LONDON--(BUSINESS WIRE)--The global transformers market for renewable energy is expected to post a CAGR of nearly 16% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the shift in focus of government bodies toward renewable energy. Renewable energy has gained importance at a rapid rate for transformers used in solar as well as wind power plants. Environment-friendliness and abundant availability are some of the advantages of renewable energy sources. The extensive pressure on fossil fuels has compelled governments to shift their focus from fossil fuels sources to renewable energy sources.
This market research report on the global transformers market for renewable energy 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
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In this report, Technavio highlights the technological advances in transformers as one of the key emerging trends in the global transformers market for renewable energy:
Global transformers market for renewable energy: Technological advances in transformers
Technological advances in transformers are leading to increase in adoption for renewable energy, globally. Transformers are crucial to the power system and are used for stepping up and stepping down the voltage during T&D of the power generated through power plants. By providing appropriate voltage levels while transmitting renewable power to the grid, renewable energy transformers help in achieving grid stability. Technological advances will increase efficiency and will help in better integration of renewables.
“Another innovation that is expected to drive the growth of the market is the smart transformer. These transformers are a part of the digital substation and can independently connect with the smart grid. They function based on the real-time feedback received on parameters associated with power supply. These transformers are well-equipped with smart electronic devices and thus provide better supervisory control over other transformers,” says a senior analyst at Technavio for research on power.
Global transformers market for renewable energy: Segmentation analysis
This market research report segments the global transformers market for renewable energy by application (solar PV and wind farm) and geographical regions (APAC, EMEA, and the Americas).
The solar PV segment held the largest market share in 2017, accounting for over 59% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 and the region is expected to dominate the market through 2022, with over 12% increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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