Global Dry Transformer market 2021 is rising ahead with massive valuation and projected to redevelop during the forecast period 2017-2023, reveals Market Research Future in its latest study. Amid coronavirus pandemic, the market is market to expand at a pace of 5.14%, which is an annual growth rate.
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Top Impactful Factors Leading Growth
As it can be gleaned from the name, a ‘dry type’ transformer is known as an air-cooled device that lacks liquids to cool the electrical coils. The dry-type transformers are best suited and installed in high-rise buildings, steel factories, underground tunnels, chemical plants, schools, hospitals, and other places where fire safety is of paramount importance. Not causing any environmental deterioration, dry type transformers have proven to be highly reliable over the years. Due to this, the dry type transformers market has gained high valuation for many years and is now expected to expand in the coming years.
The demand for electricity is mounting due to expanding commercial and industrial establishments and the growing usage of electrical appliances. The dry-type transformers are eco-friendly products and consist of safety advantages over wet-type transformers, which is a significant boost to its market. Also, the rising investments in the transmission and distribution networks in countries of India and China provide tremendous opportunities for dry-type transformers market during the forecast period.
With this, increasing inclinations toward operational flexibility coupled with efficient applicability across low & medium electric networks has also shown possibilities over escalating product penetration. Moreover, rapid urbanization adhered to the ongoing expansion of smart grid networks has shown a positive influence on the product landscape, making the global market of it more profitable in the coming years.
Despite these factors, other attribution, such as the increasing demand for the dry transformer is constrained by high costs in many regions. Also, the lack of investment to support grid expansions is in the same line of constraints hindering opportunities for growth of the global dry transformer market.
Top Market Players
The outstanding players in the dry transformer market are listed as ABB Ltd.(Switzerland), Hammond Power Solution Inc. (Canada), General Electric (U.S.), Siemens AG (Germany), Schneider Electric (France), Jinpan International Ltd.(China), Eaton Corporation (Ireland), TBEA Transformer Industrial Group (China), Voltamp Transformer Ltd.(India), Crompton Graves Ltd. (India), Kirloskar Electric Company (India), Virginia Transformer Corp (U.S), and Kotsons Pvt. Ltd (India).
For further study, the global dry transformer market has been analysed over crucial regions such as Asia Pacific (APAC), Europe, North America, and Rest of the World (ROW).
Geographically, Asia Pacific region leads with the fastest growing market shares for the dry transformer. The growing population along with improvement in lifestyle is causative to the increase in consumption of energy, which in a way is impacting the market growth.
The Middle East & Africa is another major region for the market. Soaring urbanization highly influences Gulf nations that leads to ultimate development of smart cities, megacities, and mega corridors of cities. Also, the growing number of power plants in the region is expected to impact the power T&D sector, significantly.
Segmentation of Market: Dry Transformer
The report on the global dry transformer market covers segments such as type, phase-type, voltage range, and application.
Depending on the type segment, the market has included cast resin and vacuum pressure impregnated where the cast resin dry type transformer (CRT) is used in the high moisture-prone areas due to its primary and secondary windings that are encapsulated with epoxy resin. This encapsulation aids in preventing moisture from penetrating and affect the winding material.
Depending on the voltage range segment, the market has included low voltage and medium voltage. Low voltage transformers are created in vacuum pressure impregnation (VPI) technology, as per the application. These transformers are used for many unusual applications such as for board of vessels, deep mines, commercial buildings, and industrial environments.
Depending on the application segment, the market has included commercial, industrial, and others. The striking growth in the industrial sector across the world is producing an immense power requirement for the proper functioning of the sector. The high fidelity of the industrial sector towards power is conceding the growth for power equipment in the sector. The commercial sector is also the superior application area of the market. The rise in the population resulting in urbanization across emerging economies in the world is making the market fruitful for dry transformer for this sector.
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