Research firm Technavio forecasts the global transformers market for renewable energy to record annual increases of nearly 16% between 2018 and 2022.
Increased focus by governments to expand portfolios of renewable energy resources is a key factor driving the growth of the market.
The use of transformers enabling solar and wind power plants has helped the renewable energy industry to grow, according to the study.
Governments are increasingly shifting to renewables to meet environmental and sustainability goals.
The scarcity or fossil fuels compared to the abundance of renewable energy resources is shifting government focus to clean energy resources.
Technological advances in transformers is helping to increase the efficiency of integrated grid and renewables networks, simplifying renewables integration and helping to optimise voltage control during the transmission and distribution of energy generated from clean resources.
Advances in transformer technologies is one of the key emerging trends in the global transformers market for renewable energy. The trend is leading to increased in adoption for renewable energy, globally.
“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.
The solar PV segment accounted for over 59% of the market in 2017 and 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.