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3. Dry Type Transformer Market Size & Share - Future Growth Expectations

The global dry type transformer market size is expected to reach USD 9.2 billion by 2028 from an estimated USD 6.6 billion in 2023, at a CAGR of 6.8% during the forecast period. The major factors driving the growth of this market include the rising safety concerns, increasing focus on renewable energy, and the growing demand for electricity.

The dry type transformer market has been experiencing significant growth due to several key factors.

• Growing Demand for Electricity
• Emphasis on Energy Efficiency
• Strict Safety rules
• Growth of Renewable Energy
• Infrastructure Development
• Technological Innovations
• Emphasis on Resilient Infrastructure

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Growing Demand for Electricity:

• One of the main factors propelling the dry type transformer market is the growing need for electricity brought on by urbanization, industrialization, and population expansion. Dry type transformers are crucial parts of electrical distribution systems because they transfer electricity from generating facilities to final consumers in a safe and effective manner. Dry type transformer demand is predicted to increase as nations make investments to develop their electrical infrastructure in order to meet rising energy demands.

Emphasis on Energy Efficiency:

• In order to minimize energy losses, operating expenses, and environmental effect, energy efficiency has emerged as a crucial factor in electrical systems. When compared to oil-filled transformers, dry type transformers have advantages such fewer losses, less maintenance needs, and increased reliability. The need for dry type transformers as effective and eco-friendly solutions is growing as energy efficiency and sustainability become more and more important to businesses, residential structures, and infrastructure projects.

Strict Safety rules:

• The adoption of dry type transformers is largely influenced by safety rules and environmental requirements. Dry type transformers are safer and greener than oil-filled transformers because they don't require hazardous or combustible insulating fluid. The market for dry type transformers is driven by regulations pertaining to environmental protection, indoor air quality, and fire safety, especially in applications where safety is the main priority.

Growth of Renewable Energy:

• In order to incorporate renewable generation into the electrical grid, transformers must be deployed in order to accommodate the increase of renewable energy sources like solar and wind power. Since dry type transformers are safe, dependable, and suitable for indoor installations, they are frequently employed in renewable energy projects. The need for dry type transformers for grid integration is anticipated to rise as the proportion of renewable energy in the electrical mix continues to rise.

Infrastructure Development:

• The need for dry type transformers is fueled by projects involving the construction of commercial buildings, data centers, transit networks, and industrial facilities. In interior applications where safety, space limits, and environmental considerations are critical factors, dry type transformers are chosen. Dry type transformers are likely to become more and more in demand for both new construction and retrofit projects as infrastructure investments rise internationally.

Technological Innovations:

• Innovation in the dry type transformer industry is being driven by ongoing improvements in transformer design, materials, and production techniques. In response to changing customer demands and regulatory constraints, manufacturers are creating dry type transformers with increased efficiency, reduced losses, and enhanced thermal performance. The performance and dependability of dry type transformers are improved by technological developments including sophisticated insulation materials, temperature monitoring systems, and digital control interfaces, which propel market expansion.

Emphasis on Resilient Infrastructure:

• Ensuring a dependable electricity supply requires more and more resilient infrastructure that can resist extreme weather conditions, natural disasters, and disruptions. Dry type transformers are ideal for extreme climatic conditions and essential infrastructure applications because of their advantages, including their resistance to moisture, dust, and pollutants. Dry type transformers are anticipated to become more and more in demand as resilient power distribution solutions as resilience and reliability become critical factors in infrastructure development.

The dry type transformer market will continue to grow in the coming years are driven by the need for electricity, energy efficiency, safety, and resilient infrastructure. Technology breakthroughs, a growing focus on environmental sustainability, and rising infrastructure development investments are all likely to keep dry type transformers vital parts of contemporary electrical systems in a variety of industries.

Dry Type Transformer Market Share - Global Industry Landscape

The dry type transformer market is characterized by the presence of several key players competing for market share. Some of the leading companies in the dry type transformer industry include:

• Hitachi, Ltd. (Japan)
• Schneider Electric (France)
• Siemens (Germany)
• TOSHIBA CORPORATION (Japan)
• Eaton (Ireland)

These companies operate in the global dry type transformer market alongside other regional and niche players by providing a range of goods, services, and technology to cater to the various needs of clients across various sectors. Market share in the dry type transformer sector can change depending on a number of variables, including customer connections, distribution network, product quality, and pricing.

Hitachi, Ltd. (Japan)

• Hitachi, Ltd. is a multinational Corporation that offers a wide range of products and services, including power and energy solutions. Hitachi manufactures dry type transformers, which are electrical transformers that use air or a solid insulating medium instead of liquid dielectric materials such as oil. Hitachi dry type transformers offer a reliable and environmentally friendly solution for electrical power distribution and transformation in various applications. With a focus on quality, innovation, and customer satisfaction, Hitachi continues to be a trusted provider of power and energy solutions worldwide.

Schneider Electric (France)

• Schneider Electric is a french multinational company that specializes in digital automation and energy & power management. The company provides diverse range of products such as low voltage products and systems, solar & energy storage products, medium voltage distribution and grid automation products, products for residential and small business and more. The company operates through two reportable segments: Energy Management and Industrial Innovation. The company provide dry type transformers through its Energy Management business segment. The company’s products and solutions have applications in healthcare, marine, food and beverage, hotels, transportation, automotive and emobility, data center and network solutions and more. The company has 162 production factories, 84 distribution centers, and about 800 commercial offices and R&D laboratories spread across the globe.

Siemens (Germany)

• Siemens Energy is a global energy technology company that specializes in providing innovative power solutions. In 2020, Siemens Energy was established as an independent company after being spun off from Siemens AG. The company operates through two reportable segments: gas and power and Siemens Gamesa Renewable Energy (SGRE). Gas & Power segment is divided into three divisions namely, transmission, generation and industrial application. The company offers diverse range of transformers such as fluid-immersed distribution transformers, HVDC transformers, dry type transformers and more through gas and power business segment. The company offers dry type transformers for applications such as power plant, wind power plant, commercial applications and more.

TOSHIBA CORPORATION (Japan)

• Toshiba Corporation, a Japanese multinational company, offers a range of products and solutions, including electrical equipment such as dry type transformers. Toshiba dry type transformers offer a reliable and environmentally friendly solution for electrical power distribution and transformation in various applications. With a focus on quality, innovation, and customer satisfaction, Toshiba continues to be a trusted provider of electrical equipment and solutions globally.

Eaton (Ireland)

• Eaton is a global power management company, providing reliable, efficient, safe and sustainable power management technologies. Eaton provides electrical products, hydraulic equipments, mechanical products and power management solutions. Eaton operates through six reportable segments: Electrical Americas, Electric Global, Hydraulics, Aerospace, Vehicle, and eMobility. The company provides dry type transformers through its electrical business segment. The company offers a diverse range of transformers such as encapsulated transformers, ventilated transformers, non- ventilated transformers, low voltage dry type transformers and more.The company conducts its business operations in more than 175 countries in North America, South America, Europe, and the Asia Pacific.

Related Reports:

Dry Type Transformer Market by Technology (Cast Resin, Vacuum Pressure Impregnated), Voltage (Low (<1 kV), Medium (1–36 kV), High (Above 36 kV)), Phase (Single, Three), Application (Industrial, Commercial, Utilities) Region - Global Forecast to 2028