DUBLIN–(BUSINESS WIRE)–ResearchAndMarkets.com has added the “Dry-Type Transformer Market-Forecast from 2021 to 2026″ report to the products of ResearchAndMarkets.com.
The global dry-type transformer market is expected to grow at a compound annual growth rate of 3.83% during the forecast period, and the market size will increase from US$5.790 billion in 2019 to US$7.531 billion in 2026.
The global market is driven by its wide applicability in power distribution. The expansion of global distribution networks and the rapid industrialization of developing countries have promoted the growth of the dry-type transformer market. Heavy to small industries use machines with specific voltage requirements.
Some industries, such as oil and gas, mining, and ships, have specific voltage requirements because fire safety is important in these industries. In order to reduce dependence on coal for power generation, countries have agreed to increase the use of renewable energy in the total power generation.
Due to its safety and design reasons, dry-type transformers are replacing wet-type transformers in the field of renewable energy. Safety is more important in the energy sector, which means that dry-type transformers are becoming the preferred transformer in the clean energy sector that provides extended protection. This is the main driving force of the global market.
However, compared with liquid transformers such as oil-immersed transformers, the heat dissipation performance of dry-type transformers such as cast resin transformers is relatively poor, and the heat dissipation performance of oil radiators is better. In addition, dry-type transformers have a complex structure and cost higher than oil-immersed transformers. These factors are expected to limit the adoption of dry-type transformers.
Globally, the use of environmentally friendly products is increasing rapidly, which has led to the development of technologies that help achieve environmental goals. Due to the low cooling rate, wet-type transformers are prone to safety-related issues, leading to overheating and leakage. The use of dry-type transformers prevents leakage and spillage; therefore, they are essentially environmentally friendly. Dry-type transformers are a convenient alternative to wet-type transformers.
In addition to leaks and spills, wet-type transformers have a high risk of fire. Therefore, additional agreements are needed to manage fire and environmental risks. In addition, the increase in indoor installation of transformers is a big driving force for dry-type transformers.
The use of environmentally friendly products in the upgrade and development of power infrastructure has attracted attention, which has created business opportunities for global dry-type transformers. Therefore, during the forecast period, focusing on environmentally friendly products is a major driving force for the dry-type transformer market.
Due to COVID-19, the complete or partial blockade of the world has interrupted the supply chain and delayed project construction, which has a direct impact on the commissioning of renewable power projects, biofuel facilities, and renewable thermal energy investments. In the global solar industry, more than 40% of the supply chain relies on supplies from China and other Southeast Asian countries. Since China is a known source of this epidemic, and due to COVID-19, China is the most affected country in terms of material supply and material transportation. This factor has a huge impact on the dry-type transformer market.
Prominent/main major market players in the global dry-type transformer market include MGM Transformers, Acutran, Hitachi-ABB Group and Alpha Transformers.
Participants are implementing various growth strategies to gain a competitive advantage. Major market participants and their relative competitive strategies have been covered, and the report also mentions recent transactions and investments by different market participants in the past few years.
Post time: Oct-13-2021