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Industry Trends
Dry Type Transformer Market size exceeded USD 5 billion in 2019 and is estimated to witness over 8% CAGR between 2020 and 2026. Ongoing replacement of conventional technologies coupled with increasing electrification rate primarily across the developing nations will boost the product demand. Rapid adoption of advanced transformer units along with expansion of power grid networks will fuel the industry landscape. In addition, accelerating R&D investments to introduce innovative electrical equipment for monitoring and controlling the electricity demand will propel the business scenario.
A dry type transformer provides a consistent and secure power source using high-temperature insulation systems. Cast resin transformers are used for both indoor and outdoor applications. North America dry type transformer market forecast will be robust owing to the trend for renewable generation.
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Integration of micro grid networks followed by development of Tier II & III cities will fuel the business scenario
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Closed core dry type transformer market is estimated to grow on account of rising adoption of smart technologies along with growing inclination toward low carbon emission components. Introduction of micro grid technology along with development of Tier II & III cities will positively influence the business scenario. Increasing concern toward deployment of transformers in line with implementation of smart transmission networks will fuel the industry potential. Ongoing automation and modernization of existing industries followed by expansion of power distribution infrastructure will escalate the product adoption.
| Report Coverage | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | 5,920.5 Million (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 8.2% |
| 2026 Value Projection: | 7,914.0 Million (USD) |
| Historical Data for: | 2015 to 2019 |
| No. of Pages: | 1,000 |
| Tables, Charts & Figures: | 2,088 |
| Segments covered: | Core, Technology, Insulation, Product, Phase, Installation, Winding, Rating, Mounting, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Stringent government norms towards minimizing energy theft will drive the self-air-dry type transformer industry growth
Stringent government norms for minimizing power theft along with growing concern toward grid stability will foster the self-air-dry type transformer market trends. The technology has experienced significant penetration owing to its reduced operational and maintenance cost followed by ability to operate under extreme weather conditions. Increasing utilization across low & medium power networks and manufacturing plants will stimulate the product growth.
Class R dry type transformer market will grow on account of ongoing expansion of power generating stations
Class R based dry type transformer industry is projected to grow at over 7% through 2026. The technology has witnessed growth subjected to effective transformation during full-load rise over ambient electrical flow. Wide scale adoption of product across power generation plants including nuclear and hydro based stations will favor the industry scenario. Growing inclination toward renewable powered generation plants along with increasing electricity demand and security of supply concerns will enhance the product adoption.
Ongoing digitalization of electrical utilities accelerate the product demand
Open wound transformers systems have attained an impetus growth owing to rising demand for upgradation of existing electrical infrastructure. Ongoing technological advancements including digitalization of power utilities along with favorable government norms toward rural electrification will facilitate the industry outlook. Rapid urbanization along with ongoing industrial expansion across the developing economies will further augment the business trends.
Pad mounted dry type transformer market is estimated to exceed USD 4 billion by 2026. Increasing public and private investments toward the renewable sector along with introduction of government plans and schemes will positively sway the business landscape. In addition, high space constraints across suburban areas have profoundly adopted the mounting technology. Eminent players are investing extensively toward research & development activities which will enhance the overall system performance and improve the product portfolio.
Expansion of medium and long route transmission networks will augment the three-phase dry type transformer industry
The three-phase dry type transformer market exceeded USD 3 billion in 2019 and is projected to witness significant growth on account of large-scale suburban migration and favorable regulatory norms toward the expansion of medium & long route transmission networks. Ongoing power demand along with growing utility inclination toward the development of electric infrastructure across the grid isolated areas will amplify the industry outlook.
Indoor dry type transformers will grow on account of growing space constraints and introduction of advanced product design
Continuing refurbishment of existing electrical infrastructure adjoined by growing space constraints will propel indoor dry type transformer industry trends. The government and private administrations are investing widely toward electrification programs which will boost the business outlook. Ongoing expansion of power networks including transmission and distribution lines will enhance the industry landscape.
Auto transformers to offer strong technological competence when compared to its alternatives
Auto transformer segment of dry type transformer market is expected to surpass USD 3 Billion by 2026. Integration of advanced monitoring technologies has improved the cost-effectiveness & reliability of the product, which will positively sway the business outlook. Expansion of HVAC & HVDC transmission lines and ability to reduce concerns including fire hazards and appropriate cooling capability will foster the industry statistics.
Increasing investments across commercial establishments will enhance the product demand
Increasing infrastructural investment along with development of commercial establishments including malls, hotel, resorts, schools and colleges will drive the 5 MVA to 30 MVA capacity dry type transformer market demand. Ongoing expansion of rail & road networks coupled with adoption of product across steel factories and chemical plants will positively influence the business landscape.
Large-scale integration of renewable resources will fuel demand for energy efficient transformers
Renewable generation accounts for over 19% of the market share in 2019. Increasing government focus toward the deployment of clean energy systems and grid stability & reliability will complement the business landscape. Regulators across the globe have aligned inclination toward the adoption and standardization of energy efficient electric supply systems. Introduction of micro grids along with favorable regulatory reforms supporting deployment of self-sustaining power networks will amplify the industry outlook.
Asia Pacific market is set to dominate the overall industry scenario
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Asia Pacific and North America holds the majority share of over 55% in 2019. Increasing demand for refurbishment and restructuring of conventional grid infrastructure favored by digitalization of power utilities will foster the product demand. Favorable regulatory reforms to ensure grid sustainability along with rapid adoption of smart control and monitoring systems will strengthen the industry demand.
Japan dry type transformer market is projected to grow at a rate of 8% through 2026. Increasing electricity demand followed by replacement of conventional electrical grid networks will complement the industry scenario. Growing infrastructural investments along with flourishing residential sector will stimulate the business landscape. Regulatory focus for the integration of smart grids coupled with positive consumer inclination toward sustainable electrical components will further boost the industry share.
COVID - 19 impact on the industry do not experience much effect on the installation of dry type transformers. The constant demand for new developments to response to the crisis including healthcare and commercial sector will positively impact the industry outlook. However, the demand for these systems may observe a marginal decline on account of supply chain interruptions and minimal on-site operations.
Product development and ongoing mergers and acquisition will act as a crucial point for market participants
Eminent players are focusing toward high-tech advancements coupled with mergers and acquisitions to meet the prevailing competition in the industry. The key industry players laying prominence on economies of scale and backward integration for sustaining quality standards. Major market participants operational across dry type transformer includes WEG, ABB, GE, Eaton Corporation, Schneider Electric, Siemens, CG, Raychem, Abaft, Toshiba, Bharat Heavy Electricals Limited, Instrument Transformer Equipment Corporation, Mehru, Celme and Fuji Electric.
Dry type transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:
By Core
- Closed
- Shell
- Berry
By Technology
- Self-air
- Air-blast
By Insulation
- Class R
- Class H
- Class F
- Class B
- Class A
By Product
- Open wound
- Cast resin
- Vacuum Pressure Impregnated
- Vacuum Pressure Encapsulated
By Phase
- Single
- Three
By Installation
- Outdoor
- Indoor
By Winding
- Two winding
- Auto transformer
By Rating
- < 5 MVA
- 5 MVA to 30 MVA
- > 30 MVA
By Mounting
- Pad
- Pole
- PC/PCB
- Others
By Application
- Industries
- Inner-city Substations
- Indoor/Underground Substations
- Renewable Generation
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Austria
- Spain
- Netherlands
- Denmark
- Sweden
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Singapore
- Thailand
- New Zealand
- Philippines
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Bahrain
- Oman
- Turkey
- South Africa
- Nigeria
- Algeria
- Egypt
- Latin America
- Brazil
- Peru
- Argentina
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