Home > Energy & Power > Electrical Equipment > Transformers > Dry Type Transformer Market

Dry Type Transformer Market Size

Report ID: GMI2235
Published Date: Mar 2023
Report Format: PDF

Download Free Sample

Dry Type Transformer Market Size

Dry Type Transformer Market size valued at USD 15.5 billion in 2023 and is projected to expand at more than 8.9% CAGR from 2024 to 2032, due to the rising emphasis on grid modernization and electrification.

To enhance grid flexibility and the resilience of power systems, federal investment in critical electricity transmission and distribution infrastructure is increasing. Through various investments, governments worldwide are planning transformative projects to foster grid reliability. Moreover, favorable regulatory policies to drive investment in grid infrastructure refurbishment projects are being introduced, proliferating the use of dry-type transformer components.

To get key market trends

Download Free Sample

Likewise, government bodies have implemented favorable regulatory reforms pertaining to rural area electrification. The escalating power demand from residents and businesses, along with the rapid modernization of existing power networks, will augment dry type transformer installation to meet medium- and small-voltage power needs. However, the high initial investment costs and the rise in product replacement prices may inhibit industry expansion to some extent.

Dry Type Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Dry Type Transformer Market Size in 2023:	USD 15.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.9%
2032 Value Projection:	USD 34 Billion
Historical Data for:	2019 to 2023
No. of Pages:	800
Tables, Charts & Figures:	1,805
Segments covered:	Core, Technology, Insulation, Product, Winding, Rating, Mounting, Application
Growth Drivers:	North America Refurbishment demand for existing grid infrastructure Rising infrastructural spending Europe Growing deployment of renewable energy Upgradation of existing grid network Asia Pacific Large-scale renewable integration Increasing demand for electricity Middle East & Africa and Latin America Increasing demand for electricity Growing investment toward expansion of distribution networks
Pitfalls & Challenges:	High initial cost

Learn more about the key segments shaping this market

Download Free Sample

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of dry type transformer crossed USD 15.5 billion in 2023 and will exhibit more than 8.9% gains through 2032, owing to the rising emphasis on grid modernization and electrification.

The vacuum pressure impregnated product segment will surpass USD 13 billion by 2032, due to the emphasis on aging power grid replacement.

The Europe market is anticipated to depict over 9% CAGR from 2023 to 2032, on account of the surging electricity demand and renewable energy integration.

Some of the key players functioning in the global industry are WEG, Fuji Electric Co., Ltd., Raychem RPG Private Limited, Toshiba Energy Systems & Solutions Corporation, Hitachi Energy Ltd., Schneider Electric, Eaton, and ABB, among others.