Dry Transformer Market Analysis

Global Dry Transformer Market Overview:

Dry Transformer Market Size was valued at USD 5.9 billion in 2023. The Dry Transformer market industry is projected to grow from USD 6.34 Billion in 2024 to USD 10.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.51% during the forecast period (2024 - 2032). Increasing expansion of electricity distribution networks worldwide and quick industrialization in developing countries are key market drivers promoting the market growth of Dry transformers.

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

The quick industrialization in developing countries and increasing expansion of electricity distribution networks worldwide are considered vital parameters enhancing the performance of the global market.

• May 2023- Huntsman, an Advanced Materials expert, has announced a collaboration with TBEA Group, a leading global enterprise in manufacturing power transmission and distribution equipment with an annual transformer output of 260 million kVA, with the top rank one in the world, on an outdoor dry-type transformer (DDT), which has the world's biggest capacity and the highest voltage. It has just passed the final trial and was formally put into service at the end of April.

Dry Transformer Market Trends

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  Rising expansions of electricity networks the market growth

  
  

The rising expansions of electricity networks drive market CAGR for Dry Transformer supplements. Its wide applicability in electricity distribution drove the market growth. Large to small-scale industries employ machinery that has specific voltage requirements. Some industries, such as mining, oil & gas, and marine, have specialized voltage requirements, as fire safety is important in these sectors.

Additionally, to reduce the dependence on coal-based electricity generation, countries have agreed to raise the adoption of renewable energy generation in the total electricity produced. Dry-type transformers replace wet transformers in the renewable energy sector because of their safety and design aspects. Safety accounts for greater significance in the energy sector, meaning that dry-type transformer is becoming a transformer of choice in the cleaner energy segment that offer extended protection. This is a major driving force for the market.

Further, usage of environmental products is surging, resulting in the development of technologies that can help in achieving environmental targets. The liquid-fill transformers are subject to security and safety-related issues due to the low cooling rates, thus leading to leakages by overheating. The dry-type terminates spills and leaks and is a convenient option to replace liquid-fill transformers. Also, the liquid-fill transformers have a huge risk of catching fire; thus, further conventions are required to manage environmental and fire risks. Hence, the use of eco-friendly products in the development and improvement of power infrastructure is considered, creating new opportunities for dry-type transformers worldwide. The progress of aging power distribution and transmission systems is expected to drive the growth of the market. The rising trend, due to rising domestic power demand and rapid industrialization, resulted in the enlargement of transmission networks and distribution. The growing demand for modernized and intelligent power distribution infrastructure is likely to create plenty of opportunities for the market. Thus, driving the Dry Transformer market revenue.

Dry Transformer Market Segment Insights:

Dry Transformer Type Insights

The Dry Transformer market segmentation, based on type, includes cast resin and vacuum pressure impregnated. The cast resin segment dominated the market owing to considerable adoption in areas such as general buildings, the public, wind turbine plants, solar farms, industrial plants, and commercial areas, including airports and railways. In this transformer, the live part includes a core, and windings are encapsulated internally in a resin, which is in fluid form.

However, the vacuum pressure impregnated is expected to record significant growth during the forecast period, attributed to its features, such as no liquids to leak, no danger of explosion or fire, and great mechanical strength. In this, the live part is impregnated by epoxy varnish under pressure in a vacuum chamber. It offers entry to the live part after impregnation, providing exceptional fire protection ratings.

Figure 1: Dry Transformer Market by Type, 2022 & 2032 (USD billion)

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Dry Transformer Phase Type Insights

The Dry Transformer market segmentation, based on phase type, includes single-phase and three-phase. The three-phase category is expected to show substantial growth due to widespread migration to the suburbs and favorable government norms related to the expansion of long-distance and medium-range transmission networks.

However, the single-phase Type is also expected to rise during the forecast period due to the widespread adoption of these transformers in low-voltage distribution applications.

Dry Transformer Voltage Range Insights

The Dry Transformer market segmentation, based on voltage range, includes low and medium. The low category is expected to show significant growth because dry-type transformers are the best option for using environment-friendly dry transformers. Furthermore, low-voltage dry transformers are majorly used in institutional, commercial, and residential structure industries and many more. These factors are predicted to boost the sub-segment growth during the forecast period.

Dry Transformer Application Insights

The Dry Transformer market segmentation, based on Application, includes industrial, commercial, and others. The commercial sector is expected to show significant growth because commercial machinery needs continuous power with fire resistance, less maintenance, and heat resistance properties. All these factors are estimated to propel this segment's growth during the forecast period.

Dry Transformer Regional Insights

By Region, the study states market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Dry Transformer market area will dominate this market, owing to the upgradation of the existing distribution network and to serve the increasing demand for electricity and more population leading to the increased consumption of energy.

Further, the main countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Dry Transformer Market Share By Region 2022 (%)

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Europe's Dry Transformer market accounts for the second-largest market share due to the increasing process of commissioning large projects in the transmission and generation sectors. Further, the German Dry Transformer market held the largest market share, and the UK Dry Transformer market was the fastest-growing market in the European Region.

The North American, Dry Transformer Market, is expected to grow at the fastest CAGR from 2023 to 2032. This is due to high investment in transmission & distribution networks creating a wide scope for the electrical components in this Region. Moreover, the US Dry Transformer market held the largest market share, and the Canadian Dry Transformer market was the fastest-growing market in the North American Region.

Dry Transformer Key Market Players & Competitive Insights

Leading market players are making huge investments in research and development in order to expand their product lines, which will help the Dry Transformer market rise even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Dry Transformer industry must offer cost-effective items.

Manufacturing narrowly to minimize operational costs is one of the key business tactics manufacturers use in the Dry Transformer industry to benefit clients and increase the market sector. In recent years, the Dry Transformer industry has offered some of the most significant medical advantages. Major players in the Dry Transformer market, including Hammond Power Solution Inc. (Canada), ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Jinpan International Ltd. (China), Schneider Electric (France), and others, are attempting to increase market demand by investing in research and development operations.

Hammond Power Solutions Pvt. Ltd. (Asia) is an ISO 9001:2015, EMS 14001:2015, and OHSAS 18001:2007 certified company with more than three decades of experience. It produces oil-filled transformers up to 50 MVA, 132 kV Class, dry-type transformers up to 5 MVA, 33 kV Class, and Furnace/Arc Furnace transformers up to 30 MVA. They are one of the largest producers of dry-type transformers. They produce a variety of standard and custom transformers that are exported globally in electrical equipment and systems. They support solid industries such as solar, oil and gas, mining, steel, waste, and water treatment. The company leads the industry in these markets through its breadth of products, technical design strength, and manufacturing capabilities. By acquiring Pan-Electro Technic Enterprises Private Ltd, Hammond expanded its Asian presence and widened their product range and manufacturing capabilities in oil-filled and dry-type technology.

General Electric Company (GE) is a high-tech industrial company. It runs through three segments: Renewable Energy, Aerospace, and Power. Under Renewable Energy, its portfolio of business units includes onshore and offshore wind, blade manufacturing, hydro, grid solutions, storage, hybrid renewables, and digital services offerings. Its Aerospace designs and manufactures commercial and military aircraft engines, electric power, integrated engine components, and mechanical aircraft systems and also provides aftermarket services. Under the Power segment, the products and technologies harness resources, such as oil, gas, fossil, diesel, and nuclear, to produce electric power and include gas and steam turbines, full balance of plant, upgrade and service solutions, and data-leveraging software. The Power segment is organized into gas power, steam power, power conversion, nuclear and other.

Key Companies in the Dry Transformer market include

• Hammond Power Solution Inc. (Canada)


• ABB Ltd. (Switzerland)


• Siemens AG (Germany)


• General Electric (U.S.)


• Jinpan International Ltd. (China)


• Schneider Electric (France)


• TBEA Transformer Industrial Group (China)


• Eaton Corporation (Ireland)


• Crompton Graves Ltd. (India)


• Voltamp Transformer Ltd. (India)


• Virginia Transformer Corp (U.S)


• Kirloskar Electric Company (India)


• Kotsons Pvt. Ltd (India)

Dry Transformer Industry Developments

June 2021: Powerwell affixed an RM9.6mil contract to place and supply a dry-type transformer, switchgear, and load break switch. The agreement is for an expanding project of a multi-national firm's semiconductor assembly testing facility based in Penang and is estimated to be finished in the second quarter of 2021.

June 2020: A leader in power management and solution provider, Eaton Corporation, announced the accomplishment of its acquisition of Cobham Mission Systems, which is one of the leading producers of environmental systems, air-to-air refueling systems, and actuation, primarily for the defense sector.

October 2022: WEG announced the supply of its encapsulated dry-type transformer with 2.5 MVA output capacity to data center facilities in Chile. The supply of this transformer, equipped with a 24/1.1kV voltage class of protection enclosure box, enabled the company to increase its footprint in the industry.

Dry Transformer Market Segmentation

Dry Transformer Type Outlook

• Cast Resin


• Vacuum Pressure Impregnated

Dry Transformer Phase Outlook

• Single-Phase


• Three-Phase

Dry Transformer Voltage Range Outlook

• Low


• Medium

Dry Transformer Application Outlook

• Industrial


• Commercial


• Others

Dry Transformer Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America