LONDON--(EON: Enhanced Online News)--Technavio’s latest market research report on the global dry-type transformer market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Gaurav Mohindru, a lead analyst from Technavio, specializing in research on unit operations sector says, “APAC accounted for over 48% of the market share for dry-type transformers in 2016. Rapid urbanization and improved living standards have resulted in an increase in electricity consumption in major countries such as China and India. This has led to the need for installation of new transformers, which will drive the demand for dry-type transformers in the region.”
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- Increasing popularity of dry-type transformers
- T&D expansion leading to increase in transformer installations
- Renewable power generation capacity expansion
Increasing popularity of dry-type transformers
With the urban society expanding worldwide, there has been an increasing need to expand the necessary infrastructure as well. Hence, there has been a rise in the number of high-density residential areas, industrial complexes, and commercial spaces. This has compelled the utility companies to focus on the design and laying of a complex T&D network to supply the requisite quantity of electric power to the mentioned end-users. The situation is predominant in developing regions like Asia, where the population density is the maximum worldwide.
“Dry-type transformers have proven to be a unique substitute for oil-filled transformers. These transformers use air as the cooling agent. Hence, there is zero risk of fire hazards. They operate quietly and can operate in extreme climatic conditions. They come with additional benefits of compact size and weight making them ideal for densely populated places, especially in regions like Asia,” says Gaurav.
T&D expansion leading to increase in transformer installations
APAC is one of the regions undergoing far-reaching changes in many ways. Countries, including China, Thailand, the Philippines, Vietnam, India, Japan, and Australia, are experiencing huge growth of their economies along with industrial development and commercialization. Therefore, the demand for power in these countries is also increasing.
Apart from industrial development and rapid urbanization, the manufacturing sector in these regions is exhibiting considerable potential for growth. Thus, these countries would become a hub for major manufacturing industries, which will lead to high demand for electricity. This has revved up activity among private and public power sector companies in many regions to commence projects of planned network capacity expansion.
Renewable power generation capacity expansion
Most significant expansion activities are taking place in the area of renewable energy. To meet stringent carbon emission goals and reduce dependency on depleting fossil resources, may countries are adopting renewable sources of energy like wind and solar energy.
Many end-users have embraced alternative forms of energy instead of depending on power generators that operate on fossil fuels. Solar power, wind power, and other forms of renewable energy are becoming increasingly popular among all categories of electricity end-users. In 2016, the total wind power installed across the European Union was 142 GW, as per Global Wind Energy Council (GWEC). This will improve the prospects of dry-type transformers market.
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