Dry Type Transformer Market To Witness Huge Growth By 2027

Based on type, the dry type converter transformer segment contributed to the largest dry type transformer market share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the dry type rectifier transformer segment is estimated to portray the highest CAGR of 6.3% during the forecast period.

Based on phase, the single-phase dry type transformer accounted for the largest dry type transformer market 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.

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Surge in demand for electricity across the globe for different end-uses and safety advantages over liquid transformers drive the growth of the global dry type transformer market. However, high cost associated with dry type transformer restrains the market growth. Furthermore, growing adoption of digital dry transformers and smart grids is expected to provide new growth opportunities in the near future.

The industrial end use segment accounted for the largest dry type transformer market 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.

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Covid-19 scenario:

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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