Dry Type Transformer Market is Projected to Grow USD 7870.9 Million by 2029, at a CAGR of 4.6% | Valuates Reports
BANGALORE, India, June 5, 2023 /PRNewswire/ -- Dry Type Transformer market is segment by Type - Low, Medium, by Application - Industrial, Commercial, Others. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Heavy Machinery Category.
The global Dry Type Transformer market is projected to grow from USD 5697.6 million in 2022 to USD 7870.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.
MAJOR FACTORS DRIVING THE GROWTH OF DRY TYPE TRANSFORMER MARKET
Increased need for power, eco-friendly goods, and safety concerns regarding liquid-filled transformers are the main Dry Type Transformer Market drivers. Furthermore, modernizing the aging power transmission and distribution infrastructure to speed Dry Type Transformer Market development.
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TRENDS INFLUENCING THE GROWTH OF DRY TYPE TRANSFORMER MARKET
The dry-type transformers market is anticipated to grow as a result of the rising need for energy, environmentally friendly products, and safety over liquid-filled transformers. A dry-type transformer is a particular kind of magnetic core transformer built using relatively current technology that cools with forced or natural air rather than oil. Dry-type transformers only employ high-temperature insulating methods that are safe for the environment, in contrast to liquid fill transformers that need oil or liquid to cool. It has no moving parts, so it requires less maintenance while providing dependability and a long lifespan. These transformers may be simply put in hospitals, schools, industries, chemical plants, and other structures where fire safety is a major concern because they are fully risk-free.
The market for dry-type transformers is anticipated to increase significantly in the future years as a result of increasing energy demands, declining fire hazards, and a growing need to adopt safe methods of distributing power for residential and commercial applications. The advantages dry-type transformers have over oil-filled ones in terms of safety and the environment are expected to drive further growth in the worldwide dry-type transformer market. Additionally, dry-type transformers are preferred over oil-filled transformers since they guarantee safety from fire hazards, need less room, are lightweight, and are less expensive to install and maintain. This factor is expected to drive the growth of the Dry Type Transformer Market.
The replacement of outdated electricity transmission and distribution systems is anticipated to fuel market expansion. The distribution and transmission networks have expanded as a result of the rising trend brought on by rapid industrialization and the rise in domestic power demand. The market is set to see many opportunities as a result of the rising need for modern, intelligent power distribution infrastructure. Additionally, the application of vacuum pressure impregnation technology improves the adoption of transformers in moisture-prone areas, which is anticipated to raise the market for the product. This factor is expected to drive the growth of the Dry Type Transformer Market.
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DRY TYPE TRANSFORMER MARKET SHARE ANALYSIS
Due to the industry's widespread usage in the oil & gas, chemical, maritime, railway, renewable energy generation, and other sectors, it is anticipated that the industry's application segment will account for a sizable percentage of the global market. Major suppliers in this sector are also concentrating on providing specialized transformers appropriate for a range of applications.
Throughout the projected period, the dry-type transformer market in North America is anticipated to grow significantly. Dry-type transformers are used in manufacturing facilities for the chemical, oil and gas, solar energy, automotive and electronics industries. A surge in the usage of renewable energy sources and new metro projects will also likely create new opportunities for power distribution systems like dry-type transformers.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Hammond Power Solutions Inc.
- ABB Ltd
- Eaton Corporation
- Siemens AG
- Crompton Greaves Ltd.
- Voltamp Transformers Ltd.
- Schneider Electric SE
- Tbea Transformer Industrial Group
- Jinpan International Ltd
- Bharat Heavy Electricals Ltd.
- General Electric
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