Dry Type Transformer Market Growth & Key Business Strategies by Leading Industry Players, 2020-2027
Based on technology, the cast resin segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the vaccum pressure impregnated segment is expected to register the highest CAGR of 6.5% from 2020 to 2027.
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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.
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.
Leading market players analyzed in the research include Eaton Corporation Plc, Bharat Heavy Electricals Ltd., General Electric Company, Fuji Electric Co. Ltd., Henley Energy GCC, Hammond Power Solutions Inc., Hyosung Heavy Industries, Hitachi Ltd., Power Sp. z o.o., and Kirloskar Electric Co. Ltd.
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Disruptions in supply chain due to restrictions on logistic mobility and sluggish import export activities amid lockdown have impacted the market during Covid-19 pandemic.
On the other hand, the manufacturing activities of dry type transformers have been halted to avoid social gathering and curb the spread of coronavirus.
However, the demand for dry type transformer is expected to increase across the developing economies due to upgradation of existing grid infrastructure and installation of new smart grids to meet the growing demand for electricity after lifting up of lockdown.
The report offers a detailed segmentation of the global dry type transformer market based on type, technology, phase, voltage range, end-use, and region.
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