Dry-type transformer market to garner $7.3 B
Allied Market Research recently published a report on dry-type transformer market 2020-2027.
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Allied Market Research recently published a report on dry-type transformer market 2020-2027.
According to report “Dry-type transformer market by type, technology, phase, voltage, and end use: opportunity analysis and industry forecast, 2020–2027,” the global dry type transformers market was pegged at $5.4 B in 2019, and is projected to reach $7.3 B by 2027, growing at a CAGR of 6.1 % from 2020 to 2027.
Wide applicability in the distribution of electricity, rapid industrialization in developing countries, and expansion of electricity distribution network have boosted the growth of the global dry-type transformer market. However, development of solid-state transformers hampers the market growth. On the contrary, development and adoption of smart grids and digital dry transformers and application of 3D core vacuum pressure impregnated dry type transformer are expected to create lucrative opportunities for the market players in the future.
By technology, the cast resin segment held the largest share in 2019, accounting for more than two-thirds of the global dry-type transformer market, owing to widespread adoption in areas such as general and public buildings, industrial plants, wind turbine plants, solar farms, LNG vessels. However, the vacuum pressure impregnated segment is expected to manifest the highest CAGR of 6.5 % during the forecast period, due to better mechanical compactness and dielectric stability compared to cast resin dry type transformers.
By region, the market across North America is expected to register the highest CAGR of 6.6 % from 2020 to 2027, owing to increase in demand for electricity in countries such as Canada and the USA. However, the global dry-type transformer market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market, due to increasing electrification projects and manufacturing investments in Asian countries such as India and China.
Key market players are: Bharat Heavy Electricals Ltd., Fuji Electric Co. Ltd., Eaton Corporation Plc, etc.
Source: PR Newswire