Renewable Energy Transformer Market

Renewable Energy Transformer Market Segmentation by Product-Type (Distribution Transformer, Power Transformer, and Others); by Cooling-Type (Dry-Type, Water-Cooled, and Fluid-Immerged Reactor); by Application (Solar PV, Wind Farm, Hydro-Energy, and Others)- Global Demand Analysis and Opportunity Outlook 2030

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Report ID: 3255 | Published On: Apr 04, 2022

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  • June 2021: 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.


Global Renewable Energy Transformer Market Highlights 2022-2030

The global renewable energy transformer market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. One of the major factors expected to contribute to the market's growth is the increasing demand for power supply worldwide. Furthermore, there is a need for sustainable development around the world leading to the rise in demand for renewable energy, which in turn is expected to boost the demand for renewable energy transformers in the upcoming years. In addition to thee, rising number of government initiatives for the generation of renewable energy, and emphasis of companies to provide innovative solutions for generating and storing renewable energy are also projected to fuel the progress of the market in the near future. According to the International Renewable Energy Agency (IRENA), the world generated 2.53 million megawatts of renewable energy globally in 2019, which was approximately 27.9% of the total power generated in the world.

Renewable Energy Transformer Market

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The market is segmented by product-type into distribution transformer, power transformer, and others, out of which, the distribution transformer segment is anticipated to capture a significant share in the global renewable energy transformer market. This can be attributed to the increase in electricity consumption across the world and growing settlement of people in urban areas. According to the World Bank, the urban population increased up to 56.21% in 2020, up from 55.714% in 2019. Additionally, on the basis of application, the solar PV segment is anticipated to grow at the highest CAGR over the forecast period ascribing to the increased usage of solar panels globally. According to IRENA, the total amount of solar energy generated in 2019 was 584.8 megawatt and is estimated to increase as a result of a rise in the development of solar farms across the globe. 


Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.


Global Renewable Energy Transformer Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The market in the Asia Pacific is anticipated to occupy the largest market share during the forecast period ascribing to the increasing transmission and infrastructural distribution spending for the development of long-distance electricity networks, and the growing usage of renewable energy in the region. For instance, according to India Brand Equity Foundation (IBEF), the installed renewable energy in India till February 2021 amounts to 92.97 gigawatt. Along with this, ongoing refurbishment activities in the long-existing grid infrastructure is also expected to fuel the demand for renewable energy transformers in APAC. Additionally, the market in North America is also predicted to occupy a notable market share, which can be credited to the rising installation of advanced electrical equipment in the region and increasing government initiatives for electricity generation via renewable energy sources.

Renewable Energy Transformer Market

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The global renewable energy transformer market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Renewable Energy Transformer Market
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Market Segmentation

Our in-depth analysis of the global renewable energy transformer market includes the following segments:

By Product-Type

  • Distribution Transformer
  • Power Transformer
  • Others

By Cooling-Type

  • Dry-Type Reactor
  • Water-Cooled Reactor
  • Fluid-Immerged Reactor

By Application

  • Solar PV
  • Wind Farm
  • Hydro-Energy
  • Others


Growth Drivers
  • Increasing Demand for Clean Power Globally
  • Growing Rate of Industrialization and Urbanization

Challenges

  • Standardization Issues Related to Renewable Energy Products


Electricity Consumption
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Top Featured Companies Dominating the Market

    • 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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the renewable energy transformer market?

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

2) What would be the CAGR of renewable energy transformer market over the forecast period?

Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the renewable energy transformer market growth?

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

4) Which region will provide more business opportunities for growth of renewable energy transformer market in future?

Ans: 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.

5) Who are the major players dominating the renewable energy transformer market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the renewable energy transformer market?

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

8) Which segment under the product-type captures the largest market size in the renewable energy transformer market?

Ans: 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.

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