Global Dry Type Transformer Market is valued approximately at USD 2.19 billion in 2019 and is anticipated to grow with a growth rate of more than 4.20% over the forecast period 2020-2027. The dry type transformers are environment friendly transformers that use air in place of liquid to cool down the electrical coils. The dry type transformer is a completely stationery solid state device which requires lesser maintenance to offer problem free services. The dry type transformer is gaining larger demand from energy and power industries as it is helpful in reducing fire hazards and found as a safe method to distribute electricity for residential and commercial applications. The rapid growth in demand for energy across the globe is paving the way for growth of dry type transformer market over the forecast years. According to the Indian Brand Equity Foundation, installed renewable power generation in India grown with CAGR of 17.33% between 2016-2020 and stood at 87.26 GW out of which wind & solar comprised 34.74 GW and 34.81 GW respectively. As per China’s National Energy Administration, China’s renewable energy installation capacity has reached to 728 GW in 2018 which is an increase of over 12 % from 2017 that is 647.32 GW which includes 52 GW (up 2.5 percent) for hydro,184 GW (up 12.4 percent) for wind,17.8 GW (up 20.7 percent) for biomass and 174 GW (up 34 percent) for photovoltaic (PV). In addition, increasing demand for the distributed transformer is the factor propelling the market growth. However, high cost of dry type transformers is the factor restraining the market growth.
The regional analysis of global Dry Type Transformer Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in energy generation across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as government initiatives regarding usage of renewable energy would create lucrative growth prospects for the Dry Type Transformer Market across Asia-Pacific region.
Major market player included in this report are:
Hammond Power Solutions Inc.
Crompton Greaves Ltd.
Voltamp Transformers Ltd.
Schneider Electric SE
Tbea Transformer Industrial Group
Jinpan International Ltd.
Bharat Heavy Electricals Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Voltage offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Dry Type Transformer Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers