January 31, 2024 06:08 ET | Source: Research and Markets Research and Markets
Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Dry Type Transformer Market by Technology (Cast Resin, Vacuum Pressure Impregnated), Voltage (Low (<1 kV), Medium (1-36 kV), High (Above 36 kV)), Phase (Single, Three), Application (Industrial, Commercial, Utilities) Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering. Transformer For Energy Storage
The global dry type transformer market is estimated to grow from USD 6.6 billion in 2023 to USD 9.2 billion by 2028; it is expected to record a CAGR of 6.8% during the forecast period.
The report defines, describes, and forecasts the global dry type transformer market by technology, voltage, phase and application. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the dry type transformer market.
The escalating implementation of environmental regulations and the prevailing global impetus toward sustainable practices have incited industries and utilities to embrace ecologically conscious technologies drives the market for dry type transformers.
The dry type transformer market is dominated by a few major players that have a wide regional presence. The leading players in the dry type transformer market are Schneider Electric (France), Eaton (Ireland), Siemens Energy (Germany), Hitachi, Ltd. (Japan), and TOSHIBA CORPORATION (Japan). The major strategy adopted by the players includes new product launches, partnerships, acquisitions, and investments & expansions.
Cast-Resin: The largest segment of the dry type transformer market, by technology
Based on type, the dry type transformer market has been segmented into cast-resin and vacuum pressure impregnated. The cast-resin segment is expected to be the largest segment during the forecast period. The epoxy resin utilized in cast resin transformers furnishes resilient insulation characterized by its resistance to moisture and chemical agents. This augmentation imparts heightened endurance and prolonged operational longevity to the transformer, particularly when deployed in demanding operational contexts.
Industrial segment is expected to be the largest segment during the forecast period based on application.
By application, the dry type transformer market has been split into four types: industrial, commercial, utilities and others. The industrial segment is expected to hold the largest market share during the forecast period. The escalating demand for dry-type transformers in industrial applications can be attributed to compact design and reduced maintenance requirements of dry type transformers resonate with industrial facilities seeking efficient space utilization and cost-effective operation.
By Voltage , medium voltage segment is expected to be the fastest growing segment during the forecast period.
Based on the Voltage, the dry type transformer market is segmented into low voltage, medium voltage and high voltage. The medium voltage segment is expected to be the fastest growing segment of the dry type transformer market during the forecast period.
Medium voltage dry type transformers are more efficient at transmitting power over longer distances, which is important for larger industrial and utility applications. Aditionally, medium voltage transformers use smaller conductors, which saves costs while maintaining effective power transmission.
Three Phase: The largest segment during the forecast period based on phase segment.
Based on phase segment, the dry type transformer market is segmented into single and three phase. The three phase segment is expected to be the largest segment of the dry type transformers market during the forecast period. Three-phase dry type transformers distribute power more evenly than single-phase dry type transformers.
This is important for industrial and commercial applications, which often have complex machinery and equipment that require a stable power supply. Three-phase transformers help to distribute power evenly, which reduces energy losses and improves overall system efficiency. Reduced energy losses and efficient performance drives the market.
Asia Pacific is expected to be the largest region in the dry type transformer market.
Asia Pacific is expected to be the largest region in the dry type transformers market during the forecast period. Growth is attributed to the rapid increase in urbanization & infrastructure development in the region.
According to Urban Agenda Platform, the share of the urban population to the total population in the region is 52.4% in 2022. According to UN Habitat, the urban population in Asia is expected to grow by 50% by 2050. Urbanization leads to the growth of infrastructure. The demand for safe and reliable electrical solutions increases with the growing construction of high-rise buildings and commercial complexes.
Asia Pacific region has witnessed a growing interest in renewable energy sources such as solar and wind power. The burgeoning adoption of renewable energy sources is playing a pivotal role in driving the demand and robust growth of the dry-type transformers market.
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