Dry Transformer Market Overview:
It is expected that the Dry Transformer Market will account for USD 8.03 Billion, a CAGR of 7.48% during the Forecast Period.
The data analysts at Market Research Future Reports (MRFR) have thoroughly studied the global dry transformer market is projected to thrive at a CAGR of 5.14% during the review period. The rapid urbanization is likely to be one of the most significant factors driving the global dry transformer market in 2020. The growing preference of operational flexibility along with efficiency across medium and low electric networks is likely to be a potent factor of augmenting the market.
Moreover, the increasing demand for electricity due to the growing industrial and commercial entities is likely to play an important role in expanding the market. The dry-type transformers are eco-friendly, which is another to its preference. Besides, the growing investment in transmission and distribution in developing countries is likely to bring exponential opportunities for market expansion. In addition, the increasing population with increased disposable income is likely to grow energy consumption. This is likely to have a positive impact on the market during the forecast period.
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However, the outbreak of COVID-19 is projected to bring a slight impact on the market size. Various regions have been influenced due to the spread of coronavirus. The data experts at MRFR are analyzing the aftermath of COVID-19. We will provide an impact analysis report on COVID-19.
The global dry transformer market can be segmented on the basis of type, voltage range, phase-type, applications, and region.
On the basis of type, the global dry transformer market can be segmented into vacuum pressure impregnated and cast resin.
On the basis of the voltage range, the global dry transformer market can be segmented into low voltage and medium voltage.
On the basis of phase-type, the global dry transformer market can be segmented into single-phase and three-phase.
On the basis of applications, the global dry transformer market can be segmented into commercial, industrial, and others.
On the basis of region, the global dry transformer market can be segmented into Europe, North America, Asia-Pacific, and Middle East Africa.
An exhaustive analysis of Europe, North America, Asia-Pacific, and Middle East Africa has been performed. As per the analysis, the global market is likely to expand exponentially during the forecast period. The report reveals that the APAC region is estimated to acquire the largest market share. Besides, it is also projected to grow at the highest CAGR during the assessment period. Moreover, the region is experiencing a rise in population along with increased disposable income, which is projected to fuel the market. Among all, Japan, India, China, and Singapore are predicted to make the maximum contribution in expanding the regional market. The report reveals, North America is estimated to acquire the second-largest market. Among all, the U.S. is likely to make the most significant contribution in expanding the market. The U.S. excels in transformer shipments around the world. On the other hand, Europe is likely to grow significantly during the forecast period.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected due to the spread of COVID-19. We will provide the aftermath COVID-19 report on the impact analysis of the market.
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The established competitors of the global dry transformer market are Kotsons Pvt. Ltd (India), ABB Ltd.(Switzerland), Hammond Power Solution Inc. (Canada), Siemens AG (Germany), Jinpan International Ltd.(China), General Electric (U.S.), Schneider Electric (France), Eaton Corporation (Ireland), TBEA Transformer Industrial Group (China), Crompton Graves Ltd. (India), Virginia Transformer Corp (U.S), Voltamp Transformer Ltd.(India), Kirloskar Electric Company (India), and a few more.