Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global Dry Type Transformer Market size was valued at USD 5.63 billion in 2020. The market valuation is slated to rise from USD 5.93 billion in 2021 to USD 9.05 billion in 2028 at a CAGR of 6.2% during the forecast period. Fortune Business Insights presents this information in its report titled “Dry Type Transformer Market Size, Share & COVID-19 Impact Analysis, By Technology (Cast Resin and Vacuum Pressure Impregnated), By Phase (Single-Phase and Three-Phase), By Installation (Outdoor and Indoor), By Rating (Less than 5 MVA, 5 MVA to 30 MVA, and More than 30 MVA), By Application (Industries, Inner-City Substations, Indoor and Underground Substations, Renewable Generation, and Others), and Regional Forecast, 2021-2028."
Dry type transformer is a magnetic core transformer that uses natural cooling or forced air instead of oil. It uses high-temperature insulation technology that is highly eco-friendly. The windings of these transformers are air-cooled and enclosed inside sealed and pressurized tanks. The technology is being widely preferred as it requires minimal maintenance, contains no moving parts, and offers high reliability and lifespan. Additionally, these transformers are moisture-proof and have better short circuit and impulse strength. Their hazard-free nature makes them ideal for installation in residential buildings, hospitals, schools, chemical plants, and factories where fire safety and security are a concern.
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Companies Profiled in the Dry Type Transformer Market:
- Hammond Power Solution (Canada)
- Schneider Electric (France)
- Siemens (Germany)
- Eaton (Ireland)
- Crompton Greaves Consumer Electricals Limited (India)
- General Electric (GE) (U.S.)
- Hyosung Heavy Industries (South Korea)
- Voltamp Transformer Limited (India)
- Kirloskar Electric Co. Ltd. (India)
- ABB (Switzerland)
- Bharat Heavy Electricals Limited (India)
- Fuji Electric Co., Ltd. (Japan)
- Hanley Energy (Ireland)
- Tbea Co. Ltd. (China)
- Virginia Transformer Corp. (U.S.)
- KOTSONS (India)
COVID-19 Impact:
Lack of Investments in Energy & Power Sector to Hamper Market Growth
The sudden outbreak and rapid spread of the coronavirus pandemic in 2020 caused several disruptions in the energy & power sector, including delays in ongoing and upcoming projects. Shutdown of industrial facilities, supply chain uncertainty, and lack of investments led to a slowdown in power transmission & distribution infrastructure deployment in many regions.
However, as the COVID-19 situation improves, the automation and upgradation of existing systems in many regions to accelerate progress towards low-carbon goals will foster the market growth. Recently in August 2021, for instance, power company AES and Google X had collaborated to deploy a virtual grid power distribution system. Such efforts will fuel the technology demand significantly in the next few years.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.2% |
| 2028 Value Projection | 9.05 billion |
| Base Year | 2020 |
| Market Size in 2020 | 5.39 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
| Segments covered | Technology, Phase, Rating, Installation, Application, and Region. |
| Growth Drivers | Upgrade of Aging Power Distribution and Transmission Infrastructure to Accelerate Market Development |
| Increasing Demand for Environment-friendly Transformers to Augment Market Expansion | |
| Merger and Acquisition Initiatives by Key Players to Boost Market Growth | |
| Pitfalls & Challenges | High Cost of Product May Hinder Market Development Pace |
Market Segments:
Technology, Phase, Rating, Installation, Application, and Region are studied for the Market
Based on technology, the market is bifurcated into cast resin and vacuum pressure impregnated.
By phase, the market is divided into single-phase and three-phase.
On the basis of rating, the market is segmented into less than 5 MVA, 5 MVA to 30 MVA, and more than 30 MVA.
By installation, the market is classified into indoor and outdoor.
In terms of application, the market is split into industries, indoor and underground substations, inner-city substations, renewable generation, and others.
Geographically, it is studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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Drivers & Restraints:
Modernization of Transmission & Distribution Networks to Drive Market Growth
The dry type transformer market growth is augmented by rising demand for sustainable transformer technologies. Ambitious clean energy targets across the energy & power sector are driving the expansion of eco-friendly technologies. Dry type technology not only enhances safety but also eliminates the risk of leaks and spills, making it a more preferable and cleaner choice over liquid-filled transformers.
Ongoing efforts to modernize the existing power transmission & distribution networks will also drive the market expansion. Many regions are investing in smart power distribution infrastructure for railways, commercial establishments, stadiums, and other facilities.
However, high cost of the technology could hamper the market growth in some regions.
Regional Insights:
Asia Pacific generated USD 2.01 billion in terms of annual revenue during 2020 and will continue to lead the global dry type transformer market share during the forecast period. The regional growth is driven by increasing investments in in infrastructure and energy sectors.
North America will witness growth on account of growing renewable energy projects in the region. For instance, the U.S. and California governments announced plans in July 2021 to introduce large-scale energy farms across the state’s central province as well as on the northern coasts. The state of California is expected to produce all forms of electricity via renewable resources by 2045.
Meanwhile, the market in Europe will grow increasing renewable energy investments across the U.K., France, Germany, Russia, Italy, and Poland.
Notable Industry Development:
April 2021 – Trafo Power Solutions customized two dry type transformers in South Africa’s Limpopo province for a coal mine. These technologies feature customized 3900 kVA copper-wound unit and specialized 1600 kVA unit designed for a variety of applications.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Dry Type Transformer Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Dry Type Transformer Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Cast Resin
- Vacuum Pressure Impregnated
- Market Analysis, Insights and Forecast – By Phase
- Single-Phase
- Three-Phase
- Market Analysis, Insights and Forecast – By Installation
- Outdoor
- Indoor
- Market Analysis, Insights and Forecast – By Rating
- Less than 5 MVA
- 5 MVA to 30 MVA
- More than 30 MVA
- Market Analysis, Insights and Forecast – By Application
- Industries
- Inner-City Substations
- Indoor and Underground Substations
- Renewable Generation
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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