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According to Technavio's latest market research report, the global renewable energy transformer market is expected to grow at a CAGR of nearly 16%
during the period 2018-2022.
A key factor driving the growth of the market is the shifting
focus of government agencies towards renewable energy.
As the development of renewable energy is getting faster and faster, the demand for transformers for use such as solar and wind power plants is increasing, and environmental friendliness and abundant availability are the main advantages
of renewable energy.
Intense pressure on fossil fuels has forced governments to shift their focus from fossil fuel sources to renewable energy
.
Technavio highlighted the advancements in transformer technology as one of the
major emerging trends in the global renewable energy transformer market during the forecast period.
Technological advances in transformers are driving the adoption
of renewable energy worldwide.
Transformers are critical to the power system and are used to raise and lower voltages in the transmission and distribution of electricity generated in power plants
.
Renewable energy transformers contribute to grid stability
by delivering renewable electricity to the grid while providing the right voltage levels.
Technological advances will increase efficiency and contribute to better integration of renewable energy
sources.
"Another innovation that is expected to drive the growth of the market is smart transformers
.
These transformers are part of a digital substation and can be independently connected to the smart grid
.
They operate
based on real-time feedback received by power-related parameters.
These transformers are equipped with intelligent electronics, so there is better monitoring of other transformers," said
a senior analyst at Power Research at Technavio.
From the perspective of application fields, the solar photovoltaic sector occupied the largest market share in 2017, with its proportion reaching more than
59%.
This application segment is expected to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific leads the global renewable energy transformer market and the region is expected to continue to dominate the market during the forecast period, with its market share growth of more than 12%.
According to Technavio's latest market research report, the global renewable energy transformer market is expected to grow at a CAGR of nearly 16%
during the period 2018-2022.
A key factor driving the growth of the market is the shifting
focus of government agencies towards renewable energy.
As the development of renewable energy is getting faster and faster, the demand for transformers for use such as solar and wind power plants is increasing, and environmental friendliness and abundant availability are the main advantages
of renewable energy.
Intense pressure on fossil fuels has forced governments to shift their focus from fossil fuel sources to renewable energy
.
Technavio highlighted the advancements in transformer technology as one of the
major emerging trends in the global renewable energy transformer market during the forecast period.
Technological advances in transformers are driving the adoption
of renewable energy worldwide.
Transformers are critical to the power system and are used to raise and lower voltages in the transmission and distribution of electricity generated in power plants
.
Renewable energy transformers contribute to grid stability
by delivering renewable electricity to the grid while providing the right voltage levels.
Technological advances will increase efficiency and contribute to better integration of renewable energy
sources.
"Another innovation that is expected to drive the growth of the market is smart transformers
.
These transformers are part of a digital substation and can be independently connected to the smart grid
.
They operate
based on real-time feedback received by power-related parameters.
These transformers are equipped with intelligent electronics, so there is better monitoring of other transformers," said
a senior analyst at Power Research at Technavio.
From the perspective of application fields, the solar photovoltaic sector occupied the largest market share in 2017, with its proportion reaching more than
59%.
This application segment is expected to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific leads the global renewable energy transformer market and the region is expected to continue to dominate the market during the forecast period, with its market share growth of more than 12%.
