New York, USA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The global dry type transformer market is expected to rise significantly from a market size of $4822.4 million in 2019 and to $6556.7 million by 2027, with a considerable CAGR of 6.1%. The comprehensive report provides a brief summary of the current market situation that includes significant sides of the market such as challenges, growth factors and dynamics of the market, restraints and varied opportunities during the forecast period. The report also includes all the figures of the market, thus making it simple and aiding the novel participants to grasp the market scenario.
Market Dynamics
The dry type transformer market will witness a growth due to the expansion in electricity distribution and industrialization around the world. The small- and large-scale industries need specific voltage supply and dry type transformers fulfill this demand. Moreover, transformers are distributed to the customers according to the demand with added safety and voltage features. All these aspects are considered as the major drivers of the dry type transformer market.
For More Detail Insights, Download Sample Copy of the Report at: https://www.researchdive.com/download-sample/430
High costs and complex construction of the dry type transformers will restrain the growth of the market. On the other hand, wide range of applications and technological advancements will open up various opportunities for the dry type transformer market.
Covid-19 impact on the Dry Type Transformer Market
The lockdown imposed by the governments of various countries resulted in the shutdown of various industries and disrupted the entire demand and supply chain. Moreover, several projects and constructions are delayed that has affected the biofuel investments and the renewable heat projects. All these factors have affected the dry type transformer market at a global level.
The report divides the market into segments based on type, technology, phase, voltage range, end-use, and regional outlook.
The Converter Transformer Type to Generate Highest Revenue
The converter transformer sub-segment is anticipated to generate notable revenue of $3,999.0 million in the forecast period. The demand for HVDC (High Voltage Direct Current) technology that can transmit high voltages over long distances between generation and consumption centers has augmented the market growth. Moreover, the usage of dry type transformer in renewable energy will also enhance the market.
Cost Resin Sub-Segment to be the Most Lucrative
This sub-segment is projected to garner substantial revenue of $4,438.2 million in the estimated timeframe. The major reasons that are driving the market forward are ability to resist fire, numerous applications, and reduced maintenance costs.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/430
Single Phase Sub-Segment to be the Most Profitable
This sub-segment is expected to generate a market size of $5,913.5 million by 2027 due to its applications in power supply for running motors, homes, and businesses. Furthermore, technical growth in the dry type transformers is also enhancing the market. These all features are fueling the market growth.
Low Voltage Sub-Segment to Garner Huge Revenue
The low voltage sub-segment is accounted to produce significant revenue of $4,665.2 million by 2027 due to the concept of go-green goods. Apart from this, applications of low voltage in sectors like institutional industries, commercial, and residential industries will also drive the market. All these faucets will push the market forward.
The Industrial Sub-Segment to Dominate the Market
This sub-segment is expected to propel the market growth with a CAGR of 6.4% and garner revenue of $3,590.1 million in the analyzed timeframe. Technological inventions and applications in areas like automobile, oil, gas, and electrochemical industry are considered are the major drivers of the market.
North America to Expand the Business at a Considerable Market Size
This region is predicted to harbor a revenue of $1,708.0 million by 2027 from a significant market size of $1,210.4 million in 2019. The rise in investment by the key market players in this region and adoption of innovative technologies will boost the market growth in the estimated forecast period.
Key Players and Business Strategies
Some of the leading dry type transformer players include -
- Bharat Heavy Electricals Limited
- ABB Limited
- Eaton Corporation
- General Electric
- Schneider Electric
- CG Power and Industrial Solutions Ltd
- Siemens AG
- Toshiba Corporation
- Raychem RPG
Dry type transformer market players are mainly focusing on merger, acquisition, and advanced goods development. These are some of the effective strategies taken up by the startups and the established organizations. Quick Download Top Companies Development Strategies Summary Report
The report mentions numerous factors of all the crucial market players that are active in the market. Some features such as financial performance, present strategic plans, product file, developments and SWOT scrutiny are also included in the report.
Related Links-
- New Product Launches & Company Acquisitions to Boost the Growth of the Global Dry Type Transformer Market
- Everything You Need To Know about Dry-Type Transformers