Dry Type High Voltage Power Transformer Market Size By Voltage Rating (SPT (≤ 60 MVA), LPT (> 60 MVA)), By Application (Commercial, Industrial, Utility), By Regional Outlook & Forecast, 2024 – 2032

Dry Type High Voltage Power Transformer Market Size

Dry Type High Voltage Power Transformer Market was valued at USD 6.3 billion in 2023 and is set to grow at a CAGR of over 7.9% from 2024 to 2032. The increasing demand for reliable and efficient power distribution systems, particularly in urban areas, propels the adoption of dry type transformers due to their safety and environmental benefits. Stringent regulations aimed at reducing greenhouse gas emissions and enhancing energy efficiency favor the adoption of dry type transformers over oil-filled counterparts.
 

Additionally, advancements in renewable energy infrastructure and the expansion of smart grid technologies further stimulate market growth. As per IEA, the electricity grid across globe witnessed an investment of over USD 320 billion in 2022, of which digital advancements including smart grids held around 20% share, which complements the industry growth scenario.
 

COVID–19 Impact

The COVID-19 pandemic significantly impacted the dry type high voltage power transformer market, causing disruptions in supply chains and project delays due to lockdowns and restrictions. However, the market demonstrated resilience with a shift towards remote work, increased focus on renewable energy infrastructure, and growing investments in smart grid technologies, driving recovery and adaptation amidst the crisis.
 

Dry Type High Voltage Power Transformer Market Trends

Growing emphasis on energy efficiency and environmental sustainability is driving the demand for dry type power transformer due to their eco-friendly properties. Advancements in digitalization and smart grid technologies are facilitating the integration of dry type transformers into modern power distribution systems. Additionally, there's a rising adoption of renewable energy sources, which further stimulates market growth, while stringent regulations regarding safety and emissions continue to shape product development and market dynamics.
 

Dry Type High Voltage Power Transformer Market Analysis

Large power transformers with a rating exceeding 60 MVA is set to cross USD 11 billion by 2032, driven by the demand for compact and efficient solutions. This shift is fuelled by advancements in technology, stringent safety regulations, and the increasing need for sustainable energy infrastructure. The devices offer benefits such as reduced fire risk, environmental friendliness, and suitability for indoor installations.
 

The utility sector is expected to grow at a CAGR of over 7% through 2032, due to their enhanced safety features, reduced environmental impact, and suitability for indoor installations. This trend is driven by the utilities' focus on modernizing infrastructure and complying with stringent regulations. The market's expansion from the utility sector reflects a growing preference for efficient and sustainable solutions in power distribution.
 

Asia Pacific dry type high voltage power transformer market is projected to reach over USD 5.6 billion by 2032, owing to increasing investments in renewable energy projects. In 2024, the World Bank is exploring the expansion of a new initiative aimed at broadening renewable energy supply chains in both Central Asia and Latin America, which positively impacts the product deployment across the region. The region's rapid industrialization and urbanization drive electricity demand, prompting upgrades in power infrastructure. Stringent environmental regulations encourage the use of dry-type transformers due to their eco-friendliness and reduced fire risk. Additionally, technological advancements enhancing transformer efficiency and reliability further propel the demand for Asia Pacific transformer industry.
 

Dry Type High Voltage Power Transformer Market Share

Siemens Energy holds a significant market share in the dry-type high voltage power transformer market due to its commitment to innovation, quality, and reliability. Leveraging advanced technologies and extensive industry expertise, Siemens Energy offers a diverse range of transformers tailored to meet evolving customer needs worldwide.
 

Dry Type High Voltage Power Transformer Market Companies

The major players operating across the industry include:

• alfanar Group
• ABB
• Bharat Heavy Electricals Limited
• CG Power & Industrial Solutions Ltd.
• DAIHEN Corporation
• General Electric
• Hitachi Energy Ltd.
• HD HYUNDAI ELECTRIC CO., LTD.
• JSHP Transformer
• Powerstar
• Pearl Electric
• Sudhir Power
• Siemens Energy
• Schneider Electric
   

Dry Type High Voltage Power Transformer Industry News

• In March 2023, General Electric confirmed to invest over USD 450 million towards the expansion of the company’s prevailing manufacturing facilities in the U.S. The investment encompasses acquiring cutting-edge equipment and executing upgrades to bolster both the company and its employee strength across the country. This initiative aligns with GE's strategy to establish two different, high class entities in energy and aerospace. Moreover, it will broaden GE's energy portfolio, encompassing transformers, turbines, and generators.
   
• In February 2021, Hitachi ABB Power Grids secured a contract from TE?A?, the Turkish transmission system operator, for its grid expansion initiative worth USD 20 million. Under the agreement, Hitachi ABB Power Grids' transformer business supplied multiple power transformers including units with ratings of 62.5 MVA and 100 MVA, operating at 154 kV. Moreover, these high-quality transformers strengthened the power infrastructure and improved energy accessibility in Turkey's remote areas.
   

This dry type high voltage power transformer market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘Units’ and ‘USD Million’ from 2019 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Voltage Rating

• SPT (≤ 60 MVA)
• LPT (> 60 MVA)

Market, By Application

• 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