Dry Type Transformer Market Projected to Cross $7.3 billion By 2027
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.
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Further, the development of solid-state transformers (SSTs) has the potential to limit the growth of the dry type transformer, SST has been developed for electric traction systems to replace magnetic-core power transformers such as dry type transformers. SST have more capabilities than magnetic core transformers. The transformer can be used in different configurations such as delivering diverse power like 400 Hz services, 3 phase power, and DC service through a single-phase line. This reduces the number of parts and the manufacturing and maintenance costs. However, the development of 3D core vacuum pressure impregnated transformer is likely to update the dry type transformer technology.
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.
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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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.
Impact Of Covid-19 On The Global Dry Type Transformer Market
• Most of the industries have become non-operational during this pandemic event. In terms of end-use industries, the industrial sector accounts for the majority demand for dry type transformers; therefore, COVID-19 situation has directly affected the ongoing demand for dry type transformers.
• Renewable energy generation is the largest consumer for dry type transformer in industrial segment, which is also affected to a great extent during the pandemic.
• Complete or partial lockdown situation globally 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.
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