Recently, Joint Market Research released a research report titled 'Global Renewable Energy Transformers Market Analysis and Industry Forecast 2022-2032.' According to the report, the global renewable energy transformers market reached $29.9 billion in 2022 and is projected to reach $57.6 billion by 2032, with an expected annual growth rate of 7.1% from 2023 to 2032.
The renewable energy transformers market is driven by the increasing demand for clean energy, growth in infrastructure and smart manufacturing, and rising electricity consumption. Environmental concerns and technological advancements create favorable growth opportunities for the market. However, substantial initial investments and land requirements hinder market growth.
During the forecast period, the distribution transformers segment is expected to experience faster growth. By type, distribution transformers held the largest market share in 2022, surpassing half of the global renewable energy transformers market revenue. It is anticipated to maintain its dominant position in the future. This is attributed to the crucial role distribution transformers play in the smooth integration of renewable energy sources, such as solar and wind power, into the grid. Widely used in decentralized renewable energy systems, they are essential for enhancing grid reliability and adapting to diverse renewable energy sources. This dominance in the market reflects the evolving energy landscape, emphasizing the importance of efficient and adaptable distribution infrastructure for achieving sustainable power integration.
Based on insulation material classification, dry-type transformers held the largest market share in 2022, accounting for over half of the global renewable energy transformers market revenue and expected to maintain dominance in the future. This trend is due to their environmentally friendly and low-maintenance characteristics. Dry-type transformers utilize solid insulation materials, eliminating the need for environmentally harmful oils. This aligns with the renewable energy sector's efforts towards sustainability while reducing oil-related environmental risks. Additionally, dry-type insulated transformers exhibit greater resistance to fires, ensuring the safety of renewable energy devices. Their minimal maintenance requirements and compact design make them an ideal choice for various renewable energy applications, contributing to their widespread use and dominant position in the market.
In terms of capacity classification, the 5 MW to 100 MW segment held the highest market share in 2022, exceeding one-fifth of the global renewable energy transformers market revenue and expected to maintain its dominant position in the future. This trend is attributed to its versatility and scalability. This capacity range is well-suited for medium to large-scale renewable energy projects, meeting the diverse capacity requirements of wind and solar power projects. These transformers efficiently boost voltage for transmission, addressing the growing demand for integrating renewable energy into the grid. Their capacity aligns with the typical output of modern renewable energy devices, making them the preferred choice for enhancing grid connectivity and managing the diversified output of renewable energy sources.