Solar Transformer Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The global solar (PV) transformer market is expected to grow due to the rising need for energy. The demand for renewable energy is increasing owing to clear guidelines and policies provided by the government of developed regions worldwide. The key market players continuously strive to grow and develop the global solar (PV) transformer market. As a result, the global solar (PV) transformer market is expected to expand over the forecast period. Another factor driving the worldwide solar (PV) transformer market is the rising number of house loans and renovation projects in developed and developing countries. Furthermore, business owners are accepting and implementing solar (PV) inverters on a broad scale due to the low cost and tax benefits of solar (PV) transformers. All these factors contribute to the growth of the global solar (PV) transformer market.

MARKET SCOPE

The "Global Solar Transformer Market Analysis to 2031" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the solar transformer market with detailed market segmentation by type, application, and geography. The global Solar transformer market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading Solar transformer market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global solar transformer market is segmented by type, and application.

 On the basis of type, the market is segmented into 0-35KV, 35-110KV, 110-220KV, 220-330KV, 330-500KV, above 500KV.

 On the basis of application, the market is segmented into Distribution, Station, Sub-station, Pad mounted and Grounding.

MARKET DYNAMICS

Drivers:

•  The rising number of solar installations attributed to government-led incentives and schemes propel the demand for solar transformers, which drives the market growth.
  

Restraints:

•  High initial cost may hamper the market growth.
  
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.

IMPACT OF COVID-19

The Delay in solar transformers Projects has Harmed the solar transformer Market Growth due to the COVID-19 pandemic. The market has suffered a detrimental impact owing to the unparalleled spread of the COVID-19 pandemic. The project delays led to an increase in the overall costs of projects, which has negatively impacted the market. The imposition of strict curfews and lockdowns worldwide led to restricted economic and social activities, aggravating the situation. In Aug 2022, Enel Spa Introduced a new electric transformer for use in solar parks: it's specially designed to function with biodegradable fluids, produces lower CO2 emissions, and requires fewer materials for its construction. Eliminating CO2 emissions from its value chain - a goal the company is committed to achieving by 2040 - means selecting a huge number of ideas and proposals and transforming them into practical solutions that can make all of the tools and equipment the company uses to generate renewable energy, including the grids themselves, truly sustainable. These developments in the market might help the market to recover from the covid-19 disruptions over the forecast period.

MARKET PLAYERS

The reports cover key developments in the solar transformer market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from solar transformer market are anticipated to lucrative growth opportunities in the future with the rising demand for solar transformer in the global market. Below mentioned is the list of few companies engaged in the solar transformer market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar transformer market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, the key development in the past five years.

•  ABB
  
•  Ormazabal Velatia
  
•  OREX
  
•  Olsun Electrics
  
•  Núcleo ATS
  
•  Northern Transformer
  
•  Noratel
  
•  Ningbo Wanji Electronics Science and Technology
  
•  ABC Transformers
  
•  Marsons
  
•  LiYou Electrification
  
•  Guangdong NRE Technology
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Solar Transformer Report Scope

Report Attribute	Details
Market size in 2023	US$ XX Million
Market Size by 2031	US$ XX Million
Global CAGR (2023 - 2031)	XX%
Historical Data	2021-2022
Forecast period	2024-2031
Segments Covered	By Type 0-35KV 35-110KV 110-220KV 220-330KV 330-500KV Above 500KV By Application Distribution Station Sub-station Pad mounted and Grounding
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	ABB Ormazabal Velatia OREX Olsun Electrics NÃ