Global Dry Type Transformer Market Size, Share, Opportunities, And Trends By Type (Cast Resin, Vacuum Pressure Impregnated), By Voltage (Low, Medium), By Phase (Single Phase, Three Phase), By Industry Vertical (Energy And Power, Cement, Metallurgical Mining, Pulp And Paper, Petrochemical, Marine, Others), And By Geography - Forecasts From 2024 To 2029

The global dry-type transformer market is expected to grow at a CAGR of 4.11%, reaching a market size of US$8.779 billion in 2029 from US$6.622 billion in 2022.

A dry-type transformer is constructed with comparatively modern technology and uses forced or natural air cooling instead of oil. Liquid-fill transformers require liquid or oil to cool, whereas dry-type transformers only use environmentally safe high-temperature insulation systems. As it has no moving parts, it is dependable and long-lasting with low maintenance requirements. Moreover, these transformers pose no risks. They can be installed easily in buildings and establishments 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. An epoxy varnish is impregnated under pressure in a vacuum chamber onto the live part of a vacuum pressure-impregnated (VPI) transformer. When resin and hardening agents are placed in molds, the liquid resin encases the transformer's live part, consisting of the core and windings. VPI offers exceptional fire protection ratings even after impregnation and permits access to the live portion.

Global Dry-Type Transformer Market Drivers

• Increasing demand for electricity worldwide

The global dry-type transformer market is expanding due to fast industrialization and rising domestic power consumption. The electricity demand is rising steadily on a global scale, leading to an increase in the consumption of energy resources. Larger transmission networks and more power plants are now present throughout the world as a result. The automotive industry is consuming more electricity due to the advancement of modern electric vehicles and the incentives offered to utilize them. Because power plants are usually located in remote areas, the generated electricity is sent through power transmission lines to the substations, where it is stepped down and distributed to the end users. It is a dry-type transformer that does the step-down.

Dry-type transformers are used in industries, environmentally sensitive areas, forest substations, indoor and underground substations, onshore and offshore installations, and other locations with a high fire or moisture risk. Furthermore, most countries underutilize their energy resources, and developing countries must upgrade their power infrastructure. With the completion of electrification projects for stadiums, metro trains, and other commercial spaces, there will be an increased need for dry-type transformers. Thus, the worldwide need for electricity is driving the dry-type transformer market’s growth.

• Growing demand for renewable energy resources

Policies recognized as transforming the sector towards the establishment of Renewable energy generation include those that are directed towards the reduction of greenhouse gas emissions and fostering the development of clean energy systems. Power generation sources characterized by little or no pollution, such as wind, solar, and hydropower, are considered major renewable-based sources, with the rest being biomass, geothermal, and nuclear power for unconventional energy sources. Ancillary services, e.g., transformation using dry-type converters, enable better utilization of wind and solar farms by incorporating them into existing conventional power distribution infrastructure. The hydroelectric power plant produces alternating current, which the transformer converts into high-voltage current. The national grid distributes this high-voltage current for use in residences and businesses. By 2050, solar power could become the fastest-growing power source globally, in addition to other forms such as wind power, hydropower, etc., accounting for about 48% of total renewable power generation in America.

Renewable energy is the quickest-growing energy source. Dry-type transformers, on the other hand, are used not only in wind or solar power plants but also in power grids serving other unconventional energy sources. Consequently, the global dry-type transformer industry is expected to expand in the coming years, owing to the increasing significance of renewable energy as an energy source.

• Increasing adoption of smart grid

An electrical network equipped with automation, communication, and information technology systems is referred to as a "smart grid" when it can monitor power flows from points of generation to points of consumption—even at the level of individual appliances—and adjust power flow or load in real-time or nearly real-time to match generation. Smart grids are created by applying efficient systems for transmission and distribution, system operations, customer integration, and renewable integration. It helps to measure, monitor, and control power flows in real-time to spot losses and take appropriate technical and managerial action to halt them. To reduce greenhouse gas emissions and adapt to variations in user demand for electricity, existing grids must be transformed into smart grids. Smart grids will function better if smart transformers with real-time data power quality and lifecycle assessment are developed.

Global Dry-Type Transformer Market Geographical Outlook

• Asia Pacific is witnessing exponential growth during the forecast period

With substantial investment, three UHV AC transmission networks and one UHV DC power transmission network are being constructed in China. With these advancements, outdated transformer units will likely need to be replaced. Furthermore, hundreds of millions of Chinese from rural areas have moved into China's cities due to the country's expanding economic opportunities.  Due to the construction of new metro lines and the electrification of Indian railways, there is already a high demand for transformers for trackside and traction. In addition to the need for standard distribution transformers, the dedicated freight and cargo corridors project also creates a demand for special transformers used in unusual applications, such as furnace transformers.

Global Dry-Type Transformer Market Key Launches

• In September 2022, Hitachi Energy introduced a plug-and-play dry-type traction transformer with an integrated cooling system to lower CO2 emissions and overall operating costs while boosting energy efficiency.

• In April 2022, Siemens Energy introduced a cutting-edge dry-type single-phase transformer for pole applications. The new cast-resin distribution transformer offers an environmentally friendly and dependable substitute for oil-filled transformers, specifically engineered to meet the technological demands of the American grid.

Segmentation:

• By Type
  • Cast Resin
  • Vacuum Pressure Impregnated
• By Voltage
  • Low
  • Medium
• By Phase
  • Single Phase
  • Three Phase
• By Industry Vertical
  • Energy & Power
  • Cement
  • Metallurgical Mining
  • Pulp & Paper
  • Petrochemical
  • Marine
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others