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Dry Type Transformer Market- By Core (Closed, Shell, Berry), By Winding (Two Winding, Auto Transformer), By Technology (Self Air, Air Blast), By Insulation, By MVA Rating (≤ 5, > 5 ≤ 30, > 30), By Mounting, By Application (Industries, Inner-City Substation, Indoor/Underground Substation, Renewable Generation), 2023 - 2032
- Report ID: GMI2235
- Published Date: Mar 2023
- Report Format: PDF
Industry Statistics
Dry Type Transformer Market size valued at USD 13 billion in 2022 and is projected to expand at more than 9% CAGR from 2023 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.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | (USD) 13.8 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9.1% |
| 2032 Value Projection: | (USD) 34 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 800 |
| Tables, Charts & Figures: | 1,805 |
| Segments covered: | Core, Technology, Insulation, Product, Winding, Rating, Mounting, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Vacuum pressure-impregnated dry type transformers gain traction in grid replacement projects
Dry type transformer market size from the vacuum pressure impregnated product segment is anticipated to cross USD 13 billion by 2032, owing to the emphasis on aging power grid replacement. Vacuum pressure impregnated dry transformers operate at high voltage and their minimally flammable insulation is formed of strips and foils. This insulation improves the product’s impermeability and moisture-resistance since it is composed of Class H polyester resin. The strong focus on power network upgradation will therefore accelerate the production of vacuum pressure-impregnated dry-type transformers.
Rising grid modernization funding stimulates usage of > 5 MVA to ≤ 30 MVA dry transformers
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In terms of rating, the dry type transformer market from > 5 MVA to ≤ 30 MVA segment surpassed around USD 5 billion in 2022, given the increasing grid network modernization and commercial establishment expansion. In November 2022, the White House announced grant applications of USD 13 billion under the bipartisan infrastructure bill to modernize U.S. electric grid. Furthermore, the mounting energy demand will contribute to the large-scale development of grid networks and in turn, fuel the adoption of > 5 MVA to ≤ 30 MVA dry transformers.
Low-cost & high-efficiency benefits may amplify shell dry type transformer component development
| Core | CAGR, 2023 – 2032 (%) |
|---|---|
| Closed | 8.7% |
| Shell | 9.4% |
| Berry | 10.0% |
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Based on core, the shell segment accounted for over 35% share of the dry type transformer market in 2022, considering the high efficiency and economical cost compared to other power transformers. The shell type transformers can also provide better support against electromagnetic forces between current-carrying conductors. Additionally, they can offer a shorter magnetic path, thus requiring smaller magnetizing current and accelerating product usage in power transmission applications.
High funding for residential solar network development may propel dry type transformer installation
Dry type transformer market value from the renewable generation application segment is predicted to reach nearly USD 7 billion by 2032. This growth is attributed to the rapid urbanization and favorable government reforms to improve renewable energy adoption in the residential sector. For example, in June 2022, the World Bank approved USD 165 million to increase the affordability of solar energy for the residential sector in India. Moreover, the ongoing smart control networking initiatives and the innovation of onsite electricity generation tech will augment the use of dry-type transformers for renewable power transmission applications.
Emphasis on renewable energy expansion to boost the need for dry-type transformers in Europe
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Europe dry type transformer market is poised to depict more than 9% CAGR through 2032, on account of the surging electricity demand and renewable energy integration in the region. For example, the EU’s REPowerEU plan aimed at a 45% increase in renewable share in final energy consumption by 2030. In addition, the high investment in power transmission and distribution retrofitting facilities will proliferate dry-type transformer consumption across the region.
Product reach expansion strategies to define industry landscape
Some of the prominent players functioning in the dry type transformer market include SGB SMIT, TMC Transformers S.P.A., WEG, Fuji Electric Co., Ltd., Instrument Transformer Equipment Corporation, Inc., Raychem RPG Private Limited, Bharat Heavy Electricals Limited (BHEL), Toshiba Energy Systems & Solutions Corporation, Hitachi Energy Ltd., Siemens Energy, Schneider Electric, Eaton, GE, and ABB, among others. These companies are focusing on business footprint expansion to reinforce their market presence.
For instance, in October 2022, WEG announced the supply of its encapsulated dry-type transformer with 2.5 MVA output capacity to data center facilities in Chile. The supply of this transformer, equipped with a 24/1.1kV voltage class of protection enclosure box, enabled the company to increase its footprint in the industry.
Impact of COVID-19 pandemic on dry type transformer market outlook
Economic impacts and business closures in the aftermath of the COVID-19 pandemic led to a drop in power demand worldwide. The coronavirus outbreak has, however, demonstrated a paradigm shift in electricity grids since renewables and nuclear plants became the main power sources during the lockdowns. In developing nations, COVID-19 response programs have also been introduced to provide relief to the least grid-connected regions. These initiatives will create lucrative growth opportunities for dry type transformer manufacturers in the upcoming years.
The dry type transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2019 to 2032 for the following segments:
Market Insights, By Core
- Closed
- Shell
- Berry
Market Insights, By Technology
- Self Air
- Air Blast
Market Insights, By Insulation
- Class R
- Class H
- Class F
- Class B
- Class A
Market Insights, By Product
- Open Wound
- Cast Resin
- Vacuum Pressure Impregnated
- Vacuum Pressure Encapsulated
Market Insights, By Winding
- Two Winding
- Auto Transformer
Market Insights, By Rating
- ≤ 5 MVA
- > 5 MVA to ≤ 30 MVA
- > 30 MVA
Market Insights, By Mounting
- Pad
- Pole
- Others
Market Insights, By Application
- Industries
- Inner-City Substations
- Indoor/Underground Substations
- Renewable Generation
- Others
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