New York, USA, June 15, 2021 (GLOBE NEWSWIRE) – According to a report released by Research Dive, the global dry-type transformer market is expected to reach a 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 market growth factors, challenges, constraints, and various opportunities. The report also provides all market data, making it easier and helpful for new participants to understand the market.
Drivers: The rapid industrialization of developing countries has increased the demand for electricity. Industry runs on machines that require a certain amount of voltage. Dry-type transformers are the first choice to meet the needs of shipping, oil, natural gas, and mining industries. Participants in the dry-type transformer industry are innovating and providing transformers to ensure advanced safety levels and voltage characteristics at an affordable price.
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In addition, industry leaders such as ABB and HITACHI are integrating their services into almost all types of transformers to attract and win the trust of customers. For example, the industry leader ABB provides a variety of dry-type transformers, such as “HiDry72″, with a voltage of 72.5 kV, which is suitable for different megacities. These factors are contributing to the growth of the global market during the forecast period.
Constraints: The production process of dry-type transformers is complicated and the cost is high. This is one of the main factors hindering market growth.
Opportunities: Technological progress and high-end innovation are expanding the dry-type transformer industry at a very fast rate, which creates many opportunities for market investors.
The report divides the market into different segments based on type, technology, phase, voltage range, end use, and regional analysis.
By the end of 2027, the highest revenue of the converter sub-segment is expected to reach US$3.99 billion. The demand for high-voltage direct current technology for high-voltage transmission has increased. Converter transformers are used in HVDC converter stations to generate energy from renewable energy sources such as solar panels, offshore wind power, and hydroelectric power plants.
It is expected that during the analysis period, the casting resin segment will receive the highest market revenue of US$4.4382 billion. Cast resin is in great demand in the entire transformer industry because it has the advantages of low maintenance cost, fire resistance and attractiveness.
By 2027, the single-phase sub-segment is expected to receive the highest revenue of US$5.9135 billion. The main applications of single-phase coherent include home and business power supplies. These are the main factors that promote the growth of market segments.
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It is estimated that by 2027, the low-voltage sub-segment market will receive a huge revenue of US$4.665 billion. The low-voltage type is an environmentally friendly transformer, which is widely used in commercial, institutional and residential industries. Due to the increasing concern about climate change, the demand for such dry-type transformers has increased in recent years, which is promoting the growth of market segments.
During the forecast period, the revenue of the industrial segment is expected to be US$3.5901 billion, with a compound annual growth rate of 5.9%. Due to the different voltage ranges, oil, automobile, natural gas, electrochemical industries and steel manufacturers have a great demand for dry-type transformers. This factor will affect the market growth during the forecast period.
The revenue of the Asia-Pacific market during the forecast period is expected to be US$2.622.7 billion, with a compound annual growth rate of 5.7%. The main reason behind this growth is the rapid industrialization of countries such as India, China and South Korea. The governments of these countries are also taking measures to implement energy-efficient power solutions in large industries, which will promote market growth.
These participants are formulating strategies such as product development, mergers and acquisitions, partnerships and cooperation to maintain market growth.
In June 2021, Eaton, a global leader in power management, announced the completion of the acquisition of Cobham Mission Systems, a leading manufacturer of air-to-air refueling systems, environmental systems, and drives mainly for the defense market.
The coronavirus pandemic has had a negative impact on the global dry-type transformer market. Blockades and supply chain restrictions have delayed projects related to renewable electricity and delayed investment and operational activities in the market. However, the major players in the market are focusing on formulating strategies and increasing the number of investors, which will contribute to the long-term development of the industry.
Post time: Nov-09-2021