The Global Dry Type Transformer Market Predicted to Develop at $7792.05 Million by 2028

A recent study by Triton Market Research titled 'Global Dry Type Transformer Market' comprises the Global Analysis and Forecasts by Voltage (Low-Voltage, Medium-Voltage), End-user (Industrial [Chemical, Oil and Gas, Renewable Energy Generation, Marine, Railway, Others], Commercial, Others), Type (Dry Type Converter Transformer, Dry Type Rectifier Transformer), Phase (Single-Phase, Three-Phase), Technology (Cast Resin, Vacuum Pressure Impregnated), and by Geography (Asia-Pacific, Europe, Latin America, Middle East and Africa, North America).

Transformers that employ air as a cooling agent are known as dry type transformers. They are typically used for industrial and commercial applications.

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Triton's report suggests that the global dry type transformer market is anticipated to upsurge at a CAGR of 6.60% during the years 2021-2028. The market is likely to reap revenue worth $7792.05 million by 2028.

Globally, there has been a significant rise in the demand for power due to rapid industrialization across major countries. This has led to the higher use of energy resources, increasing the number of power plants and transmission networks. Hence, the surge in the domestic power demand is driving the demand for dry type transformers.

Additionally, the growing use of renewable energy and increasing adoption of smart grids is another set of factors motivating the growth of the dry type transformer market. However, the deployment of solid-state transformers and restrictions in oil-cooled transformers are negatively impacting the dry type transformers market's progression.

The market for dry type transformer is divided into voltage, end-user, type, phase, and technology. Based on voltage, the market is bifurcated into low-voltage and medium-voltage. The end-user segment is sectioned into industrial, commercial, and others. Here, the industrial section is subdivided into chemical, oil and gas, renewable energy generation, marine, railway, and others.

Further, the type is branched into a dry type converter transformer and a dry type rectifier transformer. In terms of phase, it is categorized into single-phase and three-phase. Lastly, technology is sectioned into cast resin and vacuum pressure impregnated.

The Asia-Pacific is leading in the dry type transformer market worldwide. Among the region's nations, China has issued a ban on new coal-fired power plants at certain locations. Moreover, the government introduced a national cap on emission. Hence, such measures put significant pressure on the power sector, accelerating the need for smart grid and energy-efficient technologies. Therefore, these factors influenced the demand for dry type transformers in the country, thereby adding to the dry type transformer market's growth across the APAC region.

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

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Question & Answer: Dry Type Transformer Market

Question 1: What major factors are motivating the growth of the dry type transformer market?
Answer: Globally, there has been a significant rise in the demand for power due to rapid industrialization across major countries. This has led to the higher use of energy resources, increasing the number of power plants and transmission networks. Hence, the surge in the domestic power demand is driving the demand for dry type transformers. Additionally, the growing use of renewable energy and increasing adoption of smart grids is another set of factors motivating the growth of the dry type transformer market.

Question 2: What factors are negatively impacting the dry type transformers market's progression?
Answer: The deployment of solid-state transformers and restrictions in oil-cooled transformers are negatively impacting the dry type transformers market's progression.

Question 3: Which region is leading in the dry type transformer market worldwide?
Answer: The Asia-Pacific is leading in the dry type transformer market worldwide. Among the region's nations, China has issued a ban on new coal-fired power plants at certain locations. Moreover, the government introduced a national cap on emission. Hence, such measures put significant pressure on the power sector, accelerating the need for smart grid and energy-efficient technologies. Therefore, these factors influenced the demand for dry type transformers in the country, thereby adding to the dry type transformer market's growth across the APAC region.

Question 4: Which are the renowned enterprises in the dry type transformer market?
Answer: Hanley Energy GCC, Fuji Electric Co Ltd, Hammond Power Solutions Inc, General Electric Company, Kirloskar Electric Co Ltd, Bharat Heavy Electricals Ltd, Power SP z o o, Weg Group, Voltamp Transformers Ltd, Hyosung Heavy Industries, Schneider Electric, Tbea Co Ltd, Eaton Corporation Plc, Hyundai Heavy Industries Co Ltd, Hitachi Ltd, ABB Ltd, Crompton Greaves Limited, and Siemens AG are renowned enterprises in the dry type transformer market.

Related Report:
Global Distribution Transformers Market - https://www.tritonmarketresearch.com/reports/distribution-transformers-market

The global distribution transformers market is estimated to progress at a CAGR of 7.57% during the considered period of 2019-2027, while gathering $29101.23 million in revenue by 2027.

In residential and commercial locations, the electrical equipment requires lower electricity levels. Thus, the distribution transformers are furnished with electrical isolation, leading to the lowering of electricity voltage levels for the ease of consumers.

The studied market is motivated by several factors, including a rising focus on electrical and environmental safety, implementation of smart grid, and technological advancements.

Additionally, the renewable energy generations and integration of technologies in a digital transformer are opening new avenues for the distribution transformers market globally.

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This release was published on openPR.