USD 5.63 billion
Dry Type Transformer Market Size, Share, Growth Analysis, By Type(Dry type converter transformer and dry type rectifier transformer), By Technology(Cast resin and vacuum pressure impregnation), By Phase(Single phase and three phase), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2179 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
84
|Figures:
76
Dry Type Transformer Market Insights
Dry Type Transformer Market size was valued at USD 6.18 billion in 2022 and is poised to grow from USD 6.60 billion in 2023 to USD 11.17 billion by 2031, at a CAGR of 6.8% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Dry type converter transformer
Fastest Growth
Growth Rate
6.2% CAGR
Global Dry Type Transformer Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Dry Type Transformer Market Segmental Analysis
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.
Global Dry Type Transformer Market By Deployment Mode
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Dry Type Transformer Market Regional Insights
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.
Global Dry Type Transformer Market By Geography
- Largest
- Fastest
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Dry Type Transformer Market Dynamics
Dry Type Transformer Market Drivers
Increasing Demand For Environmental- Friendly Transformers
- The global market is witnessing a surge in the demand for environmentally-friendly transformers as countries and industries strive to achieve their environmental targets. Traditional liquid-fill transformers pose safety and security concerns due to their low cooling rates, which can lead to leaks and overheating issues. In contrast, dry-type transformers offer a safer and more convenient alternative, as they eliminate spills and leaks, reducing the risk of environmental hazards. Additionally, liquid-fill transformers carry a significant fire risk, necessitating the implementation of additional protocols to manage both environmental and fire-related risks. As a result, the adoption of eco-friendly products, such as dry type transformers, is gaining momentum in the development and upgrade of power infrastructure, presenting new and promising opportunities for their use across the globe.
Dry Type Transformer Market Restraints
High Cost Of Product
- The market growth of dry type transformers may face constraints due to their higher cost compared to oil-immersed transformers. The intricate construction of these transformers contributes to their higher price tag. Moreover, dry type transformers have certain drawbacks compared to oil-immersed transformers, such as inferior heat dissipation in the case of cast resin. Additionally, the emergence of solid-state transformers as a replacement for dry type transformers poses a potential challenge to the market's growth in the forecast period. These factors may limit the widespread adoption of dry type transformers and impact their market growth in the coming years.
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Dry Type Transformer Market Competitive Landscape
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
- Schneider Electric SE (France)
- Eaton Corporation plc (Ireland)
- Toshiba Corporation (Japan)
- General Electric (United States)
- Crompton Greaves Limited (India)
- Mitsubishi Electric Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Hammond Power Solutions Inc. (Canada)
- TBEA Co., Ltd. (China)
- Wilson Power Solutions (United Kingdom)
- Fuji Electric Co., Ltd. (Japan)
- Kirloskar Electric Company Limited (India)
- Hyosung Heavy Industries (South Korea)
- Voltamp Transformers Limited (India)
- SPX Transformer Solutions, Inc. (United States)
- CG Power and Industrial Solutions Ltd. (India)
- Ormazabal (Spain)
- Lemi Trafo JSC (Bulgaria)
Dry Type Transformer Market Recent Developments
- In April 2022, Siemens Energy introduced a cutting-edge dry-type single-phase transformer specifically designed for pole applications.
- In September 2022, Hitachi Energy launched a plug-and-play dry-type traction transformer featuring an integrated cooling system. This advanced transformer aims to reduce CO2 emissions and overall operating costs while significantly enhancing energy efficiency.
Dry Type Transformer Key Market Trends
- One key market trend in the dry-type transformer industry is the increasing focus on sustainability and environmental friendliness. With growing concerns about climate change and environmental degradation, there is a rising demand for energy-efficient and eco-friendly solutions. Dry-type transformers, being free from oil and offering better impulse and short circuit strengths, align with these sustainability goals. As governments and industries worldwide prioritize clean energy and green initiatives, the adoption of dry-type transformers is expected to continue to grow, driving the market's expansion. Additionally, advancements in technology and the development of innovative, energy-efficient dry-type transformers will further support this trend and shape the future of the market.
Dry Type Transformer Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Deployment mode team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
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 2022 | USD 6.18 billion |
| Market size value in 2031 | USD 11.17 billion |
| Growth Rate | 6.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Dry Type Transformer Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Dry Type Transformer Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Dry Type Transformer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dry Type Transformer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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