Dry Type Transformer Market to Garner $7.3 Billion, Globally, by 2027 at 6.1% CAGR, Says Allied Market Research
- Wide applicability in the distribution of electricity and expansion of electricity distribution network have boosted the growth of the global dry type transformer market
PORTLAND, Ore., March 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, "Dry Type Transformer Market by Type (Dry Type Converter Transformer and Dry Type Rectifier Transformer), Technology (Cast Resin and Vacuum Pressure Impregnation), Phase (Single-phase and Three-phase), Voltage (Low and Medium), and End Use (Industrial, Commercial, and Others): Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global dry type transformers market was pegged at $5.4 billion in 2019, and is projected to reach $7.3 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Drivers, restraints, and opportunities
Wide applicability in the distribution of electricity, rapid industrialization in developing countries, and expansion of electricity distribution network have boosted the growth of the global dry type transformer market. However, development of solid-state transformers (SSTs) hampers the market growth. On the contrary, development and adoption of smart grids and digital dry transformers and application of 3D core vacuum pressure impregnated (VPI) dry type transformer are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Lockdowns in several countries and temporary suspension of manufacturing industry has affected the supply of dry type transformers.
- The disrupted supply chain and shortage of labor has negatively impacted the manufacturing of dry type transformers.
The cast resin segment dominated the market
By technology, the cast resin segment held the largest share in 2019, accounting for more than two-thirds of the global dry type transformer market, owing to widespread adoption in areas such as general & public buildings, industrial plants, wind turbine plants, solar farms, LNG vessels. However, the vacuum pressure impregnated segment is expected to manifest the highest CAGR of 6.5% during the forecast period, due to better mechanical compactness and dielectric stability compared to cast resin dry type transformers.
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The commercial segment to manifest highest CAGR through 2027
By end use, the commercial segment is anticipated to portray the highest CAGR of 6.4% during the study period, owing to civil infrastructural developments around the world such as airports, water treatment plants, hospitals, hotels, underground stores, stadiums, educational facilities, and shopping malls among other business spaces. However, the industry segment held the lion's share in 2019, contributing to more than half of the global dry type transformer market, due to its widespread adoption in chemical, marine, oil and gas, renewable energy, mining, and railway sectors.
North America to show highest CAGR through 2027
By region, the market across North America is expected to register the highest CAGR of 6.6% from 2020 to 2027, owing to increase in demand for electricity in countries such as Canada and U.S. However, the global dry type transformer market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market, due to increasing electrification projects and manufacturing investments in Asian countries such as India and China.
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Major market players
- Bharat Heavy Electricals Ltd.
- Fuji Electric Co. Ltd.
- Eaton Corporation Plc
- Hammond Power Solutions Inc.
- General Electric Company
- Hitachi Ltd.
- Henley Energy GCC
- Kirloskar Electric Co. Ltd.
- Hyosung Heavy Industries
- Schneider Electric SE
- Power Sp. z o.o.
- TBEA Co. Ltd.
- Siemens AG
- WEG Group
- Voltamp Transformers Ltd.
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