DUBLIN--(BUSINESS WIRE)--The "Dry Type Transformer Market by Type, Technology, Phase, Voltage and End Use: Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global dry type transformer market was valued at $5.4 billion in 2019, and is projected to reach $7.3 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Dry type transformer is a type of transformer that is designed on a comparatively modern technology that uses natural or forced air cooling instead of oil. Unlike liquid fill transformers that require oil or liquid to cool, dry type transformers use only high temperature insulation systems that are environmentally safe. It consists of no moving parts; therefore, it requires minimum maintenance, while offering reliability and long-run cycle. As these transformers are completely hazard-free, they can be easily installed in hospitals, schools, factories, chemical plants, and buildings where fire safety is a great concern.
Heavy to small scale industries employ machinery that have specific voltage requirement. Some industries, such as oil & gas, mining, and marine have specialized voltage requirements, as fire safety is important in these sectors. In an effort to reduce the dependence of coal-based electricity generation, countries have agreed to increase the adoption of renewable energy generation in the total electricity produced. The percentage of renewable energy is to be increased on a yearly basis.
For instance, European Member states such as Germany are required to provide a 10-year National Energy and Climate Plans (NECPs) that will be inspected every two years. Further, countries are required to publish the results in their respective national renewable energy progress reports. This leads to investments in offshore solar and wind farms that require transformers for integrating with central power grid. Such expansionist policies increase the demand for power transmission and distribution grid expansion projects. This is a major driving force for the global dry type transformer market.
Dry type transformers have some disadvantages over liquid-filled transformers. Compared with liquid transformers such as oil-immersed transformer, dry type transformer such as cast resin transformer has relatively poor heat dissipation performance, while the heat dissipation performance of the oil radiator is better. The complex construction of dry type transformer makes it costlier than oil-immersed transformer.
These factors are expected to restrain the adoption of dry type transformers; thereby, hampering market growth. Furthermore, development of solid-state transformers as a replacement for conventional transformers is also likely to limit market growth during the forecast period. However, expansion and replacement of power grids with smart grids will increase the demand for digital dry type transformers during the forecast period. Digital dry type transformers can supply the user with information on its performance.
Key Benefits
- The report provides an in-depth analysis of the current and emerging market trends and dynamics in the global dry type transformer market.
- It offers detailed quantitative analysis of the current market and estimations through 2019-2027, which assists in identifying the prevailing market opportunities.
- Comprehensive analysis of all regions helps determine the prevailing and future opportunities in these regions.
- Comprehensive analysis of factors that drive and restrict the growth of the global dry type transformer market is provided. For instance, worldwide high energy demand and need for upgrade of existing transmission infrastructure will drive the global dry type transformer demand; however, high initial cost and availability of substitutes are expected to be a major restraint for market growth.
- Exhaustive analysis of the global dry type transformer market by type, technology, phase, voltage, and end use helps understand the ratings of dry type transformer that are currently being used along with the variants that would gain prominence in the future.
Impact of COVID-19
- Most of the industries have become non-operational during this pandemic event. In terms of end-use industries, the industrial sector accounts for the majority demand for dry type transformers; therefore, the COVID-19 situation has directly affected the ongoing demand for dry type transformers.
- Renewable energy generation is the largest consumer for dry type transformer in the industrial segment, which is also affected to a great extent during the pandemic.
- Complete or partial lockdown situation globally has led to supply chain disruption, leading to delays in project construction, having a direct impact on the commissioning of renewable electricity projects, biofuel facilities, and renewable heat investments
- In the global solar industry, more than 40% of the supply chain is reliant on supply from China and other Southeast Asian countries
- China is the known source of this pandemic and the country is the most affected one in terms of material supply and material transport due to the COVID-19.
- The above factors have impacted the growth of the global dry type transformer market.
Market Dynamics
Drivers
- Increase in Demand for Electricity Throughout the World for Different End Uses
- Rise in Adoption of Renewable and Non-Conventional Energy Sources
Restraint
- Development of Solid-State Transformers (Ssts)
Opportunities
- Development and Adoption of Smart Grids and Digital Dry Transformers
- Application of 3D Core Vacuum Pressure Impregnated (Vpi) Dry Type Transformer
Company Profiles
- Bharat Heavy Electricals Ltd.
- Eaton Corporation plc
- Fuji Electric Co. Ltd.
- General Electric Company
- Hammond Power Solutions Inc.
- Hanley Energy Gcc
- Hitachi Ltd.
- Hyosung Heavy Industries
- Kirloskar Electric Co. Ltd.
- Power Sp. Z O. O.
- Schneider Electric Se
- Siemens AG
- Tbea Co. Ltd.
- Voltamp Transformers Ltd.
- Weg Group
For more information about this report visit https://www.researchandmarkets.com/r/ih4kl3
September 04, 2020 at 03:21PM
https://www.businesswire.com/news/home/20200904005197/en/Worldwide-Dry-Type-Transformer-Industry-2027--
Worldwide Dry Type Transformer Industry to 2027 - Featuring Kirloskar Electric, Schneider Electric & Siemens Among Others - ResearchAndMarkets.com - Business Wire
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