New York, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global dry type transformer market is estimated to surpass a revenue of $6556.7 million and grow at 6.1% CAGR during the 2020-2027 forecast period. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Dry Type Transformer Market:
Drivers: Growing technological advancements in the dry type transformers along with strategic alliances among key market players are some factors anticipated to drive the global dry type transformer market during the forecast period. In addition, the expansion in electricity distribution in the developing regions along with industrialization across the world are some other factors to boost the market growth by 2027.
Opportunities: Increasing technological advancements in the dry type transformers and their growing potential to replace the conventional electric equipment are some factors expected to offer abundant growth opportunities for the global dry type transformer market during the analysis timeframe. Additionally, the surging demand for dry type transformers to fulfill the power demand in the industrial sectors is also predicted to augment the market development by 2027.
Restraints: High cost of dry type transformers is the major hindering factor for the market growth.
Covid-19 Impact on the Dry Type Transformer Market:
The onset of the covid-19 pandemic has had a negative impact on the global dry type transformer market due to lockdowns and import-export restrictions across the globe that led to severe disruptions in the supply chain. Due to reduced availability of dry type transformers, several renewable electricity and heat projects were postponed, and biofuel investments were delayed. All these factors greatly reduced the demand for dry type transformers. However, post the pandemic chaos, several companies are coming forward to boost the production of these transformers that can help the market revive its growth in the upcoming years.
Segments of the Dry Type Transformer Market:
According to the report, the global dry type transformer market is divided into multiple segments based on type, technology, phase, voltage range, end-use, and regional analysis.
Type: Converter Transformer Sub-segment to be Most Dominant
The converter transformer sub-segment is expected to hold a dominating market share and generate a revenue of $3,999.0 million during the 2020-2027 forecast period; due to rising demand for HVDC (high voltage direct current) technology and the extensive applications of converter transformers in the HDVC converter station. Moreover, converter type dry type transformers are also used in energy generation from renewable sources like hydro power-plants, solar panels, offshore wind farming, etc. These factors are predicted to uplift the sub-segment’s growth by 2027.
Technology: Cast Resin Sub-segment to be Highly Beneficial
The cast resin sub-segment of the global dry type transformer market is projected to have the fastest growth rate and register a revenue of $4,438.2 million during the analysis years. This immense growth is mainly attributed to the high adoption of cast resin option for several applications due to benefits like fire resistance, low maintenance, etc.
Phase: Single-Phase Sub-segment to be Highly Progressive
The single-phase sub-segment is estimated to hold a significant market share and garner a revenue of $5,913.5 million by 2027 due to their extensive applications in power supply for homes and businesses to run motors. Moreover, continuous technological advancements in single-phase dry type transformers by power management companies is also anticipated to bolster the sub-segment’s growth during the forecast period.
Voltage Range: Low Voltage Sub-segment to be Most Lucrative
The low voltage sub-segment of the global dry type transformer market is expected to have the highest growth rate and gather a revenue of $4,665.2 million by 2027. This is because low voltage dry type transformers are the best option for using environment-friendly type of dry transformers. Furthermore, low voltage dry transformers are majorly used in institutional, commercial, residential structure industries, and many more. These factors are predicted to boost the sub-segment’s growth by 2027.
End-use: Commercial Sub-segment to Have Significant Growth Rate
The commercial sub-segment is projected to have a significant growth rate and garner a revenue of $2,181.2 million during the 2020-2027 analysis timeframe due to rising demand for dry type transformers for commercial machineries. Commercial machineries require continuous power with low maintenance, fire resistance, and heat resistance properties. All these factors are estimated to propel the sub-segment’s growth during the forecast years.
Region: Market in the Asia-Pacific Region to Witness Better Growth Opportunities
The dry type transformer market in the Asia-Pacific region is anticipated to witness better growth opportunities and grow at 5.7% CAGR during the 2020-2027 forecast period. This is mainly due to technological advancements in electrical industries, rising government initiatives towards energy-efficient solutions, and high renewable power consumption in countries like China, South Korea, India, etc. Additionally, increasing strategic alliances among key market players is also expected to drive the market growth in the Asia-Pacific region by 2027.
Significant Market Players:
Some key dry type transformer market players are
- Siemens AG
- General Electric
- Raychem RPG
- Schneider Electric
- Toshiba Corporation
- Eaton Corporation
- ABB Limited
- CG Power and Industrial Solutions Ltd
- Bharat Heavy Electricals Limited
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in April 2022, Siemens Energy, a leading energy company, announced the launch of its innovative pole-mounted single-phase dry type transformer for the American market. The new transformer is reliable, durable, and eco-friendly alternative to the old oil-filled transformers.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Dry Type Transformer Market:
- A Concise Outlook on Dry Type Transformers and How They are Better Than Oil-immersed Transformers
- New Product Launches & Company Acquisitions to Boost the Growth of the Global Dry Type Transformer Market
