Dry-type transformer market – forecast 2022–2027
The dry-type transformer market is expected to register a CAGR of more than 6% during the forecast period, 2022–2027.
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The dry-type transformer market is expected to register a CAGR of more than 6% during the forecast period, 2022–2027.
The COVID-19 outbreak in Q1 of 2020 had led to a delay in power project construction and further had a major impact on the commissioning of renewable electricity projects and plummeted investments in energy sectors. Factors such as growing electricity demand and the integration of renewable-based power generation are expected to drive the market during the forecast period. However, the advantages that oil-cooled transformers offer over dry-type transformer is expected to slightly restrain the growth of the market during the forecast period.
The dry-type distribution transformer type is expected to dominate the market, owing to increasing investments in the transmission and distribution (T&D) network globally.
Increasing rate of electrification in African and Asian countries provides immense opportunities for the market to grow in the coming years.
Asia-Pacific was the dominant region for the market in 2021, owing to the growing population and industrialization causing a rise in the electricity demand.
The dry-type transformer market is fragmented. The key players in the market include Siemens AG, Schneider Electric SE, ABB Ltd, Hyundai Electric & Energy Systems Co. Ltd, and Hammond Power Solutions Inc.
Source: Research and Markets