Global Dry Transformer Market Gaining Momentum—Projected to Reach USD 6,967.6 Million by 2027
Published | 17 August 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global dry-transformer market was worth USD 4,752.4 million in 2020 and is further projected to reach USD 6,967.6 million by 2027, at a CAGR of 6.2% during the forecast period (2021-2027). Factors driving the market include the burgeoning oil and gas industry, rising need for clean and cost-effective energy, increasing acceptance of dry-transformer for mining applications, and increasing adoption in mining applications. During the projected period, the global dry-transformer market will benefit from a rapid rise in the use of dry transformers in electric vehicles (EVs) and significant technological improvements.
The Surging Growth of the Oil & Gas Industry is Expected to Propel the Global Dry-transformer Market
The global energy demand is continually rising, and this industry is catering to the demand to a significant extent. Organization of Petroleum Exporting Countries data suggests that Saudi Arabia controls approximately 17% of the world's proved oil reserves, and the oil & gas industry contributes around 50% of its GDP. In the oil and gas industry, the materials used in operation must meet a high level of reliability, as the wrong material could result in huge losses of both money and lives. Dry transformers do not contain any combustible materials; they are widely installed in the oil & gas industries. The oil& gas industry is more exposed to toxic substances, machinery, and other hazards. As a result, specific equipment such as dry transformers that can withstand high temperatures and resist corrosion is used.
Utilization of Dry Transformer in Electric Vehicles presents a Growth Opportunity for the Global Dry-transformer Market
Dry transformer market growth has been a result of the rapid increase in the number of electric vehicles that are being introduced each year in the market and the increasing need for public charging infrastructure. To combat global warming, governments from different countries are investing a lot of money in developing EV (Electric Vehicle) charging infrastructures. As these vehicles use medium-voltage (MV) and low-voltage (LV) distribution transformers, these vehicles are expected to replace combustion engine vehicles in the coming years. There are a number of global automobile giants, including Audi and Volkswagen, that have announced that they will stop manufacturing fossil-fuel cars in the next few years. Dry transformers are increasingly installed to power the EV charging stations. Additionally, dry transformers act as nonlinear loads, providing steady current to the batteries of EVs and facilitating efficient operation. Typical home and parking lot charging infrastructure operates on single-phase electricity and has a lower capacity. Dry transformers are therefore suitable for working at low levels.
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>30 MVA power Rating Type Holds the Largest Share in the Global Dry-transformer Market in 2020
The global dry-transformer market is divided into <5 MVA, 5 MVA to 30 MVA, and >30 MVA segment based on power rating. >30 MVA segment dominated the market in 2020 owing to its applications in various industries with high power requirements and the transmission and distribution of power. Chemical, metal processing, oil and gas, mining industries are some of the highest energy-consuming industries and employ these heavy-duty transformers. Power generation plants use these transformers for the transmission of power from one place to the other. These also serve as a step-down transformer to allow lower power transformers to handle the load in power plants.
Global Dry-Transformer Market: Regional Insights
The global dry-transformer market is grouped into the Asia-Pacific (APAC), North America, Europe, South America, and the Middle East & Africa regions. The Asia-Pacific region dominated the global dry-transformer market in 2020 and accounted for the largest market share. The increasing demand for power and energy generation from countries such as India, Japan, and China have been the major factor for the dominant market share of the region in the global dry-transformer market in 2020. Furthermore, the growing urbanization and industrialization have further pushed industries to produce more energy, which is driving the growth of the dry transformer market in the region.
COVID-19 Impact on Global Dry-Transformer Market
COVID-19 had a detrimental impact on the global dry-transformer industry, since energy and power firms were among the worst-affected industries, regardless of geography. The International Energy Agency (IEA) estimated that energy demand declined by 2.5% in the first quarter of 2020, with certain nations reporting a drop of up to 15%. In February 2020, China witnessed a 13% decline in electricity demand as compared to February 2019. COVID-19 affected the adoption of dry-type transformers around the world. As a result of the lockdown restrictions, end-user industries were forced to bear financial losses and were not able to afford dry-type transformers because they were more expensive than oil-immersed transformers. Despite a slow start in the first half of 2021, growing demand for dry-type transformers in data centers in African countries is expected to spur the recovery of the telecommunications market in the second half.
The Leading Players Operating in the Global Dry-Transformer Market are Schneider Electric, Siemens Energy AG, Hitachi ABB Power Grids Ltd., Eaton Corporation Plc, WEG Industries. Toshiba Corporation, TBEA Co., Alfanar, Jinpan Technology, Hammond Power Solutions Inc., Bharat Heavy Electricals Limited, Olsun Electrics Corporation, Voltamp Transformers Limited, Kirloskar Electric Company, and other prominent players. Companies in the global dry-transformer market are constantly attempting to expand their market share by raising public awareness, opening new facilities, improving existing technologies, or introducing new methods and techniques.
In July 2021,Mesta Electronics Inc., a firm based in the United States, has been bought by Hammond Power Solutions Inc. for a 100 percent equity stake. As a manufacturer and designer of active filters and induction heating systems, Mesta manufactures both standard and custom products.
InMay 2021,Trafo Power Solutions has designed a dry-type transformer to function at 40⁰C below 0⁰C at an altitude comparable to Everest’s base camp. The company is supplying these transformers to a gold mine expansion in Kyrgyzstan and has provided a 3,000kVA transformer with a primary 6,3kV and a secondary 400V specification, which will operate at 4,020 meters above sea level.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global dry-transformer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Dry Transformer Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2017-2027, Segmented By Type (Cast Coil, Vacuum Pressure Impregnated (VPI), Open Wound, Vacuum Pressure Encapsulated (VPE), By Phase (Single Phase, Triple Phase), By Power Rating (<5 MVA, 5 MVA to 30 MVA, >30 MVA), By Installation (Indoor, Outdoor), By Application (Oil & Gas, Metals & Mining, Marine, Commercial, Others), By Region (North America, Europe, The Asia-Pacific, South America, The Middle East and Africa)
Publish Date: August 2021
The global dry transformer market is expected to continue expanding due to the boom in oil and gas industry, increasing demand for energy efficiency, and increasing adoption of dry-transformers for mining applications.
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