Market Research Report
Global Dry-type Transformer Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||963262|
|Published||Content info||221 Pages
Delivery time: 2-3 business days
|Global Dry-type Transformer Market Forecast 2021-2028|
|Published: October 8, 2020||Content info: 221 Pages||
The global dry-type transformer market is expected to record a CAGR of 6.25%, over the forecast period of 2021 to 2028. The market growth is attributed to factors, like, the rising adoption of non-conventional and renewable energy, the growing demand for electricity for different end-users, and the aging distribution and transmission infrastructure.
Dry-type transformers are characterized by magnetic core transformers, with the core and windings kept in a sealed tank. It uses air as a cooling medium, instead of oil and other liquids, like in a conventional liquid-filled transformer. Besides, vacuum impregnation and cast resin are the predominant technologies used to manufacture dry transformers.
The global dry-type transformer market observes a growing trend, due to increased domestic demand for power and rapid industrialization. The need for electricity, worldwide, is steadily rising, resulting in higher usage of energy resources. This has led to a global increase in power plants and the widening of transmission networks. The development of modern electric cars and the incentives to deploy them, further raise electricity consumption across the automotive sector. Since power plants are mainly located in remote areas, the generated electricity is transmitted with the help of power transmission lines, to substations. It is then distributed to diverse end-users after the step-down, the function executed by a dry-type transformer.
The geographical analysis of the global dry-type transformer market growth includes assessing the Asia Pacific, North America, Europe, and the rest of the world. The North America dry-type transformer market is expected to grow with the highest CAGR, during the forecast years. Manufacturing plants like chemical, automotive, solar energy, oil and gas, and electronics industries are among the major end-users of dry-type transformers. Moreover, new metro projects, and the increased adoption of renewable energy generation are projected to provide the region's market with lucrative growth opportunities.
The global dry-type transformer market is concentrated, with several well-recognized players, having an established consumer base. Small and medium players fiercely compete, based on quality and price, thereby heightening the competition. Besides, numerous international brands and domestic players, dominate the market. As a result, the market rivalry is anticipated to be high, during the forecast period.
Some of the key players operating in the market include, Eaton Corporation PLC, Bharat Heavy Electricals Ltd, General Electric Company, Fuji Electric Co Ltd, Hammond Power Solutions Inc, etc.