Report ID: SQMIG45A2179
Report ID:
SQMIG45A2179 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
84 |
Figures:
76
Dry Type Transformer Market size was valued at USD 6.18 billion in 2022 and is poised to grow from USD 6.60 billion in 2023 to USD 11.17 billion by 2031, at a CAGR of 6.8% during the forecast period (2024-2031).
The global market for dry type transformers is experiencing significant growth, primarily due to its wide range of applications in electricity distribution. The expansion of electricity distribution networks worldwide, coupled with rapid industrialization in developing nations, has been a major driver of this market's growth.
Industries of various scales, from heavy to small, rely on machinery with specific voltage requirements, making dry type transformers essential for meeting their power needs.
Moreover, industries like oil & gas, mining, and marine have specialized voltage requirements to ensure fire safety, making dry type transformers a preferred choice in these sectors.
Furthermore, there is a global effort to reduce reliance on coal-based electricity generation and increase the adoption of renewable energy sources.
As a result, dry type transformers are increasingly replacing wet transformers in the renewable energy sector due to their safety features and design advantages.
Safety holds significant importance in the energy sector, making dry type transformers the preferred option for cleaner energy solutions, offering extended protection.
This shift towards cleaner energy sources is a key driving force behind the growth of the global dry type transformer market.
US Dry Type Transformer Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQMIG45A2179