Liquid Filled Transformer Market Overview
According to latest research by Future Market Insights, liquid filled transformer market is set to witness steady growth during 2021-2031with projected growth between 3% and 4% for the same period. Demand for liquid filled transformer will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
Muted demand from industrial infrastructure during the pandemic will mean limited opportunities in 2020, however, sales of liquid filled transformer in residential infrastructure as well as new energy grids will provide momentum.
What is Driving Demand for Liquid Filled Transformer?
Economic costs and increasing use of transformers for residential, commercial as well as industrial applications continues to drive demand for liquid filled transformers. Installation of renewable and smart energy grids in various economies poses as a lucrative avenue for liquid filled transformer manufacturers.
These transformers are often utilized in situations where higher capacities are critical due to their higher efficiencies in the same conditions. Along with its additional insulation as well as cooling capacities make it an attractive product compared to dry transformers.
Global electricity consumption has been substantially rising faster than the world population, leading to an increase of average amount of electricity consumption, which is expected to account for a substantial growth for the market.
Due to strict lockdown measures undertaken by various governments, people are forced to stay at their homes, thereby resulting in a higher consumption of electricity from residential areas hence increasing sales of the same.
Smart Energy Grids & Renewable Energy Infrastructure Likely to Boost Liquid Filled Transformer Sales
As solar and wind energy power penetrations are reaching new levels, there has been an increase in transformers with an ability to handle higher capacities. Traditional transformers are unable to handle this high capacity which often result in higher thermal stresses. As heat insulation is a key focus area for electricity grids in general, liquid filled transformers are likely to witness sustained opportunities in the future.
US Liquid filled transformer Market Outlook
Since the 1920s, the U.S. has been using pumped storage hydropower system, however now the demand for a cleaner and dynamic grid has led to a significant increase in higher capacities which will result in a higher growth of market. As extreme weather conditions in the U.S. has caused casualties in the country’s infrastructure, the government has increased investments keeping in mind the importance of grid resilience.
The US proposed a US$ 100 Bn in spending to upgrade and building its aging and isolated electric transmission system. Several studies have also pointed out that the US will need to triple its electrical transmission capacity to fully decarbonize its economy by 2050.
FMI has projected U.S. to remain one of the most lucrative markets throughout the course of the forecast period.
Europe Demand Outlook for Liquid Filled Transformer
Since the adoption of Third European Energy Liberization Package by the European Union, has increased a public awareness of smart grid technology amongst various countries such as France, Germany and Spain. The evolution of smart grid landscape in Europe will rise substantially in Europe due to rise in investments.
An increasing share of renewables and power generation centres is expected to substantially rise in attractive regions such as Southern and Northern Europe. Electricity markets across Europe have been witnessing the growth of renewables, overtaking fossil fuels in 2019.
Although the pace of clean energy has been slower in the past decade, Europe has broken records each year with respect to proportion of electricity demands from renewable energy. Therefore, strong projections for Europe’s clean and smart energy and infrastructure has presented itself as an opportunity for manufacturers and suppliers. Focus on the same will remain key to steady demand in the long run.
Who are the Key Manufacturers and Suppliers?
Some of the leading manufacturers and suppliers of liquid filled transformer include
- Schneider Electric
- Compton Greaves
- GENERAL ELECTRIC
- MGM Transformer Company
- Imefy Group
- VanTran Industries
Various leading manufacturers of liquid filled transformers are focusing on providing products with a resistance to fire or other threats by introducing new protection and insulation characteristics for the same. They are also planning on implementing their products to account for lower operating costs, extend service life, and enhance safety.
Some manufacturers are also using environmental friendly and non – toxic fluids within the transformers without compromising on the quality and efficiency of the same. Market trends such as use of bio based and naphthenic transformer oils for liquids is also being adopted by manufacturers.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of Liquid Filled Transformer Market
- Seed oil filled
- Mineral oil filled
- North America
- Latin America
- South Asia and Pacific
- East Asia
- Middle East and Africa