According to a new report published by Allied Market Research, titled, “Dry Type Transformer Market by Type, Technology, Phase, Voltage, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,”The global dry type transformer market was valued 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.
Increase in electricity consumption, new civil infrastructural developments, replacement of existing distribution transformers for integration with renewable energy sources as well as deployment of smart power grids are the major factors that boost the growth of the global dry type transformer market. The development of electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. For efficient dispersal of power to deficit regions, strengthening and enhancement of the transmission and distribution (T&D) system network are required.
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The global dry type transformer market growth varies in each region depending on the government investments, economic development, and private utility companies’ willingness to upgrade existing T&D networks. Aging infrastructure is one of the factors that boosts the growth of the global dry type transformers market. Aging equipment has a higher risk of failure and is unreliable. Frequent failure in transmission hampers customer development as in the case of industries and other commercial consumers of electricity that demand stable supply of electric power. Furthermore, growth in renewable energy investment slows due to grid limitations. Hence, upgrading the capacity of dry type transformers is crucial to meet the future demand for electricity.
Based on type, the dry type converter transformers segment accounted for the largest revenue share in 2019, owing to its extensive use in industrial, commercial, and other end uses. By technology, the cast resin dry type transformer segment accounted for the largest revenue of $3.7 billion in 2019, owing to its widespread adoption in areas such as general & public buildings, industrial plants, wind turbine plants, solar farms, LNG vessels; commercial spaces such as airports & railway, and special transformer applications such as furnace transformer, electric welding equipment, and UPS systems.
Based on phase, the single-phase dry type transformer accounted for the largest share in 2019, owing to its large-scale adoption in low voltage distribution applications. On the basis of voltage, the low-voltage dry type transformer accounted for the largest share in 2019 due to its use in industrial applications and in commercial and public buildings. The end use of dry type transformers includes industrial, commercial, and others.
The industrial end use segment accounted for the largest share in 2019, as the dry type transformers in industrial applications are numerous and key manufacturers of dry type transformers focus on providing specialized transformers suited for each application. Some of them are auto-transformers, transformers for pulse converters, photovoltaic application, wind power applications, earthing transformers, traction transformers, HV-HV transformers, and LV-LV transformers.
Region wise, the dry type transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to growth at the highest rate of 6.6% during the forecast period. The growth is attributed to growth in electricity demand in countries such as the U.S. Further, the growth potential of renewable energy sources in the U.S. is high.
Key Findings Of The Study
The dry type transformer market is projected to grow at a CAGR of nearly 6.1%, in terms of revenue, during the forecast period.
Electrification projects for meeting the present electricity demands, adoption of renewable energy generation, and subsequent integration with the power grid are the major drivers.
By region, Asia-Pacific dominated the dry type transformer market with a revenue share of over 41.2% in 2019.
The qualitative data in the report aims on the dry type transformer trends, dynamics, and developments in the dry type transformer industry while the quantitative data provides information about the dry type transformer market share and market size in terms of revenue.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.