Dry Type Transformer Market Statistics, Regional Growth & Forecast 2022-2026
Industry share of pole-mounted dry type transformers is likely to reach a substantial growth rate through the next few years due to their demand in the up-gradation of the existing industrial facilities and their manufacturing units.
Demand across commercial, renewable, and industrial applications will accelerate the adoption of dry type transformers. There are considerable developments in the commercial sector and urbanization in the growing economies across the world owing to the rise in investments towards public infrastructure and private construction activities.
Emergence of smart grid infrastructure and the formulation of government policies has led to modifications in power networks. Deployment of some of the latest clean energy technologies and the ease of access to electrification programs will bolster the number of transformer installations over the coming years.
As per estimates, the global dry type transformer market size could exceed a yearly revenue of more than USD 5 billion by 2026.
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Use for infrastructure improvements
Global remuneration from class B dry type transformers is expected to strike a CAGR of 11% through the next few years owing to their wide use in the modification and renovation of the existing grid infrastructures. Constant preference by consumers to opt for sustainable electrical components and the incorporation of microgrid technology will drive the demand for these transformers.
Industry share of pole-mounted dry type transformers is likely to reach a substantial growth rate through the next few years due to their demand in the up-gradation of the existing industrial facilities and their manufacturing units. Developments in the railway and road networks have pushed the need for a sustainable supply chain mechanism. Besides, extensive application across several industrial verticals and utility establishments has led to an increased demand for short-distance transformers.
Preference for outdoor and vacuum-based components
The outdoor dry type transformer industry is likely to gain momentum through 2026 with the growth in the number of commercial establishments like hotels, hospitals, and malls, which require a continuous need for electricity. Initiation of favorable directives pertaining to advancements in power infrastructure has paved the way for expansion of construction activities. Furthermore, an intense security concern has encouraged the formulation of severe norms by various government bodies to facilitate safe and reliable electricity supply.
Application of vacuum pressure impregnated technology in the dry type transformer market will observe considerable footprint through 2026 owing to the preference for advanced high-quality systems over conventional power units. The rise in energy consumption in developing countries considering the spike in power security concerns and the rapid advancements in micro-grid networks as well as utility-based renewable infrastructure will drive the penetration of this dry type transformer product.
Demand in the MEA region with expanding tourism
Middle East & Africa could observe a robust demand for dry type transformers and the regional industry is anticipated to register a 6.5% CAGR up to 2026. This can be attributed to the jump in the electrification rate and grid stability resulting in higher investments for transmission and distribution networks. UAE is home to a significant number of tourists, indicating an increased power demand and regional device installation.
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Dry type transformer manufacturers such as Schneider Electric, General Electric, Eaton, Siemens among many others are consistently working towards business strategies and device modifications to extend their offerings and gain a competitive edge over other participants. For instance, ABB launched the ABB AbilityTM TXpertTM Dry, the world’s first dry type digital transformer, and TXpandTM in November 2019 in a bid to strengthen its transformer portfolio.
The present COVID-19 pandemic has impeded the ongoing construction activities and expansion of transmission networks, likely to hamper the project commission dates. The resumption of business operations is now picking up speed after the slowdown across the globe, albeit several regions dealing with a shortage of power supply. This has imposed a challenge for manufacturers to commence production in these countries. However, expanding electricity demand across the healthcare sector will favor installations of dry type transformers.
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