Dublin, June 25, 2021 (GLOBE NEWSWIRE) -- The "Dry Type Transformer Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The global market is driven by its wide applicability in the distribution of electricity. The expansion of 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 machineries 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.
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 energy sector meaning that dry type transformer is becoming a transformer of choice in cleaner energy segment that offer 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 dry type transformer makes it costlier than oil-immersed transformer. These factors are expected to restrain the adoption of dry type transformers.
Growth Factors: Increasing demand for eco-friendly transformers
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 rate, 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 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 upgradation 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. As 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.
Competitive Insights
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 are implementing various growth strategies to gain a competitive advantage. Major market players 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.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Dry Type Transformer Market Analysis, By Type
5.1. Introduction
5.2. Cast Resin
5.3. Vacuum Pressure Impregnated
6. Global Dry Type Transformer Market Analysis, By Voltage
6.1. Introduction
6.2. Low
6.3. Medium
7. Global Dry Type Transformer Market Analysis, By Phase
7.1. Introduction
7.2. Single Phase
7.3. Three Phase
8. Global Dry Type Transformer Market Analysis, By End User Industry
8.1. Introduction
8.2. Energy and Power
8.3. Cement
8.4. Metallurgical Mining
8.5. Pulp and Paper
8.6. Petrochemical
8.7. Marine
8.8. Others
9. Global Dry Type Transformer Market Analysis, By Geography
9.1. Introduction
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. MGM Transformer Company
11.2. Acutran
11.3. Hitachi - ABB Group
11.4. Alfa Transformer
11.5. Wilsons Power Solutions
11.6. Synergy Transformers Pvt Ltd.
11.7. Kirloskar Electric Company
11.8. OTDS UK Ltd.
11.9. FT Transformer Ltd.
11.10. Kotsons Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/n4zn1i