Dry Type Transformer Market Size To Hit USD 11.90 Billion By 2033 | Straits Research

(MENAFN- GlobeNewsWire - Nasdaq) The global dry type transformer market size was valued at USD 7.07 billion in 2024 and is projected to reach from USD 7.49 Billion in 2025 to USD 11.90 billion by 2033, growing at a CAGR of 5.95% during the forecast period (2025-2033).

New York, United States, Jan. 23, 2025 (GLOBE NEWSWIRE) -- A dry type transformer is one that is constructed using comparatively modern technology and uses forced or natural air cooling in place of oil cooling. Unlike liquid-fill transformers that require oil or liquid to cool, dry type transformers only use high-temperature insulation systems that are environmentally safe. It has no moving parts, so it is dependable and has a long lifespan while requiring little maintenance. Because they are completely risk-free, these transformers can be easily installed in hospitals, schools, factories, chemical plants, and other buildings where fire safety is a top priority. The two technology-based segments of the global dry type transformer market are cast resin and vacuum-impregnated (VPI) dry type transformers. A vacuum chamber is used to impregnate an epoxy varnish under pressure onto the live part of a vacuum pressure-impregnated (VPI) transformer. The core and windings of a cast resin transformer's live part are enclosed inside a resin that is still liquid when it is placed in the molds, along with a hardening agent. VPI still offers excellent fire protection ratings after impregnation while still allowing access to the live part.

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Market Dynamics

Rising Demand for Electricity Globally Drives the Market

The global dry type transformer market is expanding as a result of brisk industrialization and rising domestic power demand. The demand for electricity is steadily rising globally, which has led to an increase in the consumption of energy resources. There are now more power plants and bigger transmission networks all over the world as a result. The development of modern electric vehicles and incentives to use them are increasing the industry's use of electricity. Due to the fact that power plants are typically situated in remote locations, the generated electricity is then transmitted through power transmission lines to the substations, where it is distributed to the end users after being stepped down. For step-down, a dry type transformer is used. Industries, environmentally sensitive areas, forest substations, indoor and underground substations, onshore and offshore installations, and other locations with a high risk of fire or moisture are among the places where dry-type transformers are used. The majority of countries also have underutilized energy resources, and developing countries need to improve their entire power infrastructure. With the implementation of electrification projects for stadiums, metro railways, and other commercial spaces, the demand for dry type transformers will continue to increase. As a result, the demand for electricity around the world is currently driving the growth of the global dry type transformer market.

Growing Adoption of Smart Grids and Digital Dry Transformers gives an Opportunity for Exponential Growth

An electrical network with automation, communication, and I.T. systems is referred to as a "smart grid" and is able to monitor power flows from points of generation to points of consumption (even down to the level of individual appliances) and control the flow of power or reduce the load in real-time or almost real-time to match generation. Smart grids are made possible by the application of efficient transmission and distribution systems, system operations, consumer integration, and renewable energy integration. It is helpful to monitor, measure, and control power flows in real time in order to identify losses and take the required technical and managerial actions to stop them. In order to adapt to changes in user demand for electricity while reducing greenhouse gas emissions, existing grids must be upgraded to smart grids. Smart grid performance will improve if smart transformers with real-time data offering power quality and lifecycle assessment are developed.

Regional Analysis

Asia Pacific region is the highest contributor to the market and is expected to grow at a CAGR of 5.65% during the forecast period. Countries like India, China, and Japan, which are significant players in the region, are investing a lot in the construction, power, and renewable energy sectors. A shift in the population from rural to urban areas and rising household incomes both encourage the building of homes and businesses. China is currently investing heavily in the construction of one UHV DC power transmission network and three UHV AC transmission networks. With these developments, it is likely that outdated transformer units will need to be replaced. In addition, as China develops, new economic opportunities have emerged in its cities, encouraging hundreds of millions of rural Chinese to relocate there. Due to the electrification of Indian railways and the building of new metro systems, there is already a high demand for trackside and traction transformers. The dedicated freight and cargo corridors project is also creating a demand for special transformers used in unique applications, such as furnace transformers, in addition to the demand for regular distribution transformers.

Europe is expected to witness dynamic growth in the dry type transformer market, with a CAGR of 6.1% during the forecast period. The E.U.'s renewable energy legislation has undergone significant change in recent years. Transformers are necessary as we transition to renewable energy sources like solar and wind, both for distribution and power. Because the majority of these solar and wind farms will be located outside of cities, reliable distribution systems are needed. As a result, there may be an increase in demand for dry type transformers. Over the past few years, Italy has seen a significant increase in the production of electricity from solar and wind power. The national electricity grid is currently undergoing extensive work as a result of the strain that an increase in the amount of energy from renewable sources is having on the system.

North America is expected to witness a significant CAGR of 6.5% in the dry type transformer market during the forecast period. Manufacturing facilities for the chemical, oil & gas, solar energy, automotive, and electronics industries use dry type transformers. Furthermore, new metro projects and a rise in the use of renewable energy sources are probably going to open up new possibilities for power distribution systems like dry type transformers. According to a University of California study, renewable energy could power 90% of the country by 2020. This forecast is based on factors like global initiatives to use cleaner energy sources and the sharp drop in the cost of alternative energy sources like wind and solar power.

The LAMEA region is expected to witness a moderate CAGR of 5.8% in the global dry type transformer market during the forecast period. Current economic expansion in these regions, which is being fueled by the manufacturing and construction industries, expanding populations, a concomitant rise in electrification projects, and new industrial developments, is driving the demand for dry type transformers. In the majority of LAMEA countries, the adoption of renewable energy generation is increasing. Renewable energy production costs a lot of money in Saudi Arabia. A fund of USD 500 million was raised by Saudi Aramco, a Saudi Arabian company, to support renewable energy and energy efficiency. New railroad projects across the country are likely to increase demand for excitation and isolation transformers for railways.

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Key Highlights

• The global dry type transformer market was valued at USD 7.07 billion in 2024 and is projected to reach from USD 7.49 Billion in 2025 to USD 11.90 billion by 2033 , growing at a CAGR of 5.95% during the forecast period (2025-2033).
• Based on type, the global dry type transformer market is bifurcated into dry type converter transformers and dry type converter rectifier transformers. The dry type converter transformer segment is the highest contributor to the market and is expected to grow at a CAGR of 5.8% during the forecast period
• Based on technology, the global dry type transformer market is bifurcated into cast resin and vacuum pressure impregnated. The cast resin segment is the highest contributor to the market and is expected to grow at a CAGR of 5.8% during the forecast period
• Based on phase, the global dry type transformer market is bifurcated into single-phase and three-phase. The single-phase segment is the highest contributor to the market and is expected to grow at a CAGR of 5.9% during the forecast period.
• Based on voltage, the global dry type transformer market is bifurcated into low-voltage and medium-voltage. The low-voltage segment is the highest contributor to the market and is expected to grow at a CAGR of 6.1% during the forecast period.
• Based on end use, the global dry type transformer market is bifurcated into industrial, commercial, and others. The industrial segment is the highest contributor to the market and is expected to grow at a CAGR of 5.8% during the forecast period
• Asia Pacific region is the highest contributor to the market and is expected to grow at a CAGR of 5.65% during the forecast period.

Competitive Players

WEG Group

Recent Developments

• August 2022, Schneider Electric released new research and innovations to better understand the initiatives within I.T. and data center organizations.
• May 2022, Bharat Heavy Electricals Ltd signed MoU with G.E. ink for the development of an integrated electric propulsion system for the Indian Navy.

Segmentation

By Type

• Dry Type Converter Transformer
• Dry Type Converter Rectifier Transformer

By Technology

• Cast Resin
• Vacuum Pressure Impregnated

By Phase

• Single-Phase
• Three-Phase

By Voltage

• Low Voltage
• Medium Voltage

By End Use

• Industrial
• Commercial

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