The UK dry type transformer market is projected to witness a compound annual growth rate of 2.59% to grow to US$227.261 million by 2027, from US$190.023 million in 2020.
The market is expected to surge in the country due to the rise in the adoption of dry-type transformers for industrial, utility, and commercial applications. The growth in the country’s manufacturing and industrial sector is expected to play a vital role in the demand for dry-type transformers. According to the data given by the UK’s government, the country has been the ninth biggest manufacturing nation globally. The increasing electricity consumption in the country is also expected to play an imperative role in the market growth during the forecast period. Major firms and corporations have been making a significant impact in the market. For instance, ATL Transformers, one of the key players in the market, has been providing large and small dry-type transformers for various applications. The company has offered a wide range of aluminum and copper dry-type transformers. Other players have been offering a wide range of solutions for the industries as well as commercial purposes. For instance, Wilson Power Solutions has been providing advanced and high-quality dry-type transformers for various industrial players in the country. With the rise in investment to develop advanced and innovative solutions, the market is expected to surge exponentially in the coming years.
Increasing Electricity Consumption
The market is expected to surge in the coming years due to the rise in electricity demand and consumption in the country. According to the data given by the UK government, total electricity consumption was around 350 TWh in 2019. The electricity demand is expected to surge due to the growth in the country’s industrial sector. In the aftermath of the announcement of Brexit, the UK’s government had committed to enhancing and growing the country’s industrial sector. The government has invested a significant sum of capital into the adoption and growth of renewable energy. Solar and wind energy are expected to become a major source of electricity generation in the coming years. According to the data given by the UK’s government, wind power has been contributing around 24.8% of the country’s total electricity. Several companies have been offering and providing solutions for the wind power sector. For instance, Hitachi Energy, a key player in transformer and other applications, has offered a wide range of dry-type transformers for offshore and onshore wind applications in the country. With the development of these novel trends and advancements, the market is expected to surge exponentially in the coming years.
COVID-19 Impact on United Kingdom Dry Type Transformer Market
The United Kingdom dry-type transformer market had been growing at a healthy pace before the outbreak of the COVID-19 pandemic. The growth of industrial, utility, and commercial markets has been some of the reasons for the United Kingdom dry transformer market growth. However, the pandemic had a negative impact on the United Kingdom dry-type transformer market due to a halt in the operations of various end-use industries during the pandemic. To curb the spread of the coronavirus, a limited number of people were allowed to gather at a particular place, which led to a shortage of laborers even after the lifting of the lockdown. Moreover, the travel restrictions around the world led to supply chain disruption for the material, which further broke the back of the market amid the pandemic situation. The industrial sector, which uses a fair share of dry-type transformers, witnessed a sizeable decline. As per data from the World Bank, the value-added by industry in the United Kingdom decreased from US$504.796 billion in 2019 to US$458.050 billion in 2020, witnessing a decline of 9.26%. Thus, the projection for UK dry-type transformer market in the COVID-19 scenario is significantly revised downwards.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market size value in 2020 | US$190.023 million |
| Market size value in 2027 | US$227.261 million |
| Growth Rate | CAGR of 2.59% from 2020 to 2027 |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments covered | Type, Voltage, Phase, And End Users Industry |
| Companies covered | Wilson Power Solutions, UP Systems, Transformers & Rectifiers Ltd., OTDS UK Ltd., FT Transformer Ltd. |
| Customization scope | Free report customization with purchase |
Key Market Segments