The Global Dry Type Transformer Market to Grow at CAGR of 6.60% by 2028

Triton Market Research presents the Global Dry Type Transformer Market segmented by Technology (Vacuum Pressure Impregnated, Cast Resin), Voltage (Medium-Voltage, Low-Voltage), Type (Dry Type Rectifier Transformer, Dry Type Converter Transformer), Phase (Three-Phase, Single-Phase), End-user (Commercial, Industrial [Renewable Energy Generation, Chemical, Railway, Marine, Oil and Gas, Others], Others), and Geography (Middle East and Africa, North America, Asia-Pacific, Europe, Latin America). It further discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Porter's Five Forces Analysis, Market Attractiveness Index, Regulatory Policies & Framework, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's research report infers that the global dry type transformer market is expected to register growth at 6.60% of CAGR during the forecast period.

Dry type transformer refers to transformers that utilized air as a cooling medium and are available as dry type rectifier transformer and dry type converter transformer.

Factors such as 3D core dry type transformer applications and the development of digital dry transformers are creating several growth opportunities for the dry type transformer market globally. For instance, over the recent years, 3D core VPI transformers have gained significant traction, owing to the economic feasibility of electric vehicles. Here, these transformers provide high reliability, high overload capability and are eco-friendly. However, the adoption of solid-state transformers, coupled with limitations of oil-cooled transformers, are impeding the development of the dry type transformer market.

North America is anticipated to become the fastest-growing in the dry type transformer market over the forecast period. In the United States, California is among the leading states in installing renewable energy, intending to achieve a significant among of electricity from renewable sources by 2030. Moreover, the states have a target to obtain carbon-free electricity sources by 2045. Presently, several utilities are heavily investing in replacing, upgrading, and expanding transmission and distribution infrastructure, which are likely to become major growth factors for the dry type transformer market.

The distinguished companies thriving in the dry type transformer market include Voltamp Transformers Ltd, Hyundai Heavy Industries Co Ltd, Hammond Power Solutions Inc, ABB Ltd, Siemens AG, Hyosung Heavy Industries, Hanley Energy GCC, Eaton Corporation Plc, Bharat Heavy Electricals Ltd, Crompton Greaves Limited, Power SP z o o, Schneider Electric, Weg Group, Fuji Electric Co Ltd, Hitachi Ltd, General Electric Company, Tbea Co Ltd, and Kirloskar Electric Co Ltd.

Governments have certain statutory and legal requirements, which creates several barriers for new market players. Moreover, the capital investment for manufacturing dry type transformer components is higher, thereby indicating the threat of new entrants to be lower. On the other hand, a few players have a well-established consumer base, having a significant hold on the market. Hence, the competition level among existing market players is likely to remain high over the forecast period.

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