Global dry type transformer market to reach $7.5 B by 2026
The global dry type transformer market size is expected to reach $7.5 B by 2026, rising at a market growth of 6.9 % CAGR during the forecast period 2020 – 2026.
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The global dry type transformer market size is expected to reach $7.5 B by 2026, rising at a market growth of 6.9 % CAGR during the forecast period 2020 – 2026, according to a report by ReporterLinker.
Worldwide electricity demand has multiplied twice in the last twenty years and is anticipated to develop at double the pace of energy demand all in all, in the following 25 years. Adding to this, components, for example, expanding demand for electricity, and incorporation of renewable-based power production are anticipated to drive the market during the forecast period. However, the benefits that oil-cooled transformer offers over dry-type transformer is anticipated to somewhat limit the development of the market. The significant drivers for the market involve an increase in demand for electricity, eco-friendly items, and security advantages over liquid-filled transformers. Then again, the huge cost of the item, absence of investment by government in grid stability, and load/no. of losses are the significant restrictions for market development.
Some of the key players in this market include: Eaton Corporation PLC, General Electric Co., Siemens AG, Schneider Electric SE, Hitachi, Ltd., Fuji Electric Co. Ltd., Bharat Heavy Electricals Ltd., Hammond Power Solutions, Inc., Kirloskar Electric Co., Ltd., Hyosung Heavy Industries Corporation.
The regions covered in this report are: North America, Europe, Asia Pacific, Latin America, and Middle East and Asia.
Source: Globe Newswire