New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global dry type transformer market is projected to register a revenue of $6,556.7 million at a CAGR of 6.1% during the forecast period (2020-2027), increasing from $4822.4 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market growth factors, challenges, restraints, and various opportunities. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Driver: The rapid industrialization in the developing countries has increased the demand of electricity. Industries run on machineries which require specific amount of voltage. Dry transformer is the first and foremost option to meet the demand of industries including marine, oil, gas, mining and others. Dry type transformer industry players are innovating and offering transformers that ensure advanced safety level and voltage features at an affordable rate.
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Moreover, leading players of the industry such as ABB and HITACHI are integrating their services in almost all transformer types to attract and gain the trust of their customers. For example, ABB, a leading player of the industry, includes diverse range of dry transformer such as “HiDry72” with 72.5 kV voltage for different megacities in their offering. These factors are enhancing the growth of the global market during the forecast period.
Restraint: A dry type transformer comes at a higher cost because of its complicated production process. This is one of the major factors hindering the growth of the market.
Opportunity: Technological advancements and high-end innovations are augmenting the dry type transformer industry at a very fast pace, which is creating many opportunities for the investors in the market.
Key Segments of the Market
The report has divided the market into different segments based on type, technology, phase, voltage range, end-use, and regional analysis.
Type: Converter Sub-Segment Expected to be the Most Lucrative
The converter sub-segment is predicted to garner the maximum revenue of $3,999.0 million by the end of 2027. The demand for high voltage direct current technology with high voltage electricity transmissions has been increased. Converter transformer is used in HVDC converter station, to generate energy from renewable sources such as solar panels, offshore wind farming, and hydro power-plants.
Technology: Cast Resin Sub-Segment Estimated to be the Most Profitable
The cast resin sub-segment is predicted to earn the highest market revenue of $4,438.2 million during the analysis period. Cast resins are in huge demand across the transformer industry because of its benefits including low maintenance, fire-resistance, and attractiveness.
Phase: Single Phase Sub-Segment Expected to be the Most Profitable
The single phase sub-segment is expected to garner the highest revenue of $5,913.5 million by 2027. Main applications of the single phase dry type include power supply for homes and businesses. These are the main factors enhancing the growth of the market segment.
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Voltage: Low Voltage Sub-Segment Expected to Earn the Highest Revenue
The low voltage sub-segment is expected to garner a huge revenue of $4,665.2 million by 2027. The low voltage type is the eco-friendly transformer and is used significantly in the commercial, institutional, and residential industry. The demand of this type of dry transformer has been increased in recent years because of the growing concern of climate change, which is enhancing the growth of the market segment.
End-Use: Industrial Sub-Segment Expected to be the Most Beneficial
Industrial sub-segment is estimated to garner a revenue of $3,590.1 million with a CAGR of 5.9% during the forecast period. Oil, automobile, gas, electrochemical industry, and steel manufactures are in high-demand of the dry type transformer because of the diverse voltage range. This factor is going to impact the growth of the market during the forecast period.
Region: Asia-Pacific to Dominate the Industry
Asia-Pacific market expected to register a revenue of $2,622.7 million at a CAGR of 5.7% during the forecast period. The main attributor behind this growth is the rapid industrialization in the countries such as India, China, and South Korea. Governments in these countries are also taking initiatives to implement energy-efficient electricity solutions in the big industries, which is going to enhance the growth of the market.
Key Players and their Strategies
The leading players of the global dry type transformer market include -
- Eaton Corporation
- ABB Limited
- General Electric
- Siemens AG
- Schneider Electric
- Toshiba Corporation
- CG Power and Industrial Solutions Ltd
- Raychem RPG
- Bharat Heavy Electricals Limited
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In June 2021, Eaton, a global leader in power management, announced about the completion of its acquisition of Cobham Mission Systems, a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation, primarily for defense markets.
Impact Analysis of Covid-19
The coronavirus pandemic has affected the global dry type transformer market in a negative way. The lockdowns and supply chain restrictions have delayed projects related to renewable electricity, and postponed investments and operational activities in the market. However, the leading players of the market are focusing on developing strategies and increasing the number of investors which will help the industry in the long run.
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