Renewable Energy Transformer Market Size

Renewable Energy Transformer Market size was over USD 24.1 Billion in 2023 and is poised to exceed USD 44.34 Billion by the end of 2036, witnessing over 4.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of renewable energy transformer is evaluated at USD 25.14 Billion. The growth of the market can be attributed to the demand for electric grids due to increased industrialization and urbanization.

Renewable energy transformers are crucial elements of power grids as they aid in power transfer between networks with minimal variations in frequency and degradation. In the next years, the requirement for renewable energy transformers is expected to be fueled by higher expenditures in the development of power grid infrastructure along with transmission routes to provide electricity availability in rural places. In the time frame of the evaluation, the transformer market is estimated to be driven by increased transmission network studies and the growing utilization of unconventional and renewable energy sources for producing power in remote places. Renewable energy increased from 20% to 28% of worldwide electricity supply between 2011 and 2021. There are 3,146 gigawatts of installed renewable energy capacity in 135 nations, with 156 countries having legislation governing the renewable energy sector.