Dry-Type Transformer Market to be dominated by Distribution Transformer segment through 2028
Growing
electricity demand, the integration of renewable-based power generation to
drive Global Dry-Type Transformer Market in the forecast period, 2023-2028.
According to TechSci Research report, “Global Dry-Type Transformer Market - By Region, Competition, Forecast &
Opportunities, 2028”, Global
Dry-Type Transformer Market is anticipated to grow at a 6.84% CAGR in the
forecast period, 2024-2028, The major drivers for the market include rise in
demand for electricity, eco-friendly product, and safety advantages over
liquid-filled transformers.
Based on Type, Global Dry-Type Transformer Market is
segmented into— power transformer and distribution transformer, the market's
largest contribution will be the distribution transformer segment. The dry-type
transformer technology does not cause any environmental degradation and
possesses better impulse and short circuit strengths, thereby providing a vast
array of applications ranging from residential buildings to small commercial
complexes. Distribution transformers are designed to offer maximum efficiency
at lower loads. Moreover, the transformers' voltage regulation is kept to a
minimum to improve efficiency. As a result, distribution transformers are
designed to have a small leakage reactance. The Middle East and African
countries, such as Oman and Saudi Arabia, are also investing in expanding and
restructuring distribution power grids, which is expected to increase the
growth prospects of the dry-type transformer market.
Additionally, the European Network of Transmission
System Operators stated that around USD 10 billion of annual transmission
spending is required through 2030. In Europe, investments have remained stable
at nearly USD 50 billion, with an increase in spending to support upgrading and
refurbishing the existing grid as variable renewables and electrification have
grown significantly in the region. Therefore, owing to the above points, the
distribution transformer type is expected to witness dominant growth during the
forecast period.
Browse over XX market data Figures spread through 180
Pages and an in-depth TOC on "Global Dry-Type Transformer Market.”
Based on Region, Asia Pacific region is expected to
dominate the market for Dry-Type Transformer during the forecast period. The
Asia-Pacific region is expected to dominate the dry-type transformer market
during the forecast period, owing to the growing industrialization and
urbanization. China's National Energy Administration (NEA) is promoting the
concept of green certificates along with an aggressive renewable energy
portfolio (REP). This is expected to boost the wind power market in China. With
increasing renewable energy integration, particularly from wind and solar PV,
the demand for dry-type transformers is expected to remain high in the country.
Fossil-based power generation dominated India's power sector in 2022, making up
almost 60% of the total installed capacity. The country has identified the
potential of renewable energy for decarbonizing the economy and meeting targets
as per the Paris Agreement.
The country’s renewable energy (including hydro)
accounted for 40% of the total installed capacity by the end of 2022. With the
increasing share of renewable energy, demand for upgrading the existing
transmission and distribution (T&D) infrastructure is expected to increase.
With countries like the Philippines, South Korea, and Australia targeting
renewable integration to meet their energy demand, the need for dry-type
transformers in the Asia-Pacific region is expected to register robust growth
during the forecast period.
Major companies operating in the Global Dry-Type
Transformer market are:
- Siemens
AG
- Schneider
Electric SE
- Eaton
Corporation PLC
- ABB
Ltd.
- TBEA
Co. Ltd.
- Hyundai
Electric & Energy Systems Co. Ltd
- Hammond
Power Solutions Inc.
- Kirloskar
Electric Company Ltd.
- Hitachi
Energy Ltd.
- Gujarat
Transformers Private Limited
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“The Global Dry-Type
Transformer Market is expected to expand during the projected period.
The Dry-Type Transformer Market is being driven by several key factors.
Firstly, there is a growing emphasis on energy efficiency and sustainability in
various industries. Dry-type transformers are known for their higher energy
efficiency compared to oil-filled transformers, making them an attractive
choice for companies looking to reduce their carbon footprint and operating
costs. Secondly, the increasing demand for electricity, particularly in
emerging economies and the renewable energy sector, is boosting the need for
reliable and efficient transformers. Dry-type transformers offer a safer and
more environmentally friendly solution for electricity distribution. Moreover,
stringent safety regulations and environmental standards are promoting the
adoption of dry-type transformers due to their non-flammable and
self-extinguishing properties, reducing fire hazards.
Additionally, advancements in
technology are leading to the development of more compact and efficient
dry-type transformers, further driving market growth.In summary, the Dry-Type
Transformer Market is being propelled by a combination of factors, including
energy efficiency, increased electricity demand, safety regulations, and
technological advancements..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
Dry-Type
Transformer Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented
by Voltage (Low Voltage and Medium Voltage), Type (Power Transformer, Distribution
Transformer), End Phase (Single Phase, Three Phase), By Region, Competition” has evaluated the future growth potential of global Dry-Type Transformer
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global Dry-Type
Transformer market.
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