Moreover, the ventures involved in dry type transformer businesses are providing transformers according to the demand of customers with advanced safety and voltage features at a less expensive rate. Almost every industry, large or small scale, relies on machineries that require specific voltage for example, oil, gas, mining, marine and many more industries have specialized requirement of voltages for fire safety, and dry transformer is the best option to fulfill this demand. The dry type transformer market is witnessing massive growth mainly because of the expansion in electricity distribution and industrialization across the world. Expansion of electricity distribution in developing countries will drive the global dry type transformer market These key factors may generate investment opportunities for the dry type transformer industry, in the global marketplace. Therefore, these enterprises have experienced sudden market growth in the COVID-19 pandemic. For instance, HPS (Hammond Power Solutions) on announced that they will supply their products online and the facilities will remain open even during the strict lockdown. However, several companies are coming forward with strategic steps to help socities during the pandemic. These key factors may generate investment opportunities for the dry type transformer market, in the global marketplace. Furthermore, Germany on announced that they are planning to boost the production of transformers by 4.5% of all sizes and voltages. For instance according to the Asian Development Bank, the developing countries in Asia-Pacific are planning to start their own development in solar industry as the pandemic uncovered the dependency on China for energy transitions. Recent studies show that the global solar industry is 40% dependent on China and other Asian countries. The global dry type transformer market is affected due to outbreak of the COVID-19 pandemic due to lockdown condition, which has led to disruption of supply chain, delaying in projects and their construction, postponing of renewable electricity projects, also biofuel investments and oher renewable heat projects. Impact Analysis of COVID-19 on the Dry Type Transformer Market They are also called “voltage changing” as they can balance higher level of voltage to normal level. Dry means they have auto cool ventilation system that use natural air to cool rather than oil, silicone or other liquids to cool the coils or core. Strategic collaborations among the market players along with the launching of advanced digital technology in the dry type transformer industry are expected to accelerate the North America dry type transformer growth.ĭry type transformers are used to maintain the voltages or currents in an electrical circuit. The North America dry type transformer is estimated to increase at a CAGR of 6.6% by registering a revenue of $1,078.0 million, throughout the analysis period. ![]() Our business journalists spark ideas and shape agendas for 7+ million decision makers in the most competitive industries.The global dry type transformer market will reach $6556.7 million by 2027, increasing from $4822.4 million in 2019 at a healthy CAGR of 6.1%. Utility Dive is a leading industry publication operated by Industry Dive. Utility Dive provides in-depth journalism and insight into the most impactful news and trends shaping the electric power sector. Please reach out with interview requests to. The full report delves into more detail on industry attitudes and planned actions on climate resilience, electric vehicles, battery storage and other critical power sector issues. This reduced concern appears to contradict another consistent trend: Cost of transition to ratepayers, including stranded assets, remains the number one challenge to evolving the utility business model, cited by 45% of survey participants. Only 18% of utility participants said stranded assets and generation retirements are one of their organization's top concerns. The report also uncovered a lack of fear about the potential for stranded assets. "While survey respondents reported a high level of confidence in their readiness to address cyber threats, our results also demonstrate that utilities may be leaving themselves vulnerable to a cyber event by not taking basic cybersecurity precautions," said Larry Pearl, senior editor of Utility Dive. This year, 84% believe their organizations are fully or mostly prepared to address cyber threats, but only 52% of participants say their organizations are promptly upgrading and patching systems. ![]() ![]() The survey findings highlight that utility executives are highly confident of their overall preparedness on cybersecurity, but many are not taking critical, recommended steps to address the risks. ![]() Utility Dive's State of Electric Utility Survey 2020
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