Photovoltaic Step Up Transformer Market Size, Share, Growth, and Industry Analysis, By Type (Oil Immersed Transformer, Dry Type Transformer), By Application (Ground Power Plant PV System, Industrial and Commercial Rooftop PV Systems) and Regional Forecast to 2033

PHOTOVOLTAIC STEP UP TRANSFORMER MARKET REPORT OVERVIEW

The global Photovoltaic Step Up Transformer Market is poised for significant growth, starting at USD 0.8459 billion in 2024, rising to USD 0.9406 billion in 2025, and projected to reach USD 2.1991 billion by 2033, with a CAGR of 11.2% from 2025 to 2033.

A transformer is an electrical device that is used to increase or decrease voltage by transferring electrical energy. It works by producing a varying current in the transformer coil which in turn produces a varying magnetic flux which then induces electromotive force in the other coils. Electrical energy allows one to switch between increasing low AC voltage and decreasing high AC voltages with minimum frequency and energy loss.

COVID-19 Impact

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the fall in CAGR is attributable to the decreasing need for power transformers.

The pandemic led to a decrease in power demand from industrial and commercial sectors which halted or delayed all power distribution projects which consequently led to supply chains disruptions and a fall in Photovoltaic Step Up Transformer Market Size.

LATEST TRENDS

"Increase in transmission network research and utilisation of renewable energy sources"

One of the latest trends is increase in research in transmission networks and utilisation of renewable energy sources in order to generate energy in remote regions. There are also many R&D initiatives being undertaken to incorporate wet insulated power transformers with smart energy grids and installation of renewable energy power grids with eco-friendly coolants. Innovations like smart transformers for power grids also promote market growth. They operate independently to regulate voltage monitors and manage power demand fluctuations.

PHOTOVOLTAIC STEP UP TRANSFORMER MARKET SEGMENTATION

By Type

• Oil Immersed Transformer: Here the magnetic circuit and windings are immersed in oil. They are used in power distribution or in electrical substations.

• Dry Type Transformer: They do not incorporate liquid in the circuits to dissipate excess heat and instead are constructed of a dry or gaseous insulator medium

By Application

• Ground Power Plant PV System: This is a solar power generation system where photovoltaic panels are installed on the ground instead of the rooftops

• Industrial and Commercial PV Systems: These are large solar plants that cover a lot of space generating a lot of electricity. They are mainly used in warehouses, factories and large corporations.

DRIVING FACTORS

"Rise in distribution transformers boosts market growth"

One of the driving factors that will boost Photovoltaic Step Up Transformer Market Growth is the rise in distribution transformers. Distribution transformers are responsible for the final voltage transformation in the electric power distribution system. They reduce voltage in distribution lines to that required by the customer.

"Favourable government policies boost market growth"

Another driving factor are the government policies being imposed regarding increase in electrification programs across the world as well as for the refurbishment of prevailing grid structures. These government regulations also aim to control greenhouse gas emissions, utilisation of high voltage transmission technology and development of green transformers.

RESTRAINING FACTOR

"High initial costs may impede market growth"

High initial manufacturing and installation costs may impede market growth even with the growing global demand for renewable energy sources.

PHOTOVOLTAIC STEP UP TRANSFORMER MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific To Dominate The Region Due To Rise In Demand For Renewable Energy"

Asia Pacific dominates the market holding a large portion of Photovoltaic Step Up Transformer market Share due to its expanding electrical transmission and distribution system because of the rise in urbanisation and industrialization as well as a push for renewable energy.

KEY INDUSTRY PLAYERS

Major industry players are pivotal in shaping the distribution system market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of the distribution system.

List of Market Players Profiled

• TBEA (China)
• Mingyang Electric (China)
• Siemens (Germany)
• Prolec GE (Mexico)
• ASTOR (US)
• Maschinenfabrik Reinhausen GmbH (Germany)

INDUSTRIAL DEVELOPMENT

July 2021: GE Renewable Energy’s grid solutions business took over multiple order to supply 765 kv transformers and reactors in India from Power Grid Corporation of India LTD one of the largest state owned transmission companies.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Photovoltaic Step Up Transformer Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.