Dry Type Transformers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Dry Type Transformer Market
In 2022, the global Dry Type Transformer market reached a value of USD 5.91 billion. It is projected to increase from USD 6.25 billion in 2023 to USD 9.37 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2023 to 2030.
Shortage of fabric led in facility closures along with International supply disruptions. Furthermore, the transportation and production of dry transformers ran behind schedule owing to the continuous disruptions. This brought about manufacturing slowdowns and ability backlogs as manufacturers struggled to fulfill call for amidst the disruptions and ended in a marketplace decline.
Growing demand for environmentally friendly transformers, driven by stringent regulations and standards, propels market growth. Transformers with solid insulation and no oil usage meet regulatory requirements, making them favored choices in various regions.
The dry type transformer market growth is driven by the rising adoption of renewable energy sources like wind and solar power. These sources often require transformers for voltage stepping in electricity distribution. Dry kind transformers are favored for environmental friendliness, and protection, making them best for renewable power projects.
Comprehensive Analysis of Dry Type Transformer Market
Segmentation in the dry type transformer market share is driving market because it allows companies to target specific customer groups with tailored services and solutions. Dry type transformers are classified by technology into cast resin and vacuum pressure impregnated types. They are further categorized by phase as single-phase or three-phase. Based on rating, they are divided into less than 5 MV, 5 MVA to 30 MVA, and more than 30 MVA. Transformers are also distinguished by installation, either outdoor or indoor. Additionally, they are classified by application, including industries, inner-city substations, indoor and underground substations, renewable generation, and other specific uses.
Asia Pacific leads the market due to surging electricity demand and the replacement of conventional grid lines. Moreover, substantial investments in electrical infrastructure bolster market growth in the region.
Key players in the market drive innovation and set industry standards through their advanced technologies and extensive market presence. Their strategic partnerships and investments play a crucial role in shaping the competitive landscape and driving market growth. The key companies profiled in the market include Schneider Electric (France), Siemens (Germany), Eaton (Ireland), GE (U.S.), Hammond Power Solution (Canada), Crompton Greaves Consumer Electricals Limited (India), Hyosung Heavy Industries (South Korea), Kirloskar Electric Co. Ltd. (India), Voltamp Transformer Limited (India), ABB (Switzerland), Bharat Heavy Electricals Limited (India), Fuji Electric Co., Ltd. (Japan), Hanley Energy (Ireland), Tbea Co. Ltd. (China), Virginia Transformer Corp. (U.S.), and KOTSONS (India). These companies represent a diverse range of global players contributing to the competitive landscape of the transformer market.
In May 2023, Huntsman collaborated with TBEA Group to develop an Outdoor Dry Type Transformer (DDT), boasting the world's largest capacity and highest voltage. Successfully passing final tests, it commenced operation by April's end.
Segmentation Table
Global Fleet Management Market Scope
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 19% from 2023 to 2030
Unit Value (USD billion)
Segmentation By Type, Fleet Type, Deployment, Industry, and Geography
By Type Operations Management
- Fleet Tracking and Geo-fencing
- Routing and Scheduling
Vehicle Maintenance and Diagnostics
Performance Management
- Driver Management
- Fuel Management
Fleet Analytics & Reporting
Others
By Fleet Type Commercial
Passenger Cars
By Deployment On-premises
Cloud
By Industry Manufacturing
Logistics
Transportation
Oil & Gas
Chemical
Others
By Region North America (By Type, By Fleet Type, By Deployment, By Industry, and By Country)
- U.S.
- Canada
- Mexico
Europe (By Type, By Fleet Type, By Deployment, By Industry, and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Asia Pacific (By Type, By Fleet Type, By Deployment, By Industry, and By Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
Middle East & Africa (By Type, By Fleet Type, By Deployment, By Industry, and By Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
South America (By Type, By Fleet Type, By Deployment, By Industry, and By Country)
- Brazil
- Argentina
- Rest of South America
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