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Dry Type Power Transformer Market Size
- Report ID: GMI11534
- Published Date: Sep 2024
- Report Format: PDF
Dry Type Power Transformer Market Size
The global dry type power transformer market size was valued at USD 7.6 billion in 2023 and is projected to grow at a CAGR of 7.4% between 2024 and 2032. The market growth is driven by rising demand for energy-efficient and environmentally friendly solutions. Also, rising urbanization and infrastructure development are driving demand for dependable power distribution, which is fuelling investments in dry type transformers.
For instance, in June 2023, National Grid Corporation of the Philippines has activated a 100 MVA transformer at Toril substation in Davao City. This upgrade is part of the USD 98.41 million Mindanao Substation Upgrading Project (MSUP2), aimed at enhancing grid reliability across 10 substations in the region.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Dry Type Power Transformer Market Size in 2023: | USD 7.6 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 7.4% |
| 2032 Value Projection: | USD 14.6 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 70 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Technology, Rating, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Stringent regulations on emissions and environmental safety are prompting utilities and industries to adopt these transformers due to their lower fire risk and enhanced safety features. Moreover, technological advancements, such as smart grid integration and digital monitoring, further enhance their appeal. Additionally, the shift towards renewable energy sources and the need for reliable power supply in renewable installations are propelling market growth.
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Dry Type Power Transformer Market Scope
