US Dry type transformers Market expected to grow with CAGR of ~2% by 2028
According to Ken research, the US Dry type transformers market at a CAGR of ~2% during the forecast period (2023-2028).
Factors driving the US Dry type transformers market are demand for Dry type transformers of smaller size and increased performance.
Trends in US Dry type transformers market which are exaggerating the market by various key players.
Competitive landscape of the US Dry type transformers market, which are making it, grow higher.
1.Growth of US Dry type transformers market is getting higher with ~2% CAGR.
US Dry type transformers market is on a constant rise during the forecast years. They show a CAGR of ~2% during the forecast years 2022-2028 and will continue to grow exponentially. The basic reason for this growth is the compliance-driven need for the revamping of the already installed electrical systems.
For the functioning of electrical infrastructure, Transformers have been and will continue to remain fundamental need and unlike the oil type transformers, they do not require cooling since their windings are enclosed in epoxy resin, rendering them useful for indoor as well as outdoor applications.
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2.Which are the driving factors for the growth of US dry type transformer market?
The driving factors of the market is the need compliance-driven need for the revamping of the already installed electrical systems and the need for reduction of greenhouse gas emission. The other factors are that they are cost-efficient and often come in a compact size which are ideal parameters for deployment of dry type transformers.
The driving factors are hyping the market to grow in positive direction. The market is extremely fragmented and locally variable with many players. Siemens AG, Schneider Electric SE, Hammond Power Solutions Inc., ABB Ltd. and Hyundai Electric & Energy Systems Co., Ltd. are the major companies operating in the Dry-Type Transformer Market.
Environmental degradation is not an issue with the dry type transformer technology. It also has much factors like possessing better impulse and short circuit strengths. Therefore, it provides a vast array of applications like mostly in residential buildings to small commercial complexes.
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3.Trends which are hyping the growth of US Dry type transformers market
The government has been promoting the utilization of dry type transformers with higher energy efficiency to minimize carbon emissions. The implementation of the US Department of Energy (DOE) energy efficiency standards can lead to a reduction of around 264.7 million MT of carbon emissions that are equivalent to the yearly greenhouse gas emissions of nearly 51.75% million automobiles.
The US amendment also predicts that from 2016, adherence to the rule can effectuate total cost reduction of about $12.9 billion to both residential and commercial consumers, triggering the North America dry type transformer market share over the upcoming years.
Many players are doing launches, acquisitions and ventures in the market resulting in its growth. Siemens Energy launched an innovative dry-type single-phase transformer for pole applications. Designed for the technological requirements of the American grid, the new cast-resin distribution transformer provides a reliable and sustainable alternative to oil-filled transformers. Hitachi Energy launched a plug-and-play dry-type traction transformer with an integrated cooling system which is designed to reduce CO2 emissions and total operating costs while increasing energy efficiency.
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4.Outlook of US Dry type transformers market is expected to grow higher
The driving factors are publicizing the market to grow in positive direction. The market is extremely fragmented and locally variable with many players. Siemens AG, Schneider Electric SE, Hammond Power Solutions Inc., ABB Ltd. and Hyundai Electric & Energy Systems Co., Ltd. are the major companies operating in the Dry-Type Transformer Market.
Distribution transformers are designed to offer maximum efficiency at lower loads. Moreover, the transformers' voltage regulation is kept to a minimum to improve efficiency. As a result, distribution transformers are designed to have a small leakage reactance.
These reasons are making sure that the market of Dry type transformers will grow in recent years in United States with a CAGR of ~2%.
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