New York, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global dry type transformer market size is projected to expand at ~9% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 16 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022The growing incidences of fire incidences with oil transformers is expected to increase the adoption of dry type transformer. Over the course of a year, it is estimated that eight out of every thousand distribution oil transformers will fail, with lightning being responsible for 30% of the failures. High return stroke peak current, high rates of current rise, many flashes, and positive lightning flashes are the lightning parameters that are directly associated with transformer failures.
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Because the oil itself has the problems of low heat resistance, flammability, and aging, there are numerous particulars needed in the use of transformer oil as a cooling medium. The dry-type transformer is popular due to its lack of oil and ability to reduce building fire resistance grade requirements. As a result, in many situations where oil-immersed transformers are not permitted, such as underground and high-rise buildings, dry-type transformers with strong fire safety standards can be constructed.
Rising Demand for Energy Efficient Machinery to Boost the Growth of Dry Type Transformer Market
A global effort spearheaded by the United Nations Environment Programme (UNEP) to assist poor nations in transitioning their marketplaces to energy-efficient products and equipment. This increase in energy efficiency will help lower company electricity expenses and encourage the expansion of renewable energy. UAE focuses on lighting, refrigeration, air conditioning, distribution transformers, and electric motors as examples of energy efficiency. Moreover, by boosting the efficiency of distribution transformers, which modify voltage and current and are located between the power plant and the consumer, 60 TWh, approximately the Czech Republic's current consumption, might be saved by 2040.
Dry Type Transformer Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Focus on Renewables Energy is to Elevate the Market Growth in Asia Pacific Region
The Asia Pacific renewable energy sector has emerged as the largest and fastest-growing sector. The area controls nearly 30% of the renewable capacity. In 2020, over 2455 gigatonnes of renewable energy were installed globally. With capacity predicted to expand by around 2 terawatts by 2030, Asia-Pacific has the potential to become the most important region for renewable energy development and investment. Demand is expanding faster than in any other part of the world, fueled by increasing numbers of people, high growth in the economic prospects, and significant potential due to renewables' low market penetration. Furthermore, green post-pandemic recovery programs are expected to support the sector's continued growth.
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Demand for Dry Transformers from Various Sectors is to Elevate Market Growth in North America
Dry transformers have increasingly been adopted by different sectors in the United States, including data centers, manufacturing industries, telecommunication sector, and others. In Canada, there are nearly 156 data centers that are been operated by approximately 64 providers. Moreover, with 120 megawatts, OVH Beauharnois Quebec BHS is Canada's largest data center. In Canada, 5 data centers are currently under construction. Because dry-type transformers incorporate solid insulation materials, they are appropriate for interior data center environments where flammable liquids are prohibited. They are extremely trustworthy and require little maintenance. Furthermore, data centers house essential IT infrastructure as well as delicate electronic machinery that necessitates a consistent and dependable power source.
Dry Type Transformer, Segmentation by Type
- Dry Type Converter Transformer
- Dry Type Rectifier Transformer
Out of two, the dry type converter segment in dry type transformer market is expected to garner the largest market share over the projected time frame. Since dry-type transformers do not rely on oil for cooling or insulating, they are a better choice for usage in these dangerous environments. Reliable power supply is crucial in the oil and gas industry, as power outages can impede operations. Therefore, the growing demand for oil and gas has boosted the production of oil and gas and significantly has increased the demand for constant power supply. The global demand for crude oil (including biofuels) was around 100 million barrels per day in 2022, and it has further risen to nearly 102 million barrels per day in 2023.
Dry Type Transformer, Segmentation by End Use
- Industries
- Inner City Substations
- Underground Substations
- Renewable Generation
Amongst all, the renewable generation segment in dry type transformer market is expected to notable market revenue by the end of 2035. The growth of the segment is attributed to the rising demand for renewable energy. It estimates that renewable energy sources, such as solar and wind power, will supply more than 90% of the growth in world demand by 2025. The International Energy Agency (IEA) predicts that global electricity demand will climb by 3% per year between 2023 and 2025, contrary to the 2% growth rate in 2022. Inverter Transformers, which convert the DC power produced by the power-harvesting device to AC power for consumption in household, commercial, and electrical-grid situations, are the most prevalent transformer styles used in renewable energy applications.
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A few of the well-known industry leaders in dry type transformer market that are profiled by Research Nester are Siemens AG, WEG Industries, Eaton Corporation, Schneider Electric SE, Bharat Heavy Electricals Limited, Virginia Transformer Corp, General Electric Company, Hyosung Heavy Industries, Hammond Power Solutions Inc., ABB Ltd., and Hyundai Electric & Energy Systems Co., Ltd.
Recent Developments in the Dry Type Transformer Market
- April 2022, Siemens Energy, announced the launch of one phase dry type transformers, CAREPOLE TM in the American market. The new cast-resin distribution transformer, designed for the technological requirements of the American grid, provides a stable and ecological replacement to oil-filled transformers. The self-extinguishing CAREPOLE offers an exceptional degree of fire safety, cannot burst, and lowers environmental concerns to a minimum due to its cast-resin design.
- October 2022, WEG provided an encapsulated dry-type transformer with 2.5MVA output power, 24/1.1kV voltage class, and an IP21 level of protection confinement box as a substitute for outdated machinery at the customer's plant to contribute to reliability in the power distribution of Vertiv data centres. This supply is critical since the use of transformers at the customer's facility necessitates quality and consistency in the delivery of electricity to feed the data centers.
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