It is expected that during the forecast period of 2020-2027, the global dry-type transformer market will see significant growth. The converter and casting resin segments are expected to be the most profitable segments. Single-phase and low-voltage sub-segments are expected to be the most profitable market segments. The industrial market segment is expected to dominate the market. North America is expected to lead the market.
New York, USA, October 18, 2021 (GLOBE NEWSWIRE) – According to a report released by Research Dive, the global dry-type transformer market is expected to generate revenue of US$6.5567 billion during the forecast period, with a compound annual growth rate of 6.1% ( 2020-2027), an increase from US$4.822.4 billion in 2019.
The inclusive report provides a brief overview of the current situation in the market, including important aspects of the market, such as growth factors, challenges, constraints, and opportunities during the forecast period. The report also provides all market data, making it easier and helpful for new participants to understand the market.
Driving factors: rapid industrialization has led to the expansion of power distribution, which has increased the demand for dry-type transformers. All types of industrial machinery require a specific voltage. For this reason, dry-type transformers have become the best choice. In addition, the dry-type transformer business meets the needs of the end-use industry by providing an advanced level of safety at an affordable price. These are the main factors that will promote the growth of the global dry-type transformer market during the forecast period.
Limitations: Compared with wet-type transformers, dry-type transformers are more expensive. This factor is expected to inhibit market growth during the forecast period.
Opportunities: The technological advancement in the dry-type transformer industry is expected to bring many opportunities for market investors in the next few years.
The report divides the market into different segments based on type, technology, phase, voltage range, end use, and regional outlook.
The converter sub-sector’s revenue during the forecast period is expected to be US$3.99 billion. The main factor behind this growth is the growing demand for HVDC (High Voltage Direct Current) technology. This technology is mainly used in HVDC converter stations and energy sources such as hydroelectric power plants, solar panels and offshore wind power.
During the analysis period, the casting resin sub-sector is estimated to receive $4.4382 million in revenue. Cast resin technology has many advantages, such as fire resistance, low maintenance and aesthetics. Because of these characteristics, industries are adopting technologies that contribute to the growth of market segments.
The single-stage sub-category is expected to receive the highest revenue of US$5.9135 billion during the forecast period. The main reason behind this growth is its application in residential and commercial use. Single-phase dry-type transformers are sufficient for limited personal and commercial applications.
It is estimated that by the end of 2027, the revenue of the low-voltage sub-segment market will reach US$4.665 billion. Low-voltage dry-type transformers are environmentally friendly. The high demand for low-voltage transformers in the commercial, residential structure and institutional industries is the main factor driving market growth during the forecast period.
The industrial market segment is expected to receive USD 3.5901 billion in revenue during the forecast period, with a compound annual growth rate of 5.9%. During the analysis period, the increasing use of dry-type transformers in the terminal industry is the main factor accelerating the growth of the market segment.
The North American dry-type transformer market recorded revenue of US$1.210.4 billion in 2019, and is further expected to generate US$1.7080 billion in revenue by the end of 2027. The main reason behind the growth is the heavy investment in dry-type transformer research and development in the market of top market participants.
These participants are formulating strategies such as product development, mergers and acquisitions, partnerships and cooperation to maintain market growth.
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The coronavirus pandemic has had a negative impact on the global dry-type transformer market. Due to the postponement of renewable power projects and the closure of other end industries, the demand for transformers fell during the pandemic. However, once the restrictions are lifted and the industry begins to operate at full capacity, the market is expected to recover from the downturn.
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Post time: Nov-06-2021
