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The transformers market share for renewable energy is expected to increase by USD 2.96 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.42%.
This transformers market research report for renewable energy provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the transformers market segmentation for renewable energy by application (solar PV and wind farm) and geography (APAC, Europe, North America, South America, and MEA). The transformers market report for renewable energy also offers information on several market vendors, including Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., DAIHEN Corp., Eaton Corp. Plc, ENERCON GmbH, General Electric Co., Hitachi Ltd., Schneider Electric SE, Siemens AG, and STC Inc. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The expansion of renewable power generation capacity is notably driving the transformers market growth for renewable energy, although factors such as intermittency in solar energy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the transformers industry for renewable energy. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Transformers Market Driver for Renewable Energy
One of the key factors driving growth in the transformers market for renewable energy is the expansion of renewable power generation capacity. The growing awareness of the benefits of renewable energy is leading to the construction and expansion of renewable power generation capacity. As more countries worldwide are becoming aware of the depleting fossil fuel resources, as well as associated carbon emission regulations, they are gradually moving toward renewable energy sources such as wind and solar to meet their carbon emission goals and reduce the dependency on fossil fuels. Many end-users have embraced alternative forms of energy instead of depending on power generators that operate on fossil fuels. With the recent rise in demand for electricity, environmental concerns, and the search for cost-effective power generation methods, an increasing number of ambitious projects are being planned across the region, backed up by intensive research and development along with investments across the value chain of the industry. Such factors are expected to drive the global transformers market for renewable energy.
Key Transformers Market Challenge for Renewable Energy
The intermittency in solar energy will be a major challenge for the transformers market for renewable energy. Solar energy is the least reliable source of energy, as it is largely dependent on weather and climatic conditions. The magnitude of power produced by the source is not constant. This variability in the solar power produced impacts the whole power system as well as the stability of the grid. This decreases the preference of vendors toward solar power. Another major factor that will challenge the growth of the market is the duck curve phenomenon associated with intermittency. In this phenomenon, fluctuation in power generation during the peak generation hours and after sunset causes operational risks to the power system. Thus, an additional battery system needs to be integrated with the source, leading to a decrease in demand for solar power, which in turn will affect the market growth during the forecast period.
This transformers market analysis report for renewable energy also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the transformers market for renewable energy encompasses successful business strategies deployed by the key vendors. The transformers market for renewable energy is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The transformers market forecast report for renewable energy offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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72% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for transformers for renewable energy in APAC. Market growth in APAC will be faster than the growth of the market in regions.
The growing demand for renewable energy will facilitate the transformers market growth for renewable energy in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The transformers market share growth for renewable energy by the solar PV segment will be significant during the forecast period. The increase in solar PV generation across different regions is expected to drive the demand for transformers for renewable energy. The market is expected to grow at a rapid rate because of growing environmental concerns and the depletion of energy reserves. These factors are compelling governments across various regions to consider changing their old energy policies and construct renewable energy-favoring policies.
This report provides an accurate prediction of the contribution of all the segments to the growth of the transformers market size for renewable energy and actionable market insights on post COVID-19 impact on each segment.
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Transformers Market Scope for Renewable Energy |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.42% |
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Market growth 2021-2025 |
$ 2.96 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
2.93 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 72% |
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Key consumer countries |
China, US, India, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., DAIHEN Corp., Eaton Corp. Plc, ENERCON GmbH, General Electric Co., Hitachi Ltd., Schneider Electric SE, Siemens AG, and STC Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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