The global dry-type transformer market is likely to grow at a significant rate, on account of increasing demand for electricity, growing focus on reduction of fire hazards, and augmentation in power infrastructure.
New York, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Dry-type Transformer Market- Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778134/?utm_source=GNW
The demand for electricity is growing on account of expanding commercial and industrial establishments and increasing usage of electrical appliances. The dry-type transformers are eco-friendly products, and have safety advantages over wet-type transformers, which is a big boost for this market. Increasing investments in the transmission and distribution networks in countries, such as India and China, is expected to provida e tremendous opportunity for the dry-type transformers market during the forecast period. Countries in the Middle East & African region, like Iran and Saudi Arabia, are also investing in the expansion and restructuring of power grids, which increases the growth prospects of the dry-type transformer market. Asia-Pacific dominated the global market for dry-type transformers, with almost 42% of the market share, in 2017, and is expected to maintain its dominating market position during 2018-2023.
Focus on Eco-friendly Products drives the Market
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.
Industrial Sector - Major Market
The industrial sector is the major consumer of electricity on account of widespread power requirements during operations. The demand for energy in the form of electric is growing due to the development of industrial infrastructure. Therefore, with a surge in industrial infrastructure, the demand for dry-type transformers is predicted to grow.
Asia-Pacific to Dominate the Market Growth
The Asia-Pacific region is expected to dominate the market, owing to increasing industrialization and surging demand for energy. The dry-type technologies are also helpful in eliminating environmental risks related to leaks and spills. As the Asia-Pacific countries account for 43.9% share in the global electricity generation, the region is likely to maintain its dominance during the forecast period.
Key Developments in the Market
- September 2017: The acquisition of GE Industrial Solutions by ABB will include dry-type transformers.
- September 2017: The Lucknow Metro development will require the dispatch of auxiliary dry-type transformers for overhead electrification and powering the metro stations for lighting and other requirements.
- May 2017: Anoop Nanda, a leader in growing global manufacturers, was named president of Virginia Transformer Corp.
MAJOR PLAYERS: Hammond Power Solutions Inc., Abb Ltd, Eaton Corporation PLC, Siemens AG, Cg Power and Industrial Solutions Ltd, Voltamp Transformers Ltd, Schneider Electric SE, Jinpan International USA Ltd, Bharat Heavy Electricals Ltd, General Electric Company, and Virginia Transformer Corp.
Reasons to Purchase This Report
- Identify the drivers, restraints, and opportunities possessed by the global dry-type transformer market, with in-depth analysis.
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- Identify the most dominating technology with forecasted market estimate in the global dry-type transformer market.
- Identify the largest, fastest-growing, and significant regions during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in excel).
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