Global Dry-type Transformer Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)
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, augmentation in power infrastructure, etc. 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 it has safety advantages over wet-type transformers, which is a big boost for its market. Increasing investments in the transmission and distribution networks in countries, such as India and China, provides tremendous opportunity for 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 (henceforth referred to as the forecast period).
Focus on Eco-friendly Products Drives the Market
Globally, improving the usage of eco-friendly products is growing, 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 rating, 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, and after completion of their lifecycle. 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 electrical is growing due to development of industrial infrastructure. Therefore, with surge in industrial infrastructure, the demand for dry-type transformer 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
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