Latest News- Transformers For Renewable Energy Market: Solar PV is expected to lead the Application segment during 2025-2029

The Transformers For Renewable Energy Market is being driven by Shift in focus of government bodies toward renewable energy

The Transformers For Renewable Energy Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4034 million. In the context of renewable energy, solar Photovoltaic (PV) systems are an essential component for meeting energy demands in buildings. However, the intermittent nature of solar power poses a challenge in providing consistent energy supply. This issue can be mitigated through the integration of energy storage systems. Excess solar energy generated during peak production hours can be stored in batteries and discharged during periods of low solar generation or increased energy demand. This integration not only reduces dependency on grid power but also enhances cost savings through self-consumption. Solar PV and energy storage systems are a strategic investment for homes and businesses, ensuring uninterrupted power supply and maximizing the utilization of renewable energy sources. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Solar PV
  • Wind farm
• Indication
  • Dry insulation
  • Liquid immersed insulation
• Type
  • Distribution transformers
  • Power transformers
  • Others
• Capacity
  • 5 MVA to 100 MVA
  • 100 MVA to 500 MVA
  • 500 MVA and Above
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Shift in focus of government bodies toward renewable energy
• Modernization of existing transformers by smart grid systems
• Expansion of renewable power generation capacity

However, the market also witnesses some limitations, which are as follows:

• High cost of upgrading electricity distribution networks
• Intermittency in solar energy
• Declining cost of solar PV modules

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Market Scope in Transformers For Renewable Energy Market Research Report

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Research Analysis Overview

Transformers play a crucial role in the renewable energy sector, facilitating the integration of various renewable energy sources, such as solar, wind, hydro, and unconventional energy systems, into the electrical infrastructure. In rural and remote areas, distribution transformers and dry-type transformers are essential for sustainable energy systems and electricity availability. Renewable energy transformers reduce the carbon impact by supporting the power grid infrastructure and ensuring efficient transmission routes for renewable energy sources. Construction advancements in built-up infrastructure continue to improve the performance and efficiency of these transformers, making them a vital component of the sustainable energy system.

Market Research Overview

The renewable energy transformer segment is a significant part of the larger electrical components and equipment market. This market encompasses businesses involved in the production of electric cables and wires, electrical components, and equipment. According to Technavio, the global electrical components and equipment market size is determined by the consolidated revenue of manufacturers specializing in various product categories, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market includes revenue generated from the rental and leasing of electrical components and equipment to industrial, commercial, and residential consumers. Key renewable energy applications for transformers include wind farms and solar power plants, which contribute to sustainable energy systems, mitigating carbon impact, and addressing climate change concerns by reducing greenhouse gas emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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