Reports
Global Dry Type Transformer Market: By Type: Converter Transformer, Rectifier Transformer; By Technology: Cast Resin, Vacuum Pressure Impregnated; By Phase; By Voltage; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Dry Type Transformer Market Outlook
The global dry type transformer market reached a value of about USD 5.2 billion in 2020. The industry is further expected to grow at a CAGR of about 6.1% in the forecast period of 2023-2028 to reach a value of around USD 7.5 billion by 2026.
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The Asia Pacific to Significantly Aid the Market Growth of Dry Type Transformer
The Asia Pacific accounts for a significant share of the dry type transformer industry. The market growth in the region is attributed to factors, such as the presence of highly populated countries such as India and China and new electrification projects in the industrial, commercial, and infrastructure sectors. The region's demand for dry type transformers is expected to remain high as renewable energy integration grows, particularly from the wind and solar photovoltaic systems. Over the forecast period, the increasing demand to update and upgrade the existing distribution network to serve the growing demand for electricity is projected to drive the growth of the dry transformer industry. In addition, the growing population and improvement in lifestyle are increasing the consumption of energy. This is projected to have a further positive impact on the market growth as well. Governments in various countries, such as China, India, Japan, and Singapore, are also taking steps to implement energy-efficient electricity solutions in large industries, which is projected to augment the market growth.
North America is also a significant regional market for dry type transformers. High investment in transmission and distribution networks is creating a wide scope for the electrical components in this region. The United States is the region's most important market. It is one of the leading regions in terms of overall transformer shipments worldwide. As the United States economy is witnessing a robust growth due to rapid industrialisation and urbanisation across the country, it is expected that the United States will hold one of the largest shares in the overall transformer market, thus, presenting lucrative growth opportunities for the dry type transformers industry.
Dry Type Transformer: Market Segmentation
A dry type transformer is a magnetic core transformer built with a relatively new technology that uses natural or forced air cooling rather than oil. Unlike liquid-filled transformers, which require oil or liquid to cool, dry type transformers use only high-temperature insulation systems that are environmentally safe. It has no moving parts, so it requires little maintenance while providing dependability and a long run cycle. These transformers are completely safe and can be easily installed in hospitals, schools, factories, chemical plants, and other structures where fire safety is a major concern.
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By type, the market includes:
- Converter Transformer
- Rectifier Transformer
On the basis of technology, the market is divided into:
- Cast Resin
- Vacuum Pressure Impregnated
The phases of dry type transformer can be categorised into:
- Single Phase
- Three Phase
The voltage segments of dry type transformer can be divided into:
- Low Voltage
- Medium Voltage
Based on end use, the market is categorised into:
- Industrial
- Commercial
The regional markets for dry type transformer can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Distribution of Electricity is Boosting the Market Growth of Dry Type Transformer
The market growth is being driven by its wide application in electricity distribution and rapid industrialisation in developing countries. The primary drivers for the market include a rise in demand for electricity, eco-friendly product, and safety over liquid-filled transformers. Some industries, such as oil and gas, mining, and maritime, have specialised voltage requirements due to the importance of fire safety in these industries. Dry-type transformers are replacing wet transformers in the renewable energy sector due to their safety and design aspects. Safety accounts for greater significance in the energy sector, meaning that a dry type transformer is becoming a transformer of choice in the cleaner energy segment that offer extended protection. Various countries have agreed to increase the adoption of renewable energy generation in total electricity produced in an effort to reduce reliance on coal-based electricity generation. This is a significant driving force in the global market.
The development of a 3D core VPI transformer for electric vehicle charging stations has the potential to open up new markets for dry type transformers. Electrification projects in metro railways, stadiums, and other commercial spaces are likely to further increase the demand for dry type transformers.
Key Industry Players in the Global Dry Type Transformer Market
The report gives a detailed analysis of the following key players in the global dry type transformer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Bharat Heavy Electricals Ltd.
- Eaton Corporation PLC
- Fuji Electric Co. Ltd.
- Hammond Power Solutions Inc.
- Hitachi Ltd.
- Kirloskar Electrical Co. Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Technology, Phase, Voltage, End Use, Region |
| Breakup by Type | Converter Transformer, Rectifier Transformer |
| Breakup by Technology | Cast Resin, Vacuum Pressure Impregnated |
| Breakup by Phase | Single Phase, Three Phase |
| Breakup by Voltage | Low Voltage, Medium Voltage |
| Breakup by End Use | Industrial, Commercial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Bharat Heavy Electricals Ltd., Eaton Corporation PLC, Fuji Electric Co. Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Kirloskar Electrical Co. Ltd., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Dry Type Transformer Market Analysis
8.1 Key Industry Highlights
8.2 Global Dry Type Transformer Historical Market (2018-2022)
8.3 Global Dry Type Transformer Market Forecast (2023-2028)
8.4 Global Dry Type Transformer Market by Type
8.4.1 Converter Transformer
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Rectifier Transformer
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Dry Type Transformer Market by Technology
8.5.1 Cast Resin
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Vacuum Pressure Impregnated
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Dry Type Transformer Market by Phase
8.6.1 Single Phase
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Three Phase
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 Global Dry Type Transformer Market by Voltage
8.7.1 Low Voltage
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Medium Voltage
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Dry Type Transformer Market by End Use
8.8.1 Industrial
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Commercial
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.9 Global Dry Type Transformer Market by Region
8.9.1 North America
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2022)
8.9.3.3 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2018-2022)
8.9.4.3 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Market Share
8.9.5.2 Historical Trend (2018-2022)
8.9.5.3 Forecast Trend (2023-2028)
9 North America Dry Type Transformer Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Dry Type Transformer Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Dry Type Transformer Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Dry Type Transformer Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Dry Type Transformer Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Bharat Heavy Electricals Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Eaton Corporation PLC
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Fuji Electric Co. Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Hammond Power Solutions Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hitachi Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Kirloskar Electrical Co. Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Dry Type Transformer Market: Key Industry Highlights, 2018 and 2028
2. Global Dry Type Transformer Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Dry Type Transformer Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Dry Type Transformer Historical Market: Breakup by Technology (USD Billion), 2018-2022
5. Global Dry Type Transformer Market Forecast: Breakup by Technology (USD Billion), 2023-2028
6. Global Dry Type Transformer Historical Market: Breakup by Phase (USD Billion), 2018-2022
7. Global Dry Type Transformer Market Forecast: Breakup by Phase (USD Billion), 2023-2028
8. Global Dry Type Transformer Historical Market: Breakup by Voltage (USD Billion), 2018-2022
9. Global Dry Type Transformer Market Forecast: Breakup by Voltage (USD Billion), 2023-2028
10. Global Dry Type Transformer Historical Market: Breakup by End Use (USD Billion), 2018-2022
11. Global Dry Type Transformer Market Forecast: Breakup by End Use (USD Billion), 2023-2028
12. Global Dry Type Transformer Historical Market: Breakup by Region (USD Billion), 2018-2022
13. Global Dry Type Transformer Market Forecast: Breakup by Region (USD Billion), 2023-2028
14. North America Global Dry Type Transformer Historical Market: Breakup by Country (USD Billion), 2018-2022
15. North America Global Dry Type Transformer Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Europe Global Dry Type Transformer Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Europe Global Dry Type Transformer Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Asia Pacific Global Dry Type Transformer Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Asia Pacific Global Dry Type Transformer Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Latin America Global Dry Type Transformer Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Latin America Global Dry Type Transformer Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Middle East and Africa Global Dry Type Transformer Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Middle East and Africa Global Dry Type Transformer Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Global Dry Type Transformer Market Structure
Key Questions Answered in the Report
In 2020, the global dry type transformer market attained a value of nearly USD 5.2 billion.
The market is projected to grow at a CAGR of 6.1% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 7.5 billion by 2026.
The major drivers of the market include the demand for eco-friendly product, adoption of renewable energy generation, electrification projects, growing population, and government initiatives.
The distribution of electricity and rapid industrialisation are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading types of dry type transformer in the market include the converter transformer and rectifier transformer.
The major technologies of the product in the industry are cast resin and vacuum pressure impregnated.
The significant phases of dry type transformer in the market are single phase and three phase.
The leading voltage segments in the industry are low voltage and medium voltage.
The major end use sectors in the market are industrial and commercial.
The major players in the industry are Bharat Heavy Electricals Ltd., Eaton Corporation PLC, Fuji Electric Co. Ltd., Hammond Power Solutions Inc., Hitachi Ltd., and Kirloskar Electrical Co. Ltd., among others.
Analyst Review
The global dry type transformer market attained a value of nearly USD 5.2 billion in 2020, driven by the distribution of electricity and rapid industrialisation. Aided by the growing demand for eco-friendly product and the adoption of renewable energy generation, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 6.1% to reach a value of about USD 7.5 billion.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various types of dry type transformer include the converter transformer and rectifier transformer. On the basis of technology, the market is categorised into cast resin and vacuum pressure impregnated. The phases of the dry type transformer in the market are single phase and three phase. Based on voltage, the market is segmented into low voltage and medium voltage. The end use sectors in the industry include industrial and commercial. The major regional markets for dry type transformer are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Bharat Heavy Electricals Ltd., Eaton Corporation PLC, Fuji Electric Co. Ltd., Hammond Power Solutions Inc., Hitachi Ltd., and Kirloskar Electrical Co. Ltd., among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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