The global dry-type transformer market is expected to witness notable growth during the forecast period 2020-2027. The converters and cast resins sub-segments are expected to be the most lucrative. The single phase and low voltage sub-segments are expected to be the most cost effective. The industrial sub-segment is expected to dominate the market. North America is expected to dominate the market.
New York, USA, October 18, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global dry-type transformer market should generate a turnover of $ 6,556.7 million To 6.1% CAGR over the forecast period (2020-2027) growing from $ 4,822.4 million in 2019.
The inclusive report provides a brief overview of the current market scenario including significant market aspects such as growth drivers, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Motors: Rapid industrialization has led to the expansion of electricity distribution, which has increased the demand for dry type transformers. All types of industrial machines require a specific voltage. The dry transformer becomes the best option for this purpose. In addition, dry-type transformer companies meet the demand of end-use industries by providing an advanced level of safety at an affordable price. These are the major factors improving the growth of the global dry-type transformer market during the forecast period.
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: Converters sub-segment is expected to be the most lucrative
The converters sub-segment is expected to report sales of $ 3,999.0 million during the forecast period. The main factor behind this growth is the growing demand for HVDC (High Voltage Direct Current) technology. This technology is mainly used in HVDC converter stations and power generation sources such as hydropower plants, solar panels and offshore wind.
Access a comprehensive analysis of the impact of Covid-19 on the dry-type transformer market
Technology: Casting Resin sub-segment is expected to gain the highest market share
The Cast Resins sub-segment is expected to generate sales of $ 4,438.2 million during the reporting period. Cast resin technology has many advantages such as fire resistance, low maintenance and attractive appearance. Due to these characteristics, industries adopt the technology which has helped in the growth of the market segment.
Phase: The single-phase sub-segment should be the most profitable
The single-phase sub-category is expected to generate the highest revenues of $ 5,913.5 million during the forecast period. The main reason for this growth is its applications for residential and commercial purposes. The single phase dry type transformer is sufficient for limited applications in personal and commercial aspects.
Voltage range: the low voltage sub-segment should be the most advantageous
The low voltage sub-segment is expected to generate sales of $ 4,665.2 million by the end of 2027. Low voltage type dry type transformers are built with environmentally friendly properties. The strong demand for low voltage transformers in the commercial, residential and institutional sectors is the main driver for improving the market growth during the forecast period.
End Use: Industrial Sub-Segment Expected to Generate the Highest Revenue
The industrial sub-segment is expected to generate sales of $ 3,590.1 million with a CAGR of 5.9% during the forecast period. The increasing adoption of the dry-type transformer by end-use industries is the main factor in accelerating the growth of the market segment during the analysis period.
Regional outlook: North America is expected to lead the market
The North American dry-type transformer market recorded sales of $ 1,210.4 million in 2019 and is further expected to generate sales of $ 1,708.0 million by the end of 2027. The main reason for the growth is the heavy investments in R&D of the Dry Transformers market by the major market players.
Best players and strategies
The most important players in the global dry-type transformer market include –
CG Power et Solutions Industrielles LtÃ©e
Bharat Heavy Electricals Limited
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
Educate yourself and get quick access to the summary report of the best business development strategies
In July 2021, Eaton, the leading power management company, launched the 9PX lithium-ion uninterruptible power supply (UPS) worldwide. This new product comes with longer battery life and smaller footprint compared to Valve Regulated Lead Acid Battery (VRLA) UPS technology. This product is ideally suited for distributed âon-boardâ environments and light industrial applications such as education and healthcare.
Analysis of the impact of COVID-19 on the industry
The coronavirus pandemic has had a negative impact on the global dry transformer market. Demand for transformers declined during the pandemic due to the postponement of the renewable electricity project and the shutdown of other end-use industries. However, the market is expected to recover from the declining state once restrictions are lifted and industries start operating at full capacity.
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