Home > Energy & Power > Electrical Equipment > Transformers > Utility Scale Green Power Transformer Market

Utility Scale Green Power Transformer Market Size

Report ID: GMI7949
Published Date: Jan 2024
Report Format: PDF

Download Free Sample

Utility Scale Green Power Transformer Market Size

Utility Scale Green Power Transformer Market was valued at USD 588.4 million in 2023 and is projected to register over 6.4% CAGR between 2024 and 2032. The worldwide transition towards renewable energy sources, including wind, solar, and hydropower, has generated an increasing need for power transformers to effectively transmit and distribute electricity harnessed from these sources. Essential for ensuring the dependable and efficient integration of renewable energy into the grid, green power transformers have become indispensable.

To get key market trends

Download Free Sample

The expansion of battery energy storage systems (BESS) is on the rise, and transformers play a pivotal role in facilitating these installations. Specifically designed to operate seamlessly with BESS, green transformers contribute significantly to grid balance and stability. Energy efficiency continues to be a key motivator in the transformer market. Green transformers are specifically engineered to minimize energy losses during the transmission and distribution of electricity, leading to a reduction in greenhouse gas emissions. Evolving regulations and standards aimed at promoting energy-efficient transformers play a pivotal role in driving the adoption of technologies that prioritize environmental sustainability.

Utility Scale Green Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Scale Green Power Transformer Market Size in 2023:	USD 588.4 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	350
Tables, Charts & Figures:	522
Segments covered:	Phase, Rating
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 Growing investment toward expansion of distribution networks
Pitfalls & Challenges:	High initial cost

Learn more about the key segments shaping this market

Download Free Sample

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of utility scale green power transformer was worth USD 580 million in 2023 and is expected to register over 5.9% CAGR from 2024 to 2032, owing to the increasing need for power transformers to effectively transmit and distribute electricity harnessed from renewable energy sources worldwide.

The three phase utility scale green power transformer market size crossed USD 470 million in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, owing to their pivotal role in overseeing the electrical flow to and from energy storage systems.

North America utility scale green power transformer industry is expected to reach over USD 98.7 million by 2032, due to the increasing funding for infrastructure spending proposals in the region.

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