Global Dry Type Transformer Market Size Expected 9.1% CAGR, to Reach USD 29.55 Billion By 2032: Polaris Market Research

NEW YORK, Nov. 27, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Dry Type Transformer Market Share, Size, Trends, Industry Analysis Report, By Technology (Cast Resin, Vacuum Pressure Impregnation); By Voltage; By Phase; By End-User; By Region; Segment Forecast, 2023- 2032" published by Polaris Market Research in its research repository.

According to research report, the global dry type transformer market size & share is predicted to grow from USD 12.37 billion in 2022 to USD 29.55 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 9.1% from 2023 to 2032, according to the latest report by Polaris Market Research.

What is Dry Type of Transformer? How Big is Dry Type Transformer Market Size?

Overview

A dry type transformer, also referred to as a cast resin type transformer, is a static device used in the power transmission of electric energy. Unlike their oil type counterparts, dry type transformers don't use any liquid as a cooling medium. Instead, the windings of these transformers are enclosed in a sealed tank filled with pressurized air or gas. Dry-type transformers don't have any moving parts, so they maximize the use of eco-friendly insulation systems for optimal functioning.

Based on the design of their winding, dry type transformers are broadly classified into two different types. They are cast resin type (CRT) dry transformers and vacuum pressure-impregnated dry transformers. These transformers are extensively used in various sectors and applications requiring high safety and reliability, including the oil and gas industry, environmentally sensitive areas, renewable energy generation, and fire-risk areas. Dry type transformers also assume an important role in secure and efficient energy transmission, impacting the dry type transformer market size favorably.

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Who Manufacturers Dry Type Transformers?

• ABB Ltd.
• CG Power and Industrial Solutions Limited
• Eaton Corporation plc
• General Electric Company
• Hammond Power Solutions Inc.
• Hitachi, Ltd.
• Hyosung Heavy Industries Corporation
• Kirloskar Electric Company Limited
• Legrand SA
• MGM Transformer Company
• Schneider Electric SE
• Siemens AG
• TBEA Co., Ltd.
• Toshiba Corporation
• Voltamp Transformers Limited

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Important Highlights of the Report

• The rising demand for electricity and growing emphasis on efficient and dependable power distribution are fueling the widespread adoption of dry-type transformers.
• Increasing energy consumption is projected to spur the product demand for dry type transformers.
• The dry type transformer market segmentation is primarily based on technology, voltage, phase, end-user, and region.
• North America is poised to exhibit the highest growth rate over the forecast period.

Dry Type Transformer Market Details

Market's Prime Determinants of Growth, Trends, and Opportunities

Growth Drivers

• Rising energy consumption: Rising urbanization and increasing worldwide population have escalated the electricity requirement. This increase in energy consumption is one of the major factors propelling the dry type transformer market growth. Dry type transformers can effectively handle high levels of voltage, making them a crucial element of modern power grids.
• Increased focus on safety and reliability: Safety and reliability are other major factors spurring product demand. Dry type transformers don't use oils and other liquids as a cooling medium, eliminating the risks associated with oil type transformers. This makes them suitable for settings where fire safety is crucial, including hospitals and high-rise buildings.

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Trends and Opportunities

Shift towards eco-conscious solutions: Environmental considerations play a crucial role in influencing the dry type transformer market demand. Growing emphasis on sustainable and eco-conscious solutions has led to an increase in the incorporation of dry type transformers. The low environmental footprint of dry type transformers, along with their elimination of risks linked to oil usage, have made them a go-to option for various applications and industries.

Segmental Analysis

• Cast Resin Segment is Anticipated to Witness the Highest Growth

 The remarkable insulation properties of dry type transformers, which improve the reliability and performance of these products, is one of the primary drivers of the segment's growth. In addition, these transformers are environmentally friendly and can function efficiently in diverse environments. Furthermore, the rising adoption of renewable energy sources further contributes to the popularity of dry type transformers, as they can easily be integrated with modern power systems.

• Medium Voltage Segment Held the Largest Market Share

By voltage, the medium voltage segment accounted for the largest dry type transformer market share. Medium voltage transformers can effectively handle voltage levels ranging between 1kV and 69kV. This makes them indispensable for several commercial and industrial medium-scale power distribution applications. Also, their other benefits, like low maintenance requirements, reduced size, and improved safety features, have further increased their demand. Moreover, the increasing adoption of novel technologies has escalated the need for efficient and reliable medium voltage transformers.

• Single Phase Segment is Anticipated to Witness Highest Growth

Single phase dry type transformers are known for their versatility and applicability in various settings. These transformers are apt for powering single-phase electrical systems, making them crucial for residential and small-scale commercial applications. Their compact nature and easy installation further support the popularity of these transformers. With rising demand for distributed energy sources, single phase transformers play an important role in enabling decentralized power generation. This, in turn, drives the segment's growth in the dry type transformer market.

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Regional Insights

• Which Region Dominates the Market for Dry Type Transformers?

Asia Pacific: The Asia Pacific region dominates the market for dry type transformers. Several factors, including growing urbanization and rapid infrastructure development, are driving APAC's robust growth. Besides, escalating energy demand, fueled by rising population and growing economies, has increased the utilization of dry type transformers. Furthermore, the introduction of stringent environmental regulations and an increasing emphasis on sustainable energy solutions are also playing a pivotal role in driving the region's growth.

North America: The dry type transformer market in North America is projected to exhibit the highest growth rate. With the expansion of several industries, the demand for reliable power distribution systems, encompassing dry type transformers, has increased. With the presence of a robust industrial sector and growing emphasis on meeting evolving energy needs, North America is poised to be a pivotal growth driver in the market.

Browse the Detail Report "Dry Type Transformer Market Share, Size, Trends, Industry Analysis Report, By Technology (Cast Resin, Vacuum Pressure Impregnation); By Voltage; By Phase; By End-User; By Region; Segment Forecast, 2023- 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/dry-type-transformer-market

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Key Questions Answered in the Report

• What is the current and forecast dry type transformer market value?
• What are the major factors driving the market growth?
• At what CAGR is the market anticipated to grow?
• Which segment accounted for the largest industry share?
• Who are the dry type transformer market key players?
• What are the key opportunities and challenges in the industry?

Polaris Market Research has segmented the dry type transformer market report based on technology, voltage, phase, end-user, and region:

Dry Type Transformer, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Cast Resin
• Vacuum Pressure Impregnation

Dry Type Transformer, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

• Low
• Medium
• High

Dry Type Transformer, Phase Outlook (Revenue - USD Billion, 2019 - 2032)

• Single phase
• Three phase

Dry Type Transformer, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Commercial
• Industrial
• Others

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research

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