Dry Type Power Transformer Market Size - By Technology, By Rating, By Application, Forecast, 2024 – 2032

Dry Type Power Transformer Market Size

The global dry type power transformer market size was valued at USD 7.6 billion in 2023 and is projected to grow at a CAGR of 7.4% between 2024 and 2032. The market growth is driven by rising demand for energy-efficient and environmentally friendly solutions. Also, rising urbanization and infrastructure development are driving demand for dependable power distribution, which is fuelling investments in dry type transformers.
 

For instance, in June 2023, National Grid Corporation of the Philippines has activated a 100 MVA transformer at Toril substation in Davao City. This upgrade is part of the USD 98.41 million Mindanao Substation Upgrading Project (MSUP2), aimed at enhancing grid reliability across 10 substations in the region.
 

Stringent regulations on emissions and environmental safety are prompting utilities and industries to adopt these transformers due to their lower fire risk and enhanced safety features. Moreover, technological advancements, such as smart grid integration and digital monitoring, further enhance their appeal. Additionally, the shift towards renewable energy sources and the need for reliable power supply in renewable installations are propelling market growth.
 

Dry Type Power Transformer Market Trends

The dry type power transformer market is experiencing significant growth driven by demand for energy-efficient and environmentally friendly solutions, especially in urban areas. Also, technological advancements, including smart transformers with digital monitoring, are improving operational efficiency and reliability. Manufacturers are also emphasizing product innovation to reduce costs and enhance performance, fostering competitive dynamics in the market. For instance, in April 2022, Siemens Energy launched the CAREPOLE dry-type single-phase transformer which offers a safer, with improved resilience against environmental hazards. Moreover, companies are prioritizing sustainability to comply with stringent environmental regulations, further propelling market growth and reflecting an industry-wide shift towards safety and efficiency.
 

Dry Type Power Transformer Market Analysis

The self-air power transformer segment, part of the dry-type power transformer technology landscape, is expected to surpass USD 7 billion by 2032, dominating the market. This growth is driven by increasing demand for safe and environmentally friendly solutions, as self-air transformers eliminate the need for oil, reducing fire hazards and environmental risks. Their reliability and low maintenance requirements make them ideal for installations in urban areas, high-rise buildings, and sensitive environments. Additionally, the rising trend of renewable energy integration and grid expansion projects further boosts demand, as self-air transformers offer high efficiency and resilience, aligning with modern grid stability and sustainability initiatives across various sectors.
 

The dry type power transformer market in the utility sector is projected to grow at a CAGR of over 6.5% by 2032, driven by their safety features and low maintenance requirements. Also, utilities are increasingly opting for dry type transformers due to their safety advantages including reduced fire risk and minimal environmental impact. Furthermore, push for smart grid technologies is driving demand for transformers that can support advanced monitoring and control systems. As the sector improve reliability and efficiency with renewable energy, these transformers are essential for effective power distribution, driving innovations in design and functionality.
 

The Asia Pacific dry type power transformer market is projected to exceed USD 6.5 billion by 2032, propelled by rapid urbanization and infrastructure development. Also, increasing investment by China and India due to rising energy demands, is leading to greater adoption of dry type transformers due to their safety features and environmental advantages. The region's focus on renewable energy is also fueling demand for these transformers in solar and wind projects. Furthermore, rising sustainability awareness is encouraging utilities and industries to prioritize dry type transformers, indicating a transition towards safer and more efficient energy solutions.
 

The U.S. dry type power transformer market is experiencing increased adoption across various sectors, driven by strong emphasis on safety and environmental compliance. Growing demand for renewable energy sources, particularly solar and wind, is contributing to increased use of dry type transformers. Moreover, technological advancements, including smart grid integration, are improving efficiency and reliability in power distribution systems.
 

Dry Type Power Transformer Company Market Share

Schneider Electric holds a substantial market share in the dry type power transformer market, primarily due to its extensive product portfolio, innovative technologies, and strong global presence. The company’s focus on energy efficiency and sustainability aligns with industry trends, while its strategic partnerships and robust distribution network enhance accessibility and support, positioning Schneider Electric as one of the leaders in this competitive market.
 

Dry Type Power Transformer Market Companies

Some of the key market players operating across the dry type power transformer industry are:

• ABB
• Alfanar Group
• Bharat Heavy Electricals
• CG Power & Industrial Solutions
• DAIHEN Corporation
• General Electric
• Hammond Power Solutions
• Hitachi Energy
• HD Hyundai Electric
• Jaybee Industries
• JSHP Transformer
• Kalpa Electrikal
• MGM Transformer Company
• Powerstar
• Pearl Electric
• Sudhir Power
• Siemens Energy
• Schneider Electric
• Voltamp Transformer
   

Dry Type Power Transformer Industry News:

• In March 2023, General Electric announced an investment of over USD 450 million to expand its U.S. manufacturing facilities. This includes acquiring advanced equipment and upgrading operations to strengthen both the company and its workforce. The initiative supports GE's strategy to form two high-class entities in energy and aerospace, while broadening its energy portfolio, including transformers, turbines, and generators.
   
• In June 2023, HD Hyundai Electric secured USD 223 million in transformer supply deals with the U.S. and EU. The company signed a USD 164 million contract with Xcel Energy in the U.S. for electric power transformers, set for delivery from 2025-2027. Additionally, a USD 61 million agreement was made with Denmark's Semco Maritime for offshore wind power equipment, marking Hyundai’s entry into the European offshore wind market.
   

The dry type power transformer market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and volume in Units from 2021 to 2032, for the following segments:

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Market, By Technology

• Self Air
• Air Blast

Market, By Rating

• ≤ 100 MVA
• > 100 MVA to ≤ 500 MVA
• > 500 MVA to ≤ 800 MVA
• > 800 MVA

Market, By Application

• Residential
• Commercial & industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina