Renewable Energy Production Slows down due to Lack of Transformers

By Shubhendra Anand , 06 December, 2024

Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental changes. These changes include electricity generation from solar and wind energy; hence, many transformers are required in the market. Globally, the energy market faces issues like a lack of transformers in 2024 to aid the clean energy transition projects. Transformers are the main component, and their sufficient availability supports the green energy transformation in the energy sector.

The leading cause of the slowdown in the clean energy transition process is a shortage of transformers in the United States. The nation faces a lack of sufficient transformers for an effective clean energy transformation in 2024. Similarly, European nations face a lack of transformers for the clean energy transition in 2024. There is an essential need for transformers to make adequate progress in renewable energy projects. However, the transformer shortage will become the biggest hurdle in the green transformation process in 2024. According to surveys, the European Union plans to expand the grid value by 584 billion euros by the end of 2030. These grids' built-up will regulate the demand for electric vehicles, clean electricity, heat pumps, and other clean energy device installations.

Experts claim that even if the United States has an abundance of electrical steel, the nation faces an insufficiency of transformers. Hence, it impacts the country's transformation process. Other factors affect the availability of transformers, such as manufacturing and distribution of clean energy. Investment is another crucial factor behind the production of transformers, as it is heavily needed. Robust financial funding is essential because the manufacturing of new transformers is high, and most existing transformers are not in good condition. Hence, the manufacturing of infrastructure, renewables production, and changes in the transition process will enhance the process of green energy transformation.

Annual market revenue of transformers market