Global Dry Type Transformer Market Report and Forecast 2024-2032

Global Dry Type Transformer Market Outlook

The global dry type transformer market reached a value of about USD 6.21 billion in 2023. The industry is further expected to grow at a CAGR of about 6.2% in the forecast period of 2024-2032 to reach a value of around USD 10.70 billion by 2032. 

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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.

Key Highlights of the Report