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Global Dry Type Transformer Market to Grow at a CAGR of 6.1% in the Forecast Period of 2022-2027, Aided by the Improved Distribution of Electricity

According to a new report by EMR titled, ‘Global Dry Type Transformer Market Report and Forecast 2022-2027’, the global dry type transformer industry reached a value of about USD 5.2 billion in 2020. The industry is further expected to grow at a CAGR of about 6.1% in the forecast period of 2022-2027.

The global dry type transformer industry has been witnessing growth due to its wide applicability in the distribution of electricity. Increased spending in the transmission and distribution (T&D) network around the world has created a huge opportunity for dry type transformers. The dry type is dominating the market owing to the benefit of being moisture-proof, which makes it suitable for use in and near building applications. Moreover, the increased efficiency it provides over low voltage has resulted in an increase in the number of installations. The increase in indoor transformer installation is a boon for dry type transformers. The use of environmentally friendly products in the upgrading and development of power infrastructure is being prioritised, which creates business opportunities for dry type transformers worldwide. Oil, automobile, gas, electrochemical industry, and steel manufactures have a high demand for dry type transformers because of the diverse voltage range. Favourable regulatory reforms to ensure grid sustainability along with rapid adoption of smart control and monitoring systems will strengthen the industry demand further in the coming years.

Eminent players are focusing on high-tech advancements, coupled with mergers and acquisitions to meet the prevailing competition in the industry. In July 2020, Hitachi (OTCMKTS: HTHIY) acquired an 80.1% stake in ABB Ltd.'s power grid business and formed the Hitachi ABB power Grids Ltd. joint venture. Hitachi was able to expand its transformer product portfolio as a result of the acquisition.

Market Analysis by Type, Technology, Phase, Voltage, End-Use, and Regions:

  • The various types of dry type transformers include the converter transformer and rectifier transformer.
  • On the basis of technology, the market is categorised into cast resin and vacuum pressure impregnated.
  • The phases of the dry type transformer market are single-phase and three-phase.
  • Based on voltage, the market is segmented into low voltage and medium voltage.
  • The end-use of the market includes industrial and commercial.
  • The regional markets for dry type transformers include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Ongoing replacement of conventional technologies, combined with increasing electrification rates, primarily in developing countries, will drive market growth.
  • Rising investments in R&D to introduce innovative electrical equipment for monitoring and controlling the electricity demand will propel the market growth.
  • Rapid urbanisation, along with ongoing industrial expansion across the developing economies, will further augment the industry.
  • Increasing investment in infrastructure, and the development of commercial establishments such as malls, hotels, resorts, schools, and colleges, will drive demand for dry type transformers.

Key Offerings of the report:

  • The EMR report gives an overview of the dry type transformer market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for type, technology, phase, voltage, end-use, and major regions of dry type transformer. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global dry type transformer market are Bharat Heavy Electricals Ltd., Fuji Electric Co. Ltd., Eaton Corporation PLC, Hammond Power Solutions Inc., Hitachi Ltd., and Kirloskar Electrical Co. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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