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.