Dry type Transformer Market annual installation is poised to reach over 600 thousand units by 2024
SELLBYVILLE, Del., Feb. 6, 2018 /PRNewswire-iReach/ — Dry type Transformer Market is expected to exceed USD 9 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Dry type transformer market is projected to witness upsurge owing to its economic cost structure along with efficient noiseless operations. Effective applicability across underground substations coupled with expanding medium & low voltage renewable networks will foster the product deployment. The technology has gained appreciable penetration across industrial establishments on account of its lower toxicity when compared to its conventional counterparts. Thereby, advancing product precision coupled with growing demand for sustainable units will positively impact the business outlook.
UK dry type transformer market is set to reach over 14,000 annual unit installations by 2024. Stringent energy efficiency norms coupled with advancing smart transformer technologies will positively influence the industry growth. Utilities and private participants in line with the renewable targets led by the European Union have aligned their focus towards the expansion of sustainable electric networks. Thereby, pragmatic adoption of low and medium renewable systems across suburban establishments will boost the product demand.
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Rapid economic proliferation across developing regions adhered by expanding commercial and industrial establishments will drive the Vacuum Pressure Impregnated (VPI) dry type transformer market. Sustainable mechanical and short circuit strength complemented by minimized leakage and fire hazard tendencies will fuel the business growth. In addition, rapid technological enhancements have led to significant improvement in terms of efficiency and operational flexibility which in turn have instituted a favourable business scenario.
Three phase dry type transformer market is projected to witness growth of over 9% by 2024. The industry has undergone significant upsurge on account of growing inclination towards the establishment of a sustainable grid infrastructure to ensure security of supply. Ongoing electrification reforms to cater the rising demand coupled with competitive cost structure and operational reliability will encourage the product deployment.
Browse key industry insights spread across 950 pages with 2084 market data tables & 17 figures & charts from the report, “Dry type Transformer Market” in detail along with the table of contents:
Ongoing technological advancements coupled with rising inclination towards the replacement of conventional insulated systems will augment the dry type transformer market. Elimination of spills & leakage coupled with effective operations under climatic extremities will further uplift the product demand. Furthermore, improved surge resistance adhered by effective short circuit protection will positively influence the industry growth.
The U.S. dry type transformer market will grow pertaining to ongoing upgradation of existing grid infrastructure along with rapid deployment of cost effective distribution systems. The industry in line with favourable energy efficiency reforms coupled with rapid adoption of advance transformation units will complement the business landscape.
Africa dry type transformer market was valued over USD 200 million in 2016. The region on account of high end dependency on imports adhered by in-effective grid infrastructure possess substantial growth opportunities. Ongoing investments from financial institutions to establish a sustainable electric network along with rapid deployment of renewable energy systems will stimulate the product demand.
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Notable participants across the dry type transformer market include WEG, CG, ABB, Meramec, Schneider, Siemens, Fuji Electric, GE, KONCAR, Raychem, ITEC, Toshiba, EATON, TRENCH, Abaft, Kirloskar, BHEL, Mehru, Voltamp, Celme, and Ruhstrat.
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Transformer Market Size 2017 – 2024
Transformer Market share for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024. Rapid urbanization coupled with rising expenditure across the infrastructure sector have fuelled the expansion of existing grid networks in the recent years.
Distribution Transformer Market Size 2017 – 2024
Distribution Transformer Market share for 2016 was USD 18 billion and the annual installation is set to cross 80 thousand units by 2024. Rising investments across the infrastructural sector subject to pervasive commercial and residential establishments will drive the distribution transformer market share.
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