Portland, OR, Aug. 12, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global dry type transformer market generated $5.4 billion in 2019, and is estimated to reach $7.3 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for electricity across the globe for different end-uses and safety advantages over liquid transformers drive the growth of the global dry type transformer market. However, high cost associated with dry type transformer restrains the market growth. Furthermore, growing adoption of digital dry transformers and smart grids is expected to provide new growth opportunities in the near future.
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Covid-19 scenario:
- Disruptions in supply chain due to restrictions on logistic mobility and sluggish import export activities amid lockdown have impacted the market during Covid-19 pandemic.
- On the other hand, the manufacturing activities of dry type transformers have been halted to avoid social gathering and curb the spread of coronavirus.
- However, the demand for dry type transformer is expected to increase across the developing economies due to upgradation of existing grid infrastructure and installation of new smart grids to meet the growing demand for electricity after lifting up of lockdown.
The report offers a detailed segmentation of the global dry type transformer market based on type, technology, phase, voltage range, end-use, and region.
Based on type, the dry type converter transformer segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the dry type rectifier transformer segment is estimated to portray the highest CAGR of 6.3% during the forecast period.
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Based on technology, the cast resin segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the vaccum pressure impregnated segment is expected to register the highest CAGR of 6.5% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, North America is expected to grow at the highest CAGR of 6.6% from 2020 to 2027.
Leading market players analyzed in the research include Eaton Corporation Plc, Bharat Heavy Electricals Ltd., General Electric Company, Fuji Electric Co. Ltd., Henley Energy GCC, Hammond Power Solutions Inc., Hyosung Heavy Industries, Hitachi Ltd., Power Sp. z o.o., and Kirloskar Electric Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.