The Global Dry Type Transformer Market Evaluated to Acquire $7792.05 Million in Revenue by 2028

According to Triton's report, the global dry type transformer market, which gained $4188.76 million in 2020, is estimated to register growth at 6.60% of CAGR by 2028.

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

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Triton's report predicts the global dry type transformer market to progress at a CAGR of 6.60% over the projected period of 2021-2028. It is further anticipated to display revenue worth $7792.05 million by 2028.

Dry type transformers, unlike typical liquid-filled transformers, use air as a cooling agent. These transformers are available for various end-user applications, such as oil and gas, renewable energy generation, and marine.

The surge in domestic demand for power, growth in renewable energy use, and growing adoption of smart grids are significant factors supplementing the development of the dry type transformer market. For instance, conducive government policies and initiatives for clean energy have increased the generation of renewable energy. Transformers like dry type transformers assist in integrating new plants into the existing transmission networks. Hence, the growing use of renewable energy opens new avenues for the dry type transformer market.

However, limitations of oil-cooled transformers and deployment of solid-state transformers are major factors restricting the expansion of the dry type transformer market.

The dry type transformer market is broadly segmented into phase, voltage, type, technology, and end-user. The phase section is divided into three-phase and single-phase. Based on voltage, it is sectioned into medium-voltage and low-voltage. The type section is bifurcated into a dry type rectifier transformer and a dry type converter transformer. Further, in terms of technology, it is divided into vacuum pressure impregnated and cast resin. Lastly, end-user is divided into commercial, industrial, and others, with industrial categorized into renewable energy generation, chemical, marine, oil and gas, railway, and others.

Globally, the Asia-Pacific holds the largest share in the dry type transformer market, and is likely to continue its stronghold till 2028. In Japan, numerous utility providers are implementing smart electricity meters. Moreover, the government has shifted its focus on demand-side management and surged emphasis on energy security by adopting smart grid technologies. This rise in the adoption of smart grids has influenced the demand for dry type transformers, thereby driving the dry type transformer market on a growth path.

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

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Question & Answer: Dry Type Transformer Market

Question 1: What factors are supplementing the growth of the dry type transformer market?

Answer: The surge in domestic demand for power, growth in renewable energy use, and growing adoption of smart grids are significant factors supplementing the development of the dry type transformer market. For instance, conducive government policies and initiatives for clean energy have increased the generation of renewable energy. Transformers like dry type transformers assist in integrating new plants into the existing transmission networks. Hence, the growing use of renewable energy opens new avenues for the dry type transformer market.

Question 2: What major factors are restricting the expansion of the dry type transformer market?

Answer: Limitations of oil-cooled transformers and deployment of solid-state transformers are major factors restricting the expansion of the dry type transformer market.

Question 3: Which region holds the largest share in the dry type transformer market?

Answer: Globally, the Asia-Pacific holds the largest share in the dry type transformer market, and is likely to continue its stronghold till 2028. In Japan, numerous utility providers are implementing smart electricity meters. Moreover, the government has shifted its focus on demand-side management and surged emphasis on energy security by adopting smart grid technologies. This rise in the adoption of smart grids has influenced the demand for dry type transformers, thereby driving the dry type transformer market on a growth path.

Question 4: Which are the key enterprises in the dry type transformer market?

Answer: Eaton Corporation Plc, Crompton Greaves Limited, Hammond Power Solutions Inc, ABB Ltd, Hanley Energy GCC, Schneider Electric, Hyundai Heavy Industries Co Ltd, Weg Group, Hyosung Heavy Industries, Fuji Electric Co Ltd, Siemens AG, Kirloskar Electric Co Ltd, Power SP z o o, General Electric Company, Hitachi Ltd, Voltamp Transformers Ltd, Tbea Co Ltd, and Bharat Heavy Electricals Ltd are key 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 probable to witness growth in its revenue during 2019-2027 at a CAGR of 7.57%. It is expected to attain revenue worth $29101.23 million by 2027.
The electrical equipment in the residential and commercial areas need low electricity levels. Hence, the distribution transformers are yielded in a way that helps reduce the high electricity voltage levels as per the convenience of users.

Factors such as the growing adoption of smart grids, along with technological advancements, are supplementing the growth of the distribution transformers market's growth.

However, the electricity failure in distribution transformers and equipment standardization are factors that weigh down the growth of the studied market worldwide.

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