By the end of 2023, the green transformer market is projected to reach a value pool of US$ 17 billion, according to Future Market Insights. Green transformer demand is anticipated to increase globally, reaching US$ 35 billion in 2033 at a CAGR of 7.
Green Transformer market is anticipated to foresee sound growth in next few years, however, the market is thereafter anticipated to expand between 6 to 8% CAGR till 2031. The market is primarily driven by increasing use of renewable energy in developed economies. Additionally stringent rules and regulations enacted by governments to reduce global warming is further boosting the growth of the market.
What is Driving Demand for Green Transformer?
Green transformers being eco-friendly, efficient, and cost-effective in long term, are being preferred by the end users as a viable alternative to conventional transformers. The oil medium is vegetable oil instead of mineral oil thereby eradicating generation of hazardous waste. These transformers offer Quieter Operation, Longer Equipment Lifecycle, Cleaner Manufacturing and Lifecycle and others.
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One of the prominent driving factors of the market growth has been increasing use of renewable energy. Wind and Solar are among the leading renewable energy resources. Although the “fuel” utilized in solar and wind-powered electricity generation is free, accessible, renewable, and sustainable, the manufacturing procedures that go into the equipment might be troublesome.
Therefore, distribution of renewable energy throughout the electric grid requires more sustainable and efficient devices and green transformers does the work here.
The rise in industrialization and urbanization coupled with increased demand for more sustainable technologies in power and distribution sector is expected to be a key driver of the green power transformers market. In the recent few years, there has been a considerable growth in demand for green transformers all over the world, which is anticipated to drive the green power transformers market in the forecast period.
With the abovementioned reasons, the green power transformers are being deemed as an optimal substitute for mineral oil and SF6-based power transformers. Mineral oil becomes unstable when exposed to high voltage and heat, causing premature oil degradation and, as a result, a reduction in transformer life. SF6 is has very high GWP, 22,800 times more than CO2. Since, this transformers have a low environmental impact; thus, these transformers are used as an alternative to this transformer technologies.
Which Is The Most Lucrative Opportunity for the Green Transformer Market?
Making solar and wind energy more economical to maintain over time has the desirable side effect of lowering renewable energy technology costs in general. As the world struggles with climate change, the energy sector will be in transition for some time. This is seen as a key opportunity for the market.
U.S. Green Transformer Market Outlook
The North America market was critically impacted by Covid-19 pandemic, all kinds of development project were halted including the power and distribution sector. However as the vaccination pace is increasing in the country, market is anticipated to return on pre pandemic levels and development projects are set to regain its momentum in next few quarters.
The increased energy standards set by US Department of energy and other organization in the region will optimistically impact the growth of the green transformer market in the region. Furthermore, industrial development and increased renewable energy investment will also benefit the market.
According to Deloitte, renewable energy growth in US may accelerate in 2021 as the new administration starts to execute on a platform that includes rejoining the Paris Climate Accord, investing $2 trillion in clean energy, and fully decarbonizing the power sector by 2035 in order to achieve a larger goal of net-zero carbon emissions by 2050. This puts further promising opportunity for the market in the region.
Asia Pacific Demand Outlook for Green Transformer
Asia Pacific is projected to account for prominent share in the global green transformer market. The market in the region is set foresee significant growth opportunities in the forecast period, owing to rise in infrastructure spending to develop new and refurbishment of existing grid infrastructure in the region.
Furthermore, government initiatives to increase connectivity and electricity distribution in countries like India, China and others will also benefit the market.
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Who are the Key Manufacturers and Suppliers of Green Transformer?
Some of the leading manufacturers of Green Transformer include
Key Segments
By Installation Site:
By Phase:
By Power Rating:
By End User:
By Region:
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About Future Market Insights (FMI) Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 13, 2023
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