USD 5.63 billion
Report ID:
SQMIG45A2179 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
84
|Figures:
76
Dry Type Transformer Market size was valued at USD 5.63 billion in 2021 and is poised to grow from USD 35.98 billion in 2022 to USD 9.67 billion by 2030, at a CAGR of 6.2 % during the forecast period (2023-2030).
The global market for dry type transformers is experiencing significant growth, primarily due to its wide range of applications in electricity distribution. The expansion of electricity distribution networks worldwide, coupled with rapid industrialization in developing nations, has been a major driver of this market's growth.
Industries of various scales, from heavy to small, rely on machinery with specific voltage requirements, making dry type transformers essential for meeting their power needs.
Moreover, industries like oil & gas, mining, and marine have specialized voltage requirements to ensure fire safety, making dry type transformers a preferred choice in these sectors.
Furthermore, there is a global effort to reduce reliance on coal-based electricity generation and increase the adoption of renewable energy sources.
As a result, dry type transformers are increasingly replacing wet transformers in the renewable energy sector due to their safety features and design advantages.
Safety holds significant importance in the energy sector, making dry type transformers the preferred option for cleaner energy solutions, offering extended protection.
This shift towards cleaner energy sources is a key driving force behind the growth of the global dry type transformer market.
US Dry Type Transformer Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.63 billion
Largest Segment
Dry type converter transformer
Fastest Growth
Growth Rate
6.2% CAGR
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The global dry type transformer market is segmented on the basis of type, technology, phase, and region. Based on type, the market is divided into dry type converter dry type transformer and dry type rectifier dry type transformer. By technology, the market is divided into cast resin and vacuum pressure impregnated dry type transformers. On the basis of phase, the market is studied across single-phase and three-phase dry type transformers. Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Dry Type Transformer Market Analysis By Type
The largest segment in the global dry type transformer market is the dry type converter transformer. This segment holds a significant share of the market due to the widespread adoption of converter transformers in various industrial applications. With the rapid expansion of electricity distribution networks and the increasing demand for power conversion solutions in industries such as renewable energy, oil & gas, and mining, the dry type converter transformer market has experienced substantial growth.
On the other hand, the fastest-growing segment in the global dry type transformer market is the dry type rectifier transformer. This segment has witnessed a surge in demand as industries are increasingly turning towards energy-efficient rectification processes. As the global focus on sustainable and eco-friendly practices intensifies, industries are embracing energy-efficient technologies like dry type rectifier transformers to reduce energy consumption and minimize carbon footprint. The growing adoption of renewable energy sources has also contributed to the rapid growth of this segment, as dry type rectifier transformers are well-suited for integration into renewable energy systems.
Dry Type Transformer Market Analysis By Technology
The largest segment in the global dry type transformer market is the cast resin dry type transformer. This segment holds a dominant position in the market due to its superior insulation properties, excellent thermal performance, and enhanced resistance to environmental factors. The increasing adoption of renewable energy sources and the growing emphasis on energy efficiency have further bolstered the demand for cast resin dry type transformers. Their ability to operate efficiently in harsh and demanding environments, along with their low maintenance requirements, makes them a top choice for modern power distribution and conversion systems.
On the other hand, the fastest-growing segment in the global dry type transformer market is the vacuum pressure impregnated (VPI) dry type transformer. This segment has experienced rapid growth due to its exceptional performance in high-voltage and heavy-duty applications. As the demand for reliable and efficient power distribution solutions continues to rise, VPI dry type transformers are gaining popularity for their ability to meet the stringent requirements of modern power networks. Additionally, the ongoing shift towards renewable energy integration and smart grid development is expected to drive the adoption of VPI dry type transformers in the coming years, further accelerating their growth.
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The dry type transformer market is witnessing significant growth globally, with certain regions standing out as dominant players and others experiencing remarkable expansion. Among the dominating regions, Asia-Pacific shines brightly as a powerhouse in the market. The region's rapid industrialization, burgeoning urbanization, and massive infrastructure development have fueled the demand for dry type transformers. Countries like China, India, and Southeast Asian nations have emerged as key growth drivers, with their increasing electricity distribution networks and extensive adoption of renewable energy solutions. As these nations work towards reducing their carbon footprint and enhancing energy efficiency, the demand for dry type transformers is soaring to meet the burgeoning electricity requirements.
On the other hand, the fastest-growing region in the dry type transformer market is North America. With a robust focus on sustainability and smart energy solutions, North American countries are rapidly transitioning towards renewable energy sources. The region's inclination towards green technologies and renewable power generation has created a surge in the demand for dry type transformers, which are well-suited for integration into clean energy systems. The growing awareness about environmental protection and the need for reliable and efficient power distribution solutions have catapulted the market for dry type transformers in North America, driving innovations and investments in the sector.
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Dry Type Transformer Market Drivers
Increasing Demand For Environmental- Friendly Transformers
Dry Type Transformer Market Restraints
High Cost Of Product
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The global market for dry type transformers is marked by intense competition, with numerous players actively engaged in various distribution channels. To expand their customer base, industry participants are focusing on introducing new hybrid type transformers that incorporate advanced technologies. Merger and acquisition deals are also common strategies employed by organizations to broaden their technological capabilities. For instance, ABB, a prominent global technology company, is making significant strides in the industrial sector with its innovative hybrid dry type transformers. In November 2018, the company unveiled a vacuum cast coil transformer, which stands as a pioneering design tailored for extreme and harsh conditions. This cutting-edge product is specifically engineered to offer flexibility for meeting unique requirements and optimizing space utilization. Additionally, these transformers are well-suited for handling stringent electrical system demands and have been designed to operate virtually maintenance-free, providing a seamless and hassle-free process for users.
Dry Type Transformer Market Top Player’s Company Profiles
Dry Type Transformer Market Recent Developments
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According to our analyses, this indicates a growing demand for dry-type transformers driven by increasing emphasis on sustainability and environmental friendliness. These transformers, which do not cause environmental degradation and offer better performance, find diverse applications from residential buildings to commercial complexes. Investments in expanding distribution power grids, particularly in Middle Eastern and African countries, further contribute to market growth. Additionally, government initiatives promoting renewable energy integration, such as India's Green Energy Corridor Phase II, are expected to drive the adoption of dry-type transformers. Overall, the market is witnessing a positive trend towards eco-friendly and efficient transformer solutions.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.63 billion |
Market size value in 2031 | USD 9.67 billion |
Growth Rate | 6.2% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Dry Type Transformer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Dry Type Transformer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG45A2179