Share
Dry Type Transformers Market Size, Share, and Analysis, By Technology (Cast Resin and Vacuum Pressure Impregnated), By Phase (Single and Three), By Voltage (Low (<1 kV), Medium (1–36 kV), and High (Above 36 kV)), By Application (Industries, Inner-City Substations, Indoor & Underground Substations, Renewable Generation, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Dry Type Transformers Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 6.3 billion and is projected to reach USD 12.9 billion by the completion of 2034.
Dry type transformers are electrical devices that operate without the use of liquid or oil for cooling, which differentiates them from oil-filled transformers. They employ air or gas to dissipate heat that is generated during operation, which makes them suitable for environments where flammability or leakage risks are major issues. Dry type transformers are insulated with materials such as epoxy or cast resin and provide electrical insulation, along with protection against environmental factors like moisture and dust. These transformers are found in indoor settings such as commercial buildings, hospitals, and industrial facilities, offering safety and environmental friendliness. Furthermore, they are available in various sizes and configurations to meet different voltage levels and power demands, which ensures dependable and efficient electrical distribution while minimizing the risk of environmental contamination or fire hazards linked with oil-filled transformers.
Dry type transformers market is projected to reach USD 12.9 billion over the forecast period, due to the rising energy demand, environmental policies, and a greater emphasis on sustainability. Increasing consciousness for environment and a shift toward greener energy options are expected to sustain the development of dry type transformer market. Improvements in insulation materials and manufacturing methods are additionally helping to improve the efficiency and reliability of dry type transformers, which is increasing their use across multiple industries. Moreover, industries such as manufacturing, construction, and utilities are pushing the adoption of dry type transformers across the world. Emerging economies are becoming major markets for dry type transformers due to industrialization and urban development. Therefore, these factors collectively indicate a promising future for the global dry type transformer market, with continued innovation and expansion anticipated in the coming years.
Source: Fatpos Global
By Technology, the Dry Type Transformers Market is divided into Cast Resin and Vacuum Pressure Impregnated. The cast resin technology is expected to maintain its dominance in the dry type transformer market due to its extensive utilization in diverse sectors such as public buildings, industrial plants, and renewable energy installations like wind and solar farms. Cast resin transformers provide excellent insulation and defense against external factors like moisture and dust by protecting the core and windings internally in a fluid resin during the manufacturing process. Conversely, while vacuum pressure impregnated technology is predicted to increase significantly due to its safety features and mechanical strength, cast resin technology remains popular for its proven durability and applicability for various applications. Their widespread adoption highlights their efficiency in meeting the evolving demands of modern electrical infrastructure.
Based on Phase, the Dry Type Transformers Market is segmented into Single and Three. The three-phase segment is anticipated to lead the transformer market due to the vast migration to suburban areas, where three-phase transformers are used for efficient power distribution. Additionally, favorable government regulations regarding the expansion of long-distance and medium-range transmission networks is responsible to drive the demand for three-phase transformers. The continuous increase in electricity demand and the efforts of energy suppliers to expand infrastructure across emerging markets, are contributing to the high acceptance of dry type transformers. On the contrary, the single-phase segment is expected to display substantial growth owing to its high usage in low voltage distribution applications. These transformers use single-phase alternating current, which makes them suitable for light commercial and residential settings where localized power distribution is required.
Source: Fatpos Global
Growing Demand for Renewable Energy will Create Growth Opportunities
Global transition towards renewable energy sources, which is motivated by environmental concerns and governmental incentives, is responsible for boosting the adoption of dry type transformers. These transformers are essential components in renewable energy setups like solar and wind farms, which facilitate the efficient transmission of electricity from these sources to the grid. Transformers that are dependable and efficient are becoming increasingly necessary as solar and wind power become widely used. Furthermore, dry type transformers, which have increased safety features, a lower environmental impact, and reduced maintenance requirements, are ideal for renewable energy applications. Therefore, the need for dry type transformers in the renewable energy sector is expected to grow continuously as countries and industry focus on clean energy solutions to address climate change.
Urbanization and Construction of Infrastructure will Propel Market Expansion
Urbanization and infrastructure expansion in emerging nations are important growth drivers for the dry type transformer market. As cities and populations grow, so does the need for electricity, which necessitate the installation of new transformers in power distribution networks. Dry type transformers have become popular in metropolitan areas due to their safety features and interior adaptability. Furthermore, dry type transformers have compact design which makes them excellent for installation in highly populated locations where space is limited. Consequently, as governments engage in expanding electrical infrastructure to meet urban growth, the demand for dry type transformers is expected to increase. This trend creates attractive prospects for manufacturers and suppliers in the dry transformer market.
Significant Initial Costs of Procurement and Integration may Limit the Industry's Growth
Higher initial cost as compared to oil-filled transformers is a notable limitation of the dry type transformer market. Dry type transformers provide long-term benefits such as low maintenance expenses, along with minimized environmental hazards and better safety, due to which the upfront investment required for procurement and installation can be challenging for some consumers. This limitation is particularly noticeable in cost-conscious markets or regions with limited financial resources for infrastructure development. Moreover, despite the potential for cost savings and environmental advantages, the high initial cost of dry type transformers can dissuade certain buyers from opting for them over affordable alternatives like oil-filled transformers. Therefore, manufacturers and suppliers in the dry type transformer market must address this limitation through pricing strategies and educational initiatives to highlight the long-term value of dry type transformers and reduce these challenges to adoption.
Dry Type Transformers Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia Pacific region will likely lead the global dry type transformer market due to urbanization and infrastructural development across the region which has boosted the growth significantly. The increasing energy demand due to growing population and expanding economies, results in high adoption rates of dry type transformers. Furthermore, technological improvements and government initiatives which are aimed at modernizing electrical infrastructure have contributed to the high adoption of dry type transformers across the Asia-Pacific region.
Simultaneously, North America is expected to showcase the highest growth rate in the dry type transformer market during the forecast period. This growth is driven by the rise in electricity demand due to expanding industries and an increasing focus on sustainable energy solutions. Moreover, the commitment of the region to grid modernization and the integration of renewable energy sources further promotes the adoption of dry type transformers across the North America region.
Source: Fatpos Global
COVID-19 pandemic significantly impacted the dry type transformer market, by disrupting supply chains and changing the dynamics of demand. Lockdowns and trade restrictions interrupted supply chains, which caused delays in raw material delivery and manufacture. Therefore, several construction projects that needed dry type transformers were postponed due to labor shortages and financial uncertainty. Additionally, low economic activities also affected the demand in commercial real estate and hospitality sector. However, the pandemic accelerated the adoption of digital technologies, that increased the demand for smart dry type transformers with remote monitoring capabilities. Furthermore, as restrictions eased and economic activities gradually resumed again, the market saw a partial recovery. Therefore, the pandemic highlighted the importance of resilience and adaptability in the dry type transformer market during unprecedented challenges.
|
ATTRIBUTE |
DETAILS |
|
Study Period |
2018-2034 |
|
Base Year |
2023 |
|
Forecast Period |
2024-2034 |
|
Historical Period |
2019-2022 |
|
Growth Rate |
CAGR of 6.7% from 2024-2034 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
By Technology |
|
|
By Phase |
|
|
By Voltage |
|
|
By Application |
|
|
By Region |
|
Dry Type Transformers Market size was values at USD 6.3 billion in 2023 and is projected to reach the value of USD 12.9 billion in 2034, exhibiting a CAGR of 6.7% during the forecast period.
The dry type transformers market comprises transformers that don't use oil for cooling. They're insulated with materials like epoxy resin and are favored for safety and environmental reasons.
The Cast Resin and the Three-Phase segment accounted for the largest Dry Type Transformers Market share.
Key players in the Dry Type Transformers Market include ABB Ltd., Schneider Electric SE, Siemens AG, Eaton Corporation plc, General Electric Company, Toshiba Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Crompton Greaves Ltd., Fuji Electric Co., Ltd., TBEA Co., Ltd., Wilson Transformer Company, Voltamp Transformers Limited, Hammond Power Solutions Inc., Jinpan International Limited, and Other Prominent Players.
Growing demand for renewable energy, along with urbanization and construction of infrastructure are the factors driving the Dry Type Transformers Market.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
