Dry Transformer Market Size, Share & Industry Analysis, By Type (Cast Resin, Vacuum Pressure Impregnated), By Phase (Single Phase, Three Phase), By Voltage (Low, Medium), By Application (Industrial, Commercial, Others) and Regional Forecast, 2024-2032

Transformers are the devices used to regulate the voltage and current running through an electrical circuit. Dry transformers are different from the traditional liquid type transformers as these have no moving parts and make use of air for cooling, which acts as an environmentally friendly insulation system. The windings of dry transformers are encased in epoxy resins. The epoxy resins layer also helps in avoiding corrosion and dust.

The electric core in these transformers is cooled using natural ventilation. This offers the advantage of placing the transformer indoors, inside fireproof vaults, and closer to loads. Dry transformers can be used in a variety of applications and can be installed in outdoor or indoor locations. The efficiency, safety, and economic advantage provided by these transformers will see the market grow at a healthy rate during the given forecast period.  

Based on its type, the global dry transformer market can be segmented into cast resin transformers and vacuum pressure impregnated transformers. The advantage of a long life of the equipment and no need to change LV and HV windings in case of any failures will see the cast resin segment hold a greater market share during the given forecast period. Based on the phase, the global dry transformer market can be segmented into single-phase and three-phase. The growing adoption of three-phase will see the three-phase segment dominate the global dry transformer market.

Based on operating voltage, the global dry transformer market can be segmented into low and medium. Currently, the low voltage segment dominates the market, but with the advancements in technology, the medium segment will also have an increased market share in the global dry transformer market during the given forecast period.

Based on its application global dry transformer market can be segmented into industrial, commercial and others. The industrial segment dominates the market owing to increased adoption in the industrial sector to achieve cost savings and reduce carbon emissions.

The major market driver for the global dry transformer market is certain significant advantages like no emissions, operational advantages and safety provided as compared to the other available counterparts. Also, the ever-increasing energy demand with a growing distribution network for energy will drive the growth of the global dry transformer market.

The key market restraint for the global dry transformer market is the high cost incurred for the installation of the dry transformer, which has seen its minimal adoption. Also, the inability of these transformers to perform at higher voltages poses a threat to the growth of the global dry transformer market.

Key Players Covered:

Some of the major companies that are present in global dry transformer market are Hammond Power Solutions, ABB, Eaton, Schneider Electric, Siemens, GE, Sudhir Power Ltd., Kirloskar Electric Co. Ltd., SERVOMAX, Fuji Electric Corp. of America, Streamer Electric AG, BHEL, Powerstar, and Federal Pacific Transformers.

Regional Analysis:

As demand for the continues power supply has been rising in developing and developed countries, alternatives for energy production have been looked upon. Asia Pacific region stands as the major region for the dry transformer market owing to the increased energy demand from the region. Increasing population and growing urbanization are the factors that have led to increased demand for power. China, India, South Korea, and Japan are the major players in the region.

The USA holds the largest market share with the latest technological advancements to ensure safe and efficient operation in the dry transformer market. Europe with the growing adoption of renewable energy holds a good opportunity for the growth of global dry transformer market. On a similar line the Middle East and the Latin America region hold a good opportunity for growth of dry transformer market with increasing demand for energy and adoption of renewable sources for power generation.

Segmentation

Key Industry Developments

• In August 2019, Pioneer power solution Inc, a Lee-based maker, and seller of electricity generation and transmission equipment are sold its liquid-filled and dry transformer business to Mill Point Capital for $68 million. The other companies included in the dry transformer group were Jefferson Electric Inc., Bemag Transformer, and Harmonics Limited.


• In November 2018, At the ABB customer world event in Xiamen (China), ABB announced the launch of its dry-type digital transformer. The transformer is named the ABB Ability TXpert Dry.