U.S. Dry Type Transformer Market to Witness Remarkable Proceeds over 2017-2024
Ongoing refurbishment of existing electric networks adjoined by increasing space constraints will augment the indoor market of the dry type transformer
Sellbyville, DE -- (SBWire) -- 06/17/2019 --Dry type transformer industry, over the recent years, has witnessed a paradigm shift in its remuneration portfolio, driven by the growing prevalence of sustainable and smart grid technologies worldwide. The substantial quest for smart and efficient electricity transmission which in extension has provided a remarkable impetus to the demand graph of environmentally friendly transformer has been pointed out as one of the most pivotal factors to have fueled the dry type transformer market size over the years. It is prudent to mention that the dry type transformer units employ only those high temperature insulation systems that are environmentally safe, and UL & CSA recognized. On grounds of such strong sustainability, efficiency, and reliability parameters, experts claim these transformers to witness a massive deployment rate in industrial plants and building complexes in the coming years. In fact, the soaring demand for these units is quite evident from the yesteryear statistics, which claim the worldwide dry type transformer market to have accounted for a total revenue of USD 4 billion in 2016.
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On account of its environmental credibility, the dry type transformer is indeed witnessing a dynamic strategic landscape. The recent deal between ABB and GE Industrial Solutions, which created quite a buzz in the electrification solutions business, is a testament to the aforementioned fact. Elaborating further on the deal, in September 2017, ABB, a global leader operating in power and heavy electrical equipment sector announced its acquisition of GE Industrial Solutions, which included the latter's electrification solutions and distribution and dry type transformers businesses.
The agreement, reportedly, strengthened ABB's hierarchy in the dry type transformer market landscape, by providing it a remarkable threshold in the lucrative North America electrification market. Undoubtedly, the move was quite well-versed, as reported by the experts, taking into account North America's strong establishment in the global dry type transformer market landscape. Reportedly, the U.S. is estimated to lead the regional terrain with a recorded valuation of USD 500 million in 2016.
A slew of factors can be credited for the proliferation of U.S. dry type transformer market – growing refurbishment and upgradation of existing grid networks and favorable regulatory scenario being the topmost. In fact, reports cite that, to date, companies such as General Electric, Itron, Trilliant Networks, and Honeywell have received between around 60 to 300 million U.S. dollars in funding from the U.S. government to modernize electric network. Moreover, governmental initiatives such as the Smart Grid Investment Grant program, which aims to upgrade and revolutionize the country's electric T&D systems, have further fueled the installations of dry type transformers for efficient and sustainable grid deployment.
Looking at the extensive deployment of transformers in the refurbishment projects, it goes without saying that the regional dry type transformer market is certain to witness an unprecedented growth down the line.
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Other than the U.S., UK has also emerged as a lucrative avenue with regard to dry type transformer market growth. The stringent norms regarding energy efficiency and renewable power generation accompanied with the rather expedient characteristics of these transformers, have massively driven the deployment of dry type transformers across commercial, utilities, residential, private and government sectors. Speaking along similar lines, the European Union's proclamation toward the expansion of smart and sustainable electric networks is one such move which has dramatically proliferated the demand for sustainable electrification devices in the continent. Taking into account such rigorous refurbishment & upgradation activities and a stringent yet favorable regulatory framework, estimates claim UK dry type transformer industry to cross annual installation of 14,000 units by 2024.
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All in all, with the world on the cusp of smart grid network revolution, it is no surprise that dry type transformer market will herald an era of unprecedented growth in the coming years. Add to it, with the favorable inclination of the regional governments, ongoing electrification reforms, and rapid industrialization trends, it is overt for the dry type transformer industry to witness remarkable proceeds in its product and strategic landscape in the ensuing years. In terms of commercialization and profitability, Global Market Insights, Inc., forecasts dry type transformer market to surpass a valuation of USD 9 billion by 2024.
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