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
• September 2017: The acquisition of GE Industrial Solutions by ABB will include dry-type transformers.
• September 2017: The Lucknow metro development will require dispatch of auxiliary dry-type transformers for overhead electrification and powering the metro stations for lighting and other requirements.
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, amongst others.
Reasons to Purchase This Report
• Identify the drivers, restraints, and opportunities possessed by the global dry-type transformer market, with in-depth analysis.
• Analyze the various perspectives of the market with the help of Porter’s five forces analysis.
• 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.
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