New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Dry Transformer Market Research Report, By Type, By Phase Type, By Voltage Range, By Application - Forecast till 2030”, the global market for Dry transformers is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 7.48%. The reports further anticipate the market to acquire a valuation of around USD 8.03 billion by the end of 2030.
Dry Transformer Market Overview:
Dry-type transformer refers to a magnetic core transformer engineered on moderately up-to-date technology, using forced or natural air cooling instead of oil. Unlike liquid fill transformers that need oil or liquid to cool, Dry-type transformers use just high-temperature insulation systems, considered environmentally friendly. It comprises no moving parts; thus, it needs minimum maintenance while providing a long-run cycle and reliability.
These transformers are hazard-free; they can be deployed across buildings, chemical plants, hospitals, factories, and schools, where fire safety is a major concern. The global dry transformer market has exhibited tremendous development in recent years. The main parameter supporting the market's growth is the safety involved in the instalment in factories, schools, hospitals, and other buildings where fire safety should be given attention.
Competitive Analysis
The listing of the prominent leaders across the global market for dry transformers includes players such as:
- Kotsons Pvt. Ltd (India)
- Hammond Power Solution Inc. (Canada)
- TBEA Transformer Industrial Group (China)
- ABB Ltd.(Switzerland)
- Virginia Transformer Corp (U.S)
- Siemens AG (Germany)
- Kirloskar Electric Company (India)
- Voltamp Transformer Ltd.(India)
- General Electric (U.S.)
- Crompton Graves Ltd. (India)
- Jinpan International Ltd.(China)
- Eaton Corporation (Ireland)
- Schneider Electric (France)
- Among others.
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Furthermore, the fast industrialization in various nations is also likely to boost the development of the market over the assessment era. Lowering coal-based electricity generation because of environmental concerns is also predicted to catalyze market development. In addition, the growing population, along with the rapid lifestyle changes, is also projected to positively impact the expansion of the market over the assessment timeframe. The growing utilization of energy consumption is causing a major upsurge in the market's growth over the review era.
Dry Transformer Market Segment Analysis
Among all the types, the Cast resin dry-type transformer (CRT) segment is predicted to dominate the dry transformer market over the coming years. It is utilized in high moisture-prone areas.
Among all the voltage ranges, the low voltage transformers segment is predicted to dominate the global dry transformer market over the coming years. Based on the application, it is made in vacuum pressure impregnation (VPI) technology.
Dry Transformer Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 7.48% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Phase Type, Voltage Range, Application |
| Key Market Opportunities | Growing population along with improvement in the lifestyle is lead to increase the consumption of energy |
| Key Market Drivers | The growing demand to update and upgrade the existing distribution network for electricity |
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Dry Transformer Market USP Covered
Market Drivers
The global market for dry transformers has exhibited tremendous development in recent years. The main parameter supporting the market's growth is the safety involved in the installment in factories, schools, hospitals, and other buildings where fire safety should be given attention. Furthermore, the fast industrialization in various nations is also likely to boost the development of the market over the assessment era. Lowering coal-based electricity generation because of environmental concerns is also predicted to catalyze market development. In addition, the growing population, along with the rapid lifestyle changes, is also projected to positively impact the expansion of the market over the assessment timeframe. The growing utilization of energy consumption is causing a major upsurge in the market's growth over the review era.
Market Restraints
A few drawbacks of dry-type transformers over liquid-filled transformers limit the market's growth. Coupled with that, the complicated construction of dry-type transformers is another vital parameter likely to impede the market's growth.
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Dry Transformer Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the dry transformer market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Dry Transformer Market Regional Analysis
The global market for dry transformers is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the MRFR analysis reports, the Asia-Pacific region secured the top position in the global dry transformer market in 2016. the regional market is anticipated to register the highest CAGR over the assessment timeframe. The regional market's growth is attributed to the increasing demand to update and upgrade the existing distribution catering to the rising demand for electricity across the region. Furthermore, the increasing population coupled with development in lifestyle is causing a rise in energy consumption. Singapore, India, Japan, and China are the leading revenue pockets across the region.
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The dry transformer market for the North American region is anticipated to secure the second position globally. The regional market's growth is attributed to the high investment in transmission & distribution networks, generating a wide-ranging scope for the electrical components across this region. The U.S. is the top revenue pocket across the region. As the country is experiencing massive growth given the great industrialization and urbanization, the region is anticipated to grow substantially over the assessment timeframe.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
