Dry Type Transformer Market Forecasts to 2030 – Global Analysis By Type (Vacuum Pressure Impregnated (VPI), Rectifier Transformer, Encapsulated and Other Types), Phase, Voltage, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Dry Type Transformer Market is accounted for $6.6 billion in 2023 and is expected to reach $11.9 billion by 2030 growing at a CAGR of 8.8% during the forecast period. A dry-type transformer is a type of electrical transformer that uses air or a non-liquid substance, such as resin, to insulate and cool the windings and core. Unlike oil-filled transformers, which use oil for insulation and cooling, dry-type transformers do not contain any liquid, making them suitable for indoor applications where fire safety and environmental concerns are paramount.
According to CNBC, the world is facing a copper deficit. Chile, the world’s largest copper producer, recorded a year-on-year decline of 7% in November 2022.
Market Dynamics:
Driver:
Growing demand for electricity
The market is experiencing a surge in demand driven by the increasing need for electricity worldwide. Factors such as urbanization, industrialization, and the growing adoption of renewable energy sources contribute to this trend. Additionally, the emphasis on energy efficiency and sustainability fuels the demand for dry type transformers, which offer advantages like reduced environmental impact and lower maintenance requirements. This growing demand underscores the pivotal role of dry type transformers in modern electrical infrastructure.
Restraint:
Competition from oil-filled transformers
The market faces significant challenges due to competition from oil-filled transformers. These transformers often have lower power ratings compared to oil-filled ones, limiting their applicability in certain high-power applications. Moreover, concerns about the insulation and cooling capabilities of dry type transformers further contribute to the challenges in this competitive landscape. Furthermore, oil-filled transformers have a longer track record of reliability, which can make potential customers hesitant to switch to dry type alternatives.
Opportunity:
Integration of renewable energy
As renewable energy technologies like solar and wind power continue to grow, the demand for efficient transformers capable of handling variable and intermittent power generation is rising. Dry type transformers, with their eco-friendly insulation systems and ability to withstand harsh environmental conditions, are becoming increasingly popular for integrating renewable energy into electrical grids. This trend is expected to drive growth and innovation in the market.
Threat:
High initial cost
The market presents a challenge with its high initial cost, deterring some potential buyers. Despite its efficiency and safety advantages, the upfront investment can be substantial, especially for larger capacity transformers. This cost factor often requires careful financial planning and justification for businesses considering adopting dry type transformers. However, over the long term, the savings in maintenance and safety can offset this initial expense, making it a worthwhile investment for many organizations.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the market. Initially, the market faced disruptions due to supply chain constraints and reduced demand from various industries amid lockdowns. However, as industries adapted to remote work and digital solutions, there was a gradual recovery driven by increased investments in renewable energy projects, infrastructure development, and focus on energy efficiency. This led to a shift towards eco-friendly and sustainable transformers, driving growth opportunities in the market despite the initial challenges.
The rectifier transformer segment is expected to be the largest during the forecast period
The rectifier transformer segment is expected to be the largest during the forecast period. These transformers play a pivotal role in converting alternating current (AC) to direct current (DC), serving critical functions in industries like power generation, electronics, and renewable energy. The increasing emphasis on energy efficiency, coupled with the rising adoption of sustainable power sources, has fueled the growth of the rectifier transformer segment within the market.
The industrial segment is expected to have the highest CAGR during the forecast period
The industrial segment is expected to have the highest CAGR during the forecast period fueled by industrial demand. Industries such as manufacturing, mining, and renewable energy are driving the need for efficient and reliable power distribution solutions. Dry-type transformers offer advantages like enhanced safety, reduced maintenance, and environmental friendliness, making them a preferred choice for industrial applications.
Region with largest share:
North America is projected to hold the largest market share during the forecast. Increased focus on energy efficiency, stringent environmental regulations, and growing demand for reliable power distribution systems are key drivers. Additionally, advancements in technology, such as the development of more efficient and compact transformers, are further boosting market growth. With a strong emphasis on sustainable energy solutions, the demand for dry type transformers is expected to continue rising in the region.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. Governments in the region are implementing stringent energy efficiency regulations to reduce energy wastage. Dry type transformers, known for their higher efficiency compared to oil-filled transformers, are gaining popularity as a preferred choice in compliance with these regulations. Industries such as manufacturing, IT, healthcare, and data centers are significant consumers of electrical power. The need for reliable and energy-efficient transformers in these sectors is driving the demand for dry type transformers.
Key players in the market
Some of the key players in Dry Type Transformer market include Crompton Greaves Consumer Electricals Limited, GE, Hyosung Heavy Industries, Kirloskar Electric Co. Ltd., ABB, Hammond Power Solution, Schneider Electric, Siemens, Eaton, Bharat Heavy Electricals Limited, Fuji Electric Co., Ltd., Hanley Energy, Voltamp Transformer Limited, Tbea Co. Ltd., Virginia Transformer Corp. and Hitachi, Ltd.
Key Developments:
In April 2023, Eaton acquired 49 % of stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distributrion transformers and dry type transformers. This acquisition will help the company to better serve the customers globally.
In September 2022, Hitachi, Ltd. introduced RESIBLOC, a rail dry-type traction transformer with voltage upto 25 kV. These transformers are used to power the train's brakes, signaling system, and communication equipment.
Types Covered:
• Transformer
• Rectifier Transformer
• Other Types
Phases Covered:
• Single-phase
• Three-phase
Voltages Covered:
• Low
• Medium
• High
Technologies Covered:
• Vacuum Pressure Impregnation
• Cast Resin
• Self-Cooled Transformers
• Other Technologies
Applications Covered:
• Inner-City Substations
• Indoor and Underground Substations
• Renewable Generation
• Other Applications
End Users Covered:
• Industrial
• Commercial
• Utilities
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Dry Type Transformer Market, By Type
- 5.1 Introduction
- 5.2 Vacuum Pressure Impregnated (VPI)
- 5.3 Rectifier Transformer
- 5.4 Encapsulated
- 5.5 Other Types
- 6 Global Dry Type Transformer Market, By Phase
- 6.1 Introduction
- 6.2 Single-phase
- 6.3 Three-phase
- 7 Global Dry Type Transformer Market, By Voltage
- 7.1 Introduction
- 7.2 Low
- 7.3 Medium
- 7.4 High
- 8 Global Dry Type Transformer Market, By Technology
- 8.1 Introduction
- 8.2 Vacuum Pressure Impregnation
- 8.3 Cast Resin
- 8.4 Self-Cooled Transformers
- 8.5 Other Technologies
- 9 Global Dry Type Transformer Market, By Application
- 9.1 Introduction
- 9.2 Inner-City Substations
- 9.3 Indoor and Underground Substations
- 9.4 Renewable Generation
- 9.5 Other Applications
- 10 Global Dry Type Transformer Market, By End User
- 10.1 Introduction
- 10.2 Industrial
- 10.3 Commercial
- 10.4 Utilities
- 10.5 Other End Users
- 11 Global Dry Type Transformer Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
- 12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
- 13 Company Profiling
- 13.1 Crompton Greaves Consumer Electricals Limited
- 13.2 GE
- 13.3 Hyosung Heavy Industries
- 13.4 Kirloskar Electric Co. Ltd.
- 13.5 ABB
- 13.6 Hammond Power Solution
- 13.7 Schneider Electric
- 13.8 Siemens
- 13.9 Eaton
- 13.10 Bharat Heavy Electricals Limited
- 13.11 Fuji Electric Co., Ltd.
- 13.12 Hanley Energy
- 13.13 Voltamp Transformer Limited
- 13.14 Tbea Co. Ltd.
- 13.15 Virginia Transformer Corp.
- 13.16 Hitachi, Ltd.
- List of Tables
- Table 1 Global Dry Type Transformer Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Dry Type Transformer Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Dry Type Transformer Market Outlook, By Vacuum Pressure Impregnated (VPI) (2021-2030) ($MN)
- Table 4 Global Dry Type Transformer Market Outlook, By Rectifier Transformer (2021-2030) ($MN)
- Table 5 Global Dry Type Transformer Market Outlook, By Encapsulated (2021-2030) ($MN)
- Table 6 Global Dry Type Transformer Market Outlook, By Other Types (2021-2030) ($MN)
- Table 7 Global Dry Type Transformer Market Outlook, By Phase (2021-2030) ($MN)
- Table 8 Global Dry Type Transformer Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 9 Global Dry Type Transformer Market Outlook, By Three-Phase (2021-2030) ($MN)
- Table 10 Global Dry Type Transformer Market Outlook, By Voltage (2021-2030) ($MN)
- Table 11 Global Dry Type Transformer Market Outlook, By Low (2021-2030) ($MN)
- Table 12 Global Dry Type Transformer Market Outlook, By Medium (2021-2030) ($MN)
- Table 13 Global Dry Type Transformer Market Outlook, By High (2021-2030) ($MN)
- Table 14 Global Dry Type Transformer Market Outlook, By Technology (2021-2030) ($MN)
- Table 15 Global Dry Type Transformer Market Outlook, By Vacuum Pressure Impregnation (2021-2030) ($MN)
- Table 16 Global Dry Type Transformer Market Outlook, By Cast Resin (2021-2030) ($MN)
- Table 17 Global Dry Type Transformer Market Outlook, By Self-Cooled Transformers (2021-2030) ($MN)
- Table 18 Global Dry Type Transformer Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 19 Global Dry Type Transformer Market Outlook, By Application (2021-2030) ($MN)
- Table 20 Global Dry Type Transformer Market Outlook, By Inner-City Substations (2021-2030) ($MN)
- Table 21 Global Dry Type Transformer Market Outlook, By Indoor and Underground Substations (2021-2030) ($MN)
- Table 22 Global Dry Type Transformer Market Outlook, By Renewable Generation (2021-2030) ($MN)
- Table 23 Global Dry Type Transformer Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 24 Global Dry Type Transformer Market Outlook, By End User (2021-2030) ($MN)
- Table 25 Global Dry Type Transformer Market Outlook, By Industrial (2021-2030) ($MN)
- Table 26 Global Dry Type Transformer Market Outlook, By Commercial (2021-2030) ($MN)
- Table 27 Global Dry Type Transformer Market Outlook, By Utilities (2021-2030) ($MN)
- Table 28 Global Dry Type Transformer Market Outlook, By Other End Users (2021-2030) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook