The “Global Dry Type Transformer Market 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The publisher’s report established that the global market for dry-type transformers is likely to witness growth at a CAGR of 6.60% over the forecast period 2021-2028.
Companies Mentioned
- ABB Ltd
- Bharat Heavy Electricals Ltd
- Crompton Greaves Limited
- Eaton Corporation plc
- Fuji Electric Co Ltd
- General Electric Company
- Hammond Power Solutions Inc
- Hanley Energy GCC
- Hitachi Ltd
- Hyosung Heavy Industries
- Hyundai Heavy Industries Co Ltd
- Kirloskar Electric Co Ltd
- Power Sp Z O O
- Schneider Electric
- Siemens AG
- TBEA Co Ltd
- Voltamp Transformers Ltd
- Weg Group
The upsurge in demand for power, rise in renewable energy use, and growing adoption rate of smart grids support the growth of the dry-type transformer market globally. Several developing and developed nations are adopting smart grid technologies, which is likely to increase the need to upgrade existing networks. This rise in the adoption of smart grids is anticipated to enhance the demand for dry-type transformers.
Additionally, 3D core dry-type transformer applications, development of digital dry-type transformers, and electrification rate in Africa are generating several opportunities for the market to leverage to reach its anticipated growth. However, the adoption of solid-state transformers, coupled with limitations of dry-type transformers, are limiting the studied market’s growth.
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The global dry-type transformer market covers North America, Asia-Pacific, Latin America, Europe, Middle East, and Africa regions.
North America is expected to become the fastest-growing region in the dry-type transformer market over the considered phase. In the US, electricity consumption has remained constant in the last few years, majorly dominated by coal and gas-fired power plants. However, the country is witnessing a shift from coal-based power generation to renewable energy sources. Moreover, substation transformers are being upgraded to accommodate renewable energy generation.
Additionally, California aims to achieve a substantial amount of electricity from renewable sources by 2030. This aim to achieve carbon-free sources holds the potential to increase the demand for dry-type transformers, thereby pushing the dry-type transformer market’s growth.
Source: Businesswire
