The global dry type transformer market is projected to reach USD 7,870.9 million by 2029, with a Compound Annual Growth Rate (CAGR) of 4.6%, according to a report by Valuates Reports. The rising need for energy, eco-friendly products, and safety concerns regarding liquid-filled transformers are driving the market’s growth. Furthermore, the market is expected to increase significantly due to modernizing the aging power infrastructure.
The report highlights that dry-type transformers are widely accepted owing to their features such as eco-friendliness, safety, lightweight, and low maintenance. Therefore, the demand for these transformers is expected to increase in various industries, such as chemical, oil and gas, solar energy, automotive, and electronics. It is projected that North America’s dry-type transformer market will grow significantly throughout the forecast period.
The report cites the following companies as major players in the dry type transformer market: Hammond Power Solutions Inc., ABB Ltd, Eaton Corporation, Siemens AG, Crompton Greaves Ltd., Voltamp Transformers Ltd., Schneider Electric SE, Tbea Transformer Industrial Group, Jinpan International Ltd, Bharat Heavy Electricals Ltd, and General Electric.
The use of vacuum pressure impregnation technology improves the adoption of transformers in moisture-prone areas and is expected to drive the growth of the market. Additionally, dry-type transformers ensure safety from fire hazards, require less space, are lightweight, and are less expensive to install and maintain, making them preferable over oil-filled transformers.
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