The new report by Expert Market Research titled, ‘Global Dry Type Transformer Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global dry type transformer market, assessing the market based on its segments like major type, technology, phase, voltage, end-use and regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.1%
The Asia Pacific accounts for a big share of the dry type transformer industry. The market growth within the region is attributed to factors, like the presence of highly populated countries like India and China and new electrification projects within the industrial, commercial, and infrastructure sectors. The region’s demand for dry type transformers is predicted to stay high as renewable energy integration grows, particularly from the wind and solar photovoltaic systems.
Over the forecast period, the increasing demand to update and upgrade the prevailing distribution network to serve the growing demand for electricity is projected to drive the expansion of the dry transformer industry. Additionally, the growing population and improvement in lifestyle are increasing the consumption of energy. This is often projected to possess an extra positive impact on market growth.
Governments in various countries, like China, India, Japan, and Singapore, are taking steps to implement energy-efficient electricity solutions in large industries, which is projected to reinforce the market growth.
North America is additionally a big regional marketplace for dry type transformers. High investment in transmission and distribution networks is creating a good scope for the electrical components in this region. The US is the region’s most vital market. It’s one of the leading regions in terms of overall transformer shipments worldwide because the US economy is witnessing strong growth thanks to rapid industrialisation and urbanisation across the country, it’s expected that the US will hold one among the most important shares within the overall transformer market, thus, presenting lucrative growth opportunities for the dry type transformers industry.
Dry Type Transformer Industry Definition and Major Segments
A dry type transformer may be a core transformer built with a comparatively new technology that uses natural or forced air cooling instead of oil. Unlike liquid-filled transformers, which require oil or liquid to chill , dry type transformers use only high-temperature insulation systems that are environmentally safe. It has no moving parts, so it requires little maintenance while providing dependability and an extended run cycle. These transformers are completely safe and may be easily installed in hospitals, schools, factories, chemical plants, and other structures where fire safety may be a major concern.
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On the Basis of Type, the market can be divided into:
• Converter Transformer
• Rectifier Transformer
On the Basis of technology, the market can be divided into:
• Cast Resin
• Vacuum Pressure Impregnated
On the Basis of phases, the market can be divided into:
• Single Phase
• Three Phase
On the Basis of voltage, the market can be divided into:
• Low Voltage
• Medium Voltage
On the Basis of End-use, the market can be divided into:
On the Basis of region, the market can be divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Dry Type Transformer Market Trends
The market growth is being driven by extensive application in rapid industrialisation and electricity distribution in developing countries. The first drivers for the market include an increase in eco-friendly features, electricity demand and safety over liquid-filled transformers. Some industries, like mining, oil and gas, and maritime, have specialised voltage requirements owing to the importance of fire safety regulations. Various countries have agreed to extend the adoption of renewable energy generation in total electricity produced in an attempt to scale back reliance on coal-based electricity generation. this is often a big drive within the global market.
The development of a 3D core VPI transformer for electric vehicle charging stations will open up new avenues for dry type transformers. Electrification projects in metro railways, stadiums and other commercial spaces are likely to further increase the demand for dry type transformers.
Key Market Players
The major players in the market are Bharat Heavy Electricals Ltd., Eaton Corporation PLC, Fuji Electric Co. Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Kirloskar Electrical Co. Ltd., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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