The global dry type transformer market is expected to grow at a compound annual growth rate of 3.83% over the forecast period to reach a market size of US$7.531 billion in 2026 from US$5.790 billion in 2019.
A dry-type transformer is a type of transformer that never uses any insulating liquid where its winding or core are immersed in liquid. Rather, the windings and core are kept within a sealed tank that is pressurized with air. A dry-type transformer does not have any rotating parts; it is a motionless device that utilizes eco-friendly temperature insulation systems. This type of transformer is also named “cast resin type transformers”. It is used in various commercial, industrial, as well as utility applications. Conventional liquid-type transformers are dependent on materials such as fire or oil resilient liquid dielectric. A dry-type transformer is termed as “voltage changing,” which signifies that in this type the air gets cooled rather than cooling the liquid. The case in which the transformer is placed has proper ventilation; hence proper ventilation results in cooling of coils due to the air inside the case. Dry-type transformers, unlike conventional liquid transformers, are not required to be kept inside catch basins or fire-resistant vaults, and no toxic gases are released from them. As dry-type transformers are highly safe, they can be installed indoors as well as nearby loads, making the whole system more competent. Dry-type transformers are generally used in small as well as medium-voltage applications in electric devices and are perfect for industrial, utility, and commercial applications. Moreover, they have copper or aluminum windings that are covered with varnish. The global market is driven by its wide applicability in the distribution of electricity. The expansion of the electricity distribution network across the globe and rapid industrialization in developing countries drive the dry-type transformer market growth. Heavy to small-scale industries employ types of machinery that have specific voltage requirements. 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 on coal-based electricity generation, countries have agreed to increase the adoption of renewable energy generation in the total electricity produced. Dry-type transformers are replacing wet transformers in the renewable energy sector due to their safety and design aspects. Safety accounts for greater significance in the energy sector meaning that dry type transformer is becoming a transformer of choice in the cleaner energy segment that offers extended protection. This is a major driving force for the global market.
However, when 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. Moreover, the complex construction of a dry-type transformer makes it costlier than an oil-immersed transformer. These factors are expected to restrain the adoption of dry-type transformers.
global Dry Type Transformer market, US$ billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
The Global Dry Type Transformer market is segmented on the basis of Type, Voltage, and geography.
Globally, improving the usage of eco-friendly products is surging, which has led to the development of technologies that can help in accomplishing the environmental targets. The wet-type transformers are prone to safety-related issues due to lower cooling rates, thereby leading to leakages from overheating. The use of dry-type transformers eliminates leaks and spills; hence, they are eco-friendly in nature. The dry-type transformers are a handy option to replace wet-type transformers. Apart from leakages and spills, the wet-type transformers have a high risk of catching fire. Therefore, additional protocols are required to manage fire and environmental risks. Moreover, growth in indoor installation of transformers is a big boost for dry-type transformers. The use of eco-friendly products in up gradation and development of power infrastructure is being focused upon, which creates business opportunities for dry-type transformers, globally. Therefore, focus on eco-friendly products is a big boost for the dry-type transformer market during the forecast period.
Impact of COVID – 19
Complete or partial lockdown situation globally due to COVID-19 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 COVID-19. This factor has a huge impact on the dry-type transformer market.
global DRY TYPE TRANSFORMER market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
Prominent/major key market players in the global Dry Type Transformer market include MGM Transformer Company, Acutran, Hitachi - ABB Group, and Alfa Transformer among others. The players in the global Dry Type Transformer market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global dry type transformer market.
Frequently Asked Questions (FAQs)
Q1. What will be the dry type transformer market size by 2026?
A1. The global dry type transformer market is expected to reach a market size of US$7.531 billion by 2026.
Q2. What is the size of the global dry type transformer market?
A2. Dry Type Transformer Market was valued at US$5.790 billion in 2019.
Q3. What are the growth prospects for the dry type transformer market?
A3. The dry type transformer market is expected to grow at a CAGR of 3.83% during the forecast period.
Q4. What factors are anticipated to drive the dry type transformer market growth?
A4. The expansion of the electricity distribution network across the globe and rapid industrialization in developing countries drive the dry-type transformer market growth.
Q5. Who are the major players in the dry type transformer market?
A5. Prominent/major key market players in the global dry type transformer market include MGM Transformer Company, Acutran, Hitachi - ABB Group, and Alfa Transformer among others.