Dry type transformer market forecast to increase by 5.3% CAGR during 2015 to 2020

London 12/10/2015 04:18 AM GMT (TransWorldNews)

The global dry type transformer market is expected to reach USD 5.38 Billion by 2020 from USD 4.16 Billion in 2015, at a CAGR of 5.3%. The dry type transformers market is driven by the increasing demand of energy, reduction of fire hazards, and need to adopt safe methods to distribute electricity for residential and commercial use. Besides, there is no fire protection requirement for dry type transformers, thereby, resulting it to be environmentally safe. However, high costs and lack of governmental investments towards grid expansion and stability may hinder the growth of this market.

Asia-Pacific is expected to account for the largest share of the global dry type transformer market in 2015, and is expected to register the fastest growth rate during the forecast period. The developing economies across the globe are expected to strengthen and expand their existing distribution network, fueling the growth of the dry type transformer market in this region.

Asia-Pacific is the major contributor to the dry type transformers market. The major drivers for the dry type transformers market are increasing demand from emerging economies such as India and China, large number of ongoing grid restructuring & expansion projects, ands smart grid projects. The countries in RoW, such as Iran and Saudi Arabia are investing heavily in the expansion and restructuring of power and distribution grids, which is offering high growth prospects for the dry type transformer market.

Globally, several renewable energy and grid upgrade projects are under progress, therefore, the dry type transformers are preferred as they are environment-friendly and offer high-level of safety.

On the basis of technology, the market is divided into Cast Resin, and VPI. The Cast Resin segment is expected to account for the largest share of the global dry type transformer market by 2020. On the other hand, the VPI segment is expected to witness the growth rate of 4.8% during the forecast period. On the basis of phase types, the market is divided into single phase and three phase transformers. On the basis of voltage, market is categorized into medium voltage and low voltage.

The demand for transformers and electricity is directly proportional, as transformers play a major role in the transmission and distribution of electricity. They also play a key role in maintaining the fluctuations of voltage. Therefore, the rising demand for electricity is anticipated to help the dry type transformer market growth.

Major players in this market include Hammond Power Solution Inc. (Canada), ABB Ltd.(Switzerland), Siemens AG (Germany), General Electric (U.S.), Jinpan International Ltd.(China), ABB Ltd. (Switzerland), Schneider Electric (France), TBEA Transformer Industrial Group (China), Eaton Corporation (Ireland), Crompton Graves Ltd. (India), and Voltamp Transformer Ltd.(India).

Click for Report details:Dry Type Transformer Market by Technology - Global Forecast to 2020



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