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Green Power Transformer Market Size

Report ID: GMI6802
Published Date: Sep 2023
Report Format: PDF

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Green Power Transformer Market Size

Green Power Transformer Market size was valued at USD 900 million in 2022 and is projected to grow at a CAGR of over 6.5% between 2023 and 2032. Green power transformers are crucial for ensuring the reliable and efficient integration of renewable energy into the grid. The deployment of battery energy storage systems (BESS) is growing, and transformers play a critical role in these installations.

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Energy efficiency remains a significant driver in the transformer market. Regulations and standards promoting energy-efficient transformers continue to evolve, driving the adoption of green transformer technologies. Advances in transformer design and materials, such as amorphous metal cores and superconducting materials, are contributing to the development of more efficient and environmentally friendly transformer.

Green Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Green Power Transformer Market Size in 2023:	USD 1.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.9%
2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	250
Tables, Charts & Figures:	729
Segments covered:	Phase, Rating, Application
Growth Drivers:	North America Refurbishment demand for existing grid infrastructure Rising infrastructural spending Europe Growing deployment of renewable energy Upgradation of existing grid network Asia Pacific Large-scale renewable integration Increasing demand for sustainable energy Middle East & Africa and Latin America Increasing demand for electricity Rising infrastructural spending Growing investment toward expansion of transmission networks
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of green power transformer was worth USD 1.1 billion in 2023 and will register over 6.9% CAGR from 2024 to 2032, due to the increasing shift towards renewable energy sources such as wind, solar, and hydropower and the rising preference for efficient power transformers worldwide.

The three-phase green power transformer market will register over 0.5% CAGR through 2032, on account of their critical role in managing the flow of electricity to and from energy storage systems while contributing to grid stability and reliability.

Asia-Pacific green power transformer market will record more than 6.5% CAGR between 2023 and 2032, owing to the increasing demand for energy efficiency among governments and utilities in the region.

Siemens Energy, Schneider Electric, Hitachi Energy Ltd., AB, Eaton, GE Grid Solutions, Hyosung Heavy Industries, CG Power and Industrial Solutions, Ormazabal, and Alstom Grid are some of the major green power transformer companies worldwide.