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Dry Type Transformer Market Analysis
- Report ID: GMI2235
- Published Date: Mar 2023
- Report Format: PDF
Dry Type Transformer Market Analysis
Dry type transformer market size from the vacuum pressure impregnated product segment is anticipated to cross USD 13 billion by 2032, owing to the emphasis on aging power grid replacement. Vacuum pressure impregnated dry transformers operate at high voltage and their minimally flammable insulation is formed of strips and foils. This insulation improves the product’s impermeability and moisture-resistance since it is composed of Class H polyester resin. The strong focus on power network upgradation will therefore accelerate the production of vacuum pressure-impregnated dry-type transformers.
In terms of rating, the dry type transformer market from > 5 MVA to ≤ 30 MVA segment surpassed around USD 5 billion in 2022, given the increasing grid network modernization and commercial establishment expansion. In November 2022, the White House announced grant applications of USD 13 billion under the bipartisan infrastructure bill to modernize U.S. electric grid. Furthermore, the mounting energy demand will contribute to the large-scale development of grid networks and in turn, fuel the adoption of > 5 MVA to ≤ 30 MVA dry transformers.
Based on core, the shell segment accounted for over 35% share of the dry type transformer market in 2022, considering the high efficiency and economical cost compared to other power transformers. The shell type transformers can also provide better support against electromagnetic forces between current-carrying conductors. Additionally, they can offer a shorter magnetic path, thus requiring smaller magnetizing current and accelerating product usage in power transmission applications.
Dry type transformer market value from the renewable generation application segment is predicted to reach nearly USD 7 billion by 2032. This growth is attributed to the rapid urbanization and favorable government reforms to improve renewable energy adoption in the residential sector. For example, in June 2022, the World Bank approved USD 165 million to increase the affordability of solar energy for the residential sector in India. Moreover, the ongoing smart control networking initiatives and the innovation of onsite electricity generation tech will augment the use of dry-type transformers for renewable power transmission applications.
Europe dry type transformer market is poised to depict more than 9% CAGR through 2032, on account of the surging electricity demand and renewable energy integration in the region. For example, the EU’s REPowerEU plan aimed at a 45% increase in renewable share in final energy consumption by 2030. In addition, the high investment in power transmission and distribution retrofitting facilities will proliferate dry-type transformer consumption across the region. North America dry type transformer industry is likely to cross USD 1.5 Billion by 2025.
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Dry Type Transformer Market Scope
