Dry Type Transformer Market Projected to Hit $7.3 billion by 2027, At a CAGR of 6.1%

Wide applicability in distribution of electricity & expansion of electricity distribution network have boosted growth of the global dry type transformer market

PORTLAND, OREGON, UNITED STATES, August 16, 2021 /EINPresswire.com/ -- 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 transformers are magnetic core transformers in which the windings and core are kept in a sealed tank that uses air as a cooling medium instead of oil or other liquids as in a typical liquid-filled transformer. Cast resin and vacuum impregnation are the major technologies used to produce dry type transformers. In a cast resin dry type transformer, high-voltage (HV) and low-voltage (LV) windings are completely impregnated and cast under vacuum in epoxy resin.

Dry type transformers offer various advantages over wet transformers. It is easy to install and requires less maintenance, excellent resistance to short circuit currents and capacity to support overloads, uses no environmentally hazardous hydrocarbon liquids hence it is eco-friendly and pollution free. Being self-extinguishing, it reduces the cost on civil installation works and fire protection systems. Dry type transformers have gained high demand in the recent years as they are installed in industrial, commercial, as well as residential and non-residential constructions. In industries, some machineries require specific voltage requirements along with providing safety against fire and chemical hazards. Dry type transformers are available in single-phase as well as three-phase, and mainly operate in low and medium voltage ranges.

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Increase in electricity consumption, new civil infrastructural developments, replacement of existing distribution transformers for integration with renewable energy sources as well as deployment of smart power grids are the major factors that boost the growth of the global dry type transformer market. The development of electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. For efficient dispersal of power to deficit regions, strengthening and enhancement of the transmission and distribution (T&D) system network are required.

The global dry type transformer market growth varies in each region depending on the government investments, economic development, and private utility companies’ willingness to upgrade existing T&D networks. Aging infrastructure is one of the factors that boosts the growth of the global dry type transformers market. Aging equipment has a higher risk of failure and is unreliable. Frequent failure in transmission hampers customer development as in the case of industries and other commercial consumers of electricity that demand stable supply of electric power. Furthermore, growth in renewable energy investment slows due to grid limitations. Hence, upgrading the capacity of dry type transformers is crucial to meet the future demand for electricity.

Based on type, the dry type converter transformers segment accounted for the largest revenue share in 2019, owing to its extensive use in industrial, commercial, and other end uses. By technology, the cast resin dry type transformer segment accounted for the largest revenue of $3.7 billion in 2019, owing to its widespread adoption in areas such as general & public buildings, industrial plants, wind turbine plants, solar farms, LNG vessels; commercial spaces such as airports & railway, and special transformer applications such as furnace transformer, electric welding equipment, and UPS systems.

Based on phase, the single-phase dry type transformer accounted for the largest share in 2019, owing to its large-scale adoption in low voltage distribution applications. On the basis of voltage, the low-voltage dry type transformer accounted for the largest share in 2019 due to its use in industrial applications and in commercial and public buildings. The end use of dry type transformers includes industrial, commercial, and others.

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The industrial end use segment accounted for the largest share in 2019, as the dry type transformers in industrial applications are numerous and key manufacturers of dry type transformers focus on providing specialized transformers suited for each application. Some of them are auto-transformers, transformers for pulse converters, photovoltaic application, wind power applications, earthing transformers, traction transformers, HV-HV transformers, and LV-LV transformers.

Region wise, the dry type transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to growth at the highest rate of 6.6% during the forecast period. The growth is attributed to growth in electricity demand in countries such as the U.S. Further, the growth potential of renewable energy sources in the U.S. is high.

Key Findings Of The Study

The dry type transformer market is projected to grow at a CAGR of nearly 6.1%, in terms of revenue, during the forecast period.

Electrification projects for meeting the present electricity demands, adoption of renewable energy generation, and subsequent integration with the power grid are the major drivers.

By region, Asia-Pacific dominated the dry type transformer market with a revenue share of over 41.2% in 2019.

The qualitative data in the report aims on the dry type transformer trends, dynamics, and developments in the dry type transformer industry while the quantitative data provides information about the dry type transformer market share and market size in terms of revenue.

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