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Rapid Expansion of Electricity Distribution Forecasted to Accelerate the Growth of the Dry Type Transformer Market in Upcoming Years, 2020-2027 – Exclusive Report [253 Pages] By Research Dive

·5-min read

Global dry type transformer market is expected to witness a noteworthy growth during the forecast period, 2020-2027. Converter and cast resin sub-segments are expected to be the most lucrative ones. Single phase and low voltage sub-segments are expected to be the most profitable ones. Industrial sub-segment is expected to dominate the market. North America is expected to lead the market.

New York, USA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global dry type transformer market is anticipated to generate a revenue of $6556.7 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 such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

Download PDF Sample Report of Dry Type Transformer Market

Dynamics of the Market

  • Drivers: The rapid industrialization has led to expansion of electricity distribution, which has increased the demand of dry type transformer. All kind of industrial machineries requires specific voltage. Dry transformer becomes the best option for this purpose. Moreover, dry type transformer businesses are fulfilling the demand of the end-use industries by providing advanced level of safety in an affordable rate. These are the main factors enhancing the growth of the global dry type transformer market during the forecast period.

  • Restraint: Dry type transformers are more expensive compared to the wet type transformers. This factor is expected to restrain the growth of the market during the forecast period.

  • Opportunity: Technological advancements in the dry type transformers industry is expected many opportunities in upcoming years for the market investors.

Key Segments of the Dry Type Transformer Market

The report has divided the market into different segments based on type, technology, phase, voltage range, end-use, and regional outlook.

Type: Converter Sub-Segment Expected to be the Most Lucrative

The converter sub-segment is forecasted to register a revenue of $3,999.0 million during the forecast period. The main factor behind this growth is the increasing demand of HVDC (high voltage direct current) technology. This technology is used mostly in HVDC converter station and energy generating sources such as hydro power-plants, solar panels and offshore wind farming.

Get Access to Comprehensive Analysis of the Impact of Covid-19 on Dry Type Transformer Market

Technology: Cast Resin Sub-Segment Predicted to Earn the Highest Market Share

The cast resin sub-segment is estimated to garner a revenue of $4,438.2 million during the analysis period. The cast resin technology has many benefits such as fire-resistance, low maintenance, and attractive look. Because of these features, the industries are adopting the technology which has contributed to the market segment growth.

Phase: Single Phase Sub-Segment Expected to be the Most Profitable

The single phase sub-category is predicted to garner the highest revenue of $5,913.5 million during the forecast period. The main reason behind this growth is its applications in residential and commercial purposes. Single phase dry type transformer is sufficient for limited applications in personal and commercial aspects.

Voltage Range: Low Voltage Sub-Segment Expected to be the Most Beneficial

The low voltage sub-segment is expected to garner a revenue of $4,665.2 million by the end of 2027. The low voltage type dry type transformers are built with eco-friendly properties. The high demand of low-voltage transformer in commercial, residential structure, and institutional industry is the main factor enhancing the market growth during the forecast period.

End-Use: Industrial Sub-Segment Expected to Earn the Highest Revenue

Industrial sub-segment is anticipated to garner a revenue of $3,590.1 million with a CAGR of 5.9% during the forecast period. The increasing adoption of dry type transformer by the end-use industries is the main factor accelerating the market segment growth during the analysis period.

Regional Outlook: North America Expected to Dominate the Market

The North America dry type transformer market recorded a revenue of $1,210.4 million in 2019 and is further predicted to generate a revenue of $1,708.0 million by the end of 2027. The main reason behind the growth is the heavy investments in the R&D of the dry type transformer market by the top market players.

Top Players and Strategies

The most significant players of the global dry type transformer market include -

  1. General Electric

  2. ABB Limited

  3. Eaton Corporation

  4. Siemens AG

  5. Schneider Electric

  6. CG Power and Industrial Solutions Ltd

  7. Bharat Heavy Electricals Limited

  8. Toshiba Corporation

  9. Raychem RPG

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

Recent Development

In July 2021, Eaton, the leading power management company launched the 9PX lithium-ion uninterruptible power supply (UPS) globally. This new product comes with longer battery life and smaller footprint than valve regulated lead-acid (VRLA) battery-powered UPS technology. This product is perfectly suitable for distributed, “edge” environments and light industrial applications such as education and healthcare.

Impact Analysis of COVID-19 on the Industry

The coronavirus pandemic has impacted the global dry type transformer market in a negative way. The demand of transformer decreased during the pandemic because of postponement of renewable electricity project and shutting down of other end-use industries. However, the market is expected to revive from the declining state once the restrictions are lifted and industries start to operate in full capacity.

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