Dry-Type Transformer Market – The increasing demand for electricity and the integration of renewable energy sources are expected to drive the Global Market during the forecast period from 2023 to 2028.
According to TechSci Research report, “Global Dry-Type Transformer Market – By Region, Competition, Forecast & Opportunities, 2028”, Global Dry-Type Transformer Market is anticipated to grow at a 6.84% CAGR in the forecast period, 2024-2028, The major drivers for the market include rise in demand for electricity, eco-friendly product, and safety advantages over liquid-filled transformers.
Based on Type, Global Dry-Type Transformer Market is segmented into— power transformer and distribution transformer, the market’s largest contribution will be the distribution transformer segment. The dry-type transformer technology does not cause any environmental degradation and possesses better impulse and short circuit strengths, thereby providing a vast array of applications ranging from residential buildings to small commercial complexes. Distribution transformers are designed to offer maximum efficiency at lower loads.
Moreover, the transformers’ voltage regulation is kept to a minimum to improve efficiency. As a result, distribution transformers are designed to have a small leakage reactance. The Middle East and African countries, such as Oman and Saudi Arabia, are also investing in expanding and restructuring distribution power grids, which is expected to increase the growth prospects of the dry-type transformer market.
Additionally, the European Network of Transmission System Operators stated that around USD 10 billion of annual transmission spending is required through 2030. In Europe, investments have remained stable at nearly USD 50 billion, with an increase in spending to support upgrading and refurbishing the existing grid as variable renewables and electrification have grown significantly in the region. Therefore, owing to the above points, the distribution transformer type is expected to witness dominant growth during the forecast period.
Based on Region, Asia Pacific region is expected to dominate the market for Dry-Type Transformer during the forecast period. The Asia-Pacific region is expected to dominate the dry-type transformer market during the forecast period, owing to the growing industrialization and urbanization. China’s National Energy Administration (NEA) is promoting the concept of green certificates along with an aggressive renewable energy portfolio (REP). This is expected to boost the wind power market in China.
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With increasing renewable energy integration, particularly from wind and solar PV, the demand for dry-type transformers is expected to remain high in the country. Fossil-based power generation dominated India’s power sector in 2022, making up almost 60% of the total installed capacity. The country has identified the potential of renewable energy for decarbonizing the economy and meeting targets as per the Paris Agreement.
The country’s renewable energy (including hydro) accounted for 40% of the total installed capacity by the end of 2022. With the increasing share of renewable energy, demand for upgrading the existing transmission and distribution (T&D) infrastructure is expected to increase. With countries like the Philippines, South Korea, and Australia targeting renewable integration to meet their energy demand, the need for dry-type transformers in the Asia-Pacific region is expected to register robust growth during the forecast period.
Major companies operating in the Global Dry-Type Transformer market are:
- Siemens AG
- Schneider Electric SE
- Eaton Corporation PLC
- ABB Ltd.
- TBEA Co. Ltd.
- Hyundai Electric & Energy Systems Co. Ltd
- Hammond Power Solutions Inc.
- Kirloskar Electric Company Ltd.
- Hitachi Energy Ltd.
- Gujarat Transformers Private Limited
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“The Global Dry-Type Transformer Market is expected to expand during the projected period. The Dry-Type Transformer Market is being driven by several key factors. Firstly, there is a growing emphasis on energy efficiency and sustainability in various industries. Dry-type transformers are known for their higher energy efficiency compared to oil-filled transformers, making them an attractive choice for companies looking to reduce their carbon footprint and operating costs.
Secondly, the increasing demand for electricity, particularly in emerging economies and the renewable energy sector, is boosting the need for reliable and efficient transformers. Dry-type transformers offer a safer and more environmentally friendly solution for electricity distribution. Moreover, stringent safety regulations and environmental standards are promoting the adoption of dry-type transformers due to their non-flammable and self-extinguishing properties, reducing fire hazards.
Additionally, advancements in technology are leading to the development of more compact and efficient dry-type transformers, further driving market growth.In summary, the Dry-Type Transformer Market is being propelled by a combination of factors, including energy efficiency, increased electricity demand, safety regulations, and technological advancements..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Dry-Type Transformer Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Voltage (Low Voltage and Medium Voltage), Type (Power Transformer, Distribution Transformer), End Phase (Single Phase, Three Phase), By Region, Competition” has evaluated the future growth potential of global Dry-Type Transformer market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Dry-Type Transformer market.
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