The beneficial attributes of liquid immersed transformer and other major driving factors is expected to favour the rise in the global liquid immersed transformer market
Reports and Insights has published a new report titled, “Liquid Immersed Transformer Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Liquid Immersed Transformer Market, By Dielectric Fluids (Natural esters, Synthetic esters, Mineral oils, Silicone oils), By Application (Power transformers, Distribution transformers (Residential, Commercial, Industries)) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global liquid immersed transformer market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
The liquid or wet-type power transformer has been around for almost a century, but the novel technical upgrades and advancements have enhanced the entire functionality and practicality of these products. This verified and tested technology is versatile, cost-efficient, and simple to maintain. With a standard life-span of 25 years and a prospective service life of 35 years, they stand much more in comparison to dry transformers while providing several other benefits. Owing to which, the liquid immersed transformer is witnessing higher demand across the global markets, thereby projected to observe significant growth in the following years.
In addition to that, the rise in demand for liquid immersed transformers in the electrical and solar industry is further estimated to offer major opportunities to the growth of the global liquid immersed transformer market over the forecast period.
In the present times, the new dielectric fluids have high flash points and minimal impact on the environment, which is further expected to fuel its demand across the global markets. Moreover, rising demands for electrical energy and burgeoning energy producing capacities of renewable sources is further estimated to majorly propel the market growth in the near future. However, not all liquid immersed transformers have the equivalent safety advantages, which may hold back the market growth in the coming years.