ID: MRFR/E&P/4120-HCR | 100 Pages | Published By Priya Nagrale on March 2023
Dry Transformer Market share is expected to grow at a USD 8.03 Billion by 2027, with a CAGR of 7.48% during the Forecast Period.
It is expected that the Dry Transformer Market will account for USD 8.03 Billion, at CAGR of 7.48% during the Forecast Period.
The Dry Transformer market will experience an increase in size in the coming years. The Dry transformer is a magnetic core transformer designed on modern technology that uses natural or forced air cooling rather than oil. The dry transformer uses a high-temperature insulation system which is environmentally safe. No moving parts are there. The transformer requires less maintenance and also offers reliability and a long-run cycle. It does not possess any hazards due to which it is safe to install in factories, hospitals, schools and other buildings where fire safety should be given attention. The rapid industrialization in several countries is the main reason for the market growth. Reducing the coal-based electricity generation due to environmental concerns is one reason for the market growth. North America holds the largest market share. Increase the lifestyle, and with the growing population, the market will have tremendous growth in future. The rising use of consumption of energy leads to market growth.
The prominent players in the dry transformer market include Hammond Power Solution Inc. (Canada), ABB Ltd.(Switzerland), Siemens AG (Germany), General Electric (U.S.), Jinpan International Ltd.(China), Schneider Electric (France), TBEA Transformer Industrial Group (China), Eaton Corporation (Ireland), Crompton Graves Ltd. (India), Voltamp Transformer Ltd.(India), Virginia Transformer Corp (U.S), Kirloskar Electric Company (India), and Kotsons Pvt. Ltd (India).
April 2022: The unique transformer by Hitachi Energy has been installed in China's first floating wind turbine called 'Sanxia Yinling Hao' (Three Gorges Lead). This 5.5-megawatt wind turbine was successfully put into operation in December 2021. It was put at Yangjiang wind farm – off south China's Guangdong Province coast.
Siemens Energy has launched CAREPOLE; an innovative dry-type single-phase transformer for pole applications. It is designed for the technological requirements of the American grid. The new cast-resin distribution transformer provides a reliable and sustainable alternative to oil-filled transformers.
SGB-SMIT POWER MATLA (SSPM) has achieved a Phoenix milestone event by successfully testing a 45MVA transformer in the newly-built test facility at the Pretoria Power factory. In the newly built on-site test facility, the team successfully manufactured and tested a 45MVA 88/11kV double-wound three-phase transformer manufactured for a local utility on 8 March 2022.
Geographically, the global dry transformer market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region, have accounted for the largest market share, in 2016 and is projected to grow at the highest CAGR during the forecast period. The growing demand to update and upgrade the existing distribution network to serve the growing demand for electricity is driving the growth of the dry transformer market over the forecast period. Growing population along with improvement in the lifestyle is lead to increase the consumption of energy. This also has the positive influence on the growth of the market. China, Japan, India, and Singapore are the major markets in Asia Pacific. China is one of the leading markets in the region.
North America is the second largest region for dry transformers. High investment in transmission & distribution network creating a wide scope for the electrical components in this region. U.S.is the major market in the North America region. It is one of the leading countries in overall transformer shipments around the world. As U.S economy is witnessing enormous growth due to phenomenal industrialization and urbanization across the country, it is expected that the U.S. will hold one of the largest shares in the global transformer market. Europe is another major market for the dry transformers. It is expected to contribute significantly during the forecast period. In South America, Brazil, Argentina, are the major markets for the dry type transformer. The Argentina government is in the process of commissioning large projects, both in the transmission and generation sectors. To meet the rising demand, it has been estimated that about 1,000 MW of new generation capacity is needed each year. All these major factors are expected to boost the dry transformer in the forecast period.
For the purpose of this study, the global dry transformer market has been divided into four segments such as type, phase type, voltage range, and application.
By type, the market has been segmented into cast resin, and vacuum pressure impregnated. Cast resin dry type transformer (CRT) is used in the high moisture-prone areas. It is because of its primary and secondary windings are encapsulated with epoxy resin. This encapsulation helps prevent moisture from penetrating and affect the winding material. Complete protection is achieved by this cast resin encapsulation so that the transformer can work without disruption in highly moisture prone area. Thus this transformer is non-hygroscopic. Vacuum pressure impregnated transformer (VPI) is made with minimum flammable material as insulation of windings. The windings of this transformer are made in foil or strip in a continuous layer. However, for higher voltages, the winding is made of disks that are connected in series or parallel as per power rating with respect to voltage level.
By voltage range, the Dry Transformer Market has been segmented into low voltage and medium voltage. Low voltage transformers are manufactured in vacuum pressure impregnation (VPI) technology, depending on the application. These transformers are used for many special applications, in commercial buildings, on board of vessels as well as in deep mines and industrial environments.
As the presence of several well-established and small players, the global market of dry transformer appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch to gain competitive advantage in the market and to maintain their market position. These key players compete on pricing and services. Vendors in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These key players make a substantial investment for R&D and to secure a guaranteed resource for the customers.
The report for Global Dry Transformer Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the Dry Transformer Market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , Phase Type ,Voltage Range, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hammond Power Solution Inc. (Canada), ABB Ltd.(Switzerland), Siemens AG (Germany), General Electric (U.S.), Jinpan International Ltd.(China), Schneider Electric (France), TBEA Transformer Industrial Group (China), Eaton Corporation (Ireland), Crompton Graves Ltd. (India), Voltamp Transformer Ltd.(India), Virginia Transformer Corp (U.S), Kirloskar Electric Company (India), and Kotsons Pvt. Ltd (India).|
|Key Market Opportunities||Growing population along with improvement in the lifestyle is lead to increase the consumption of energy|
|Key Market Drivers||The growing demand to update and upgrade the existing distribution network for electricity|
The dry transformer market is projected to capitalize on the rising demand for the upgrade of existing distribution network.
The dry transformer market is supposed to mark 7.48% CAGR.
The key players are Hammond Power Solution Inc. (Canada), Siemens AG (Germany), ABB Ltd.(Switzerland), General Electric (U.S.), Schneider Electric (France), Jinpan International Ltd.(China), TBEA Transformer Industrial Group (China), Crompton Graves Ltd. (India), Eaton Corporation (Ireland), Voltamp Transformer Ltd.(India), Kirloskar Electric Company (India), Virginia Transformer Corp (U.S), and Kotsons Pvt. Ltd (India).
By voltage range, the segments of the dry transformer market are low voltage and medium voltage.
The segments of the dry transformer market, by phase type, are single-phase, and three-phase.