation Plc, Hitachi ABB Power Grids, CG Power and Industrial Solutions Ltd., DAIHEN Corp., and others.

The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company, which determines the revenue-generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product-type, cooling-type, application, and by region.

With respect to the product-type, the distribution transformer segment is anticipated to grow at a significant rate over the forecast period owing to the growing number of renewable energy projects across the world.
Renewable Energy Transformer Market Report Scope
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