Dry Type Transformer Market Projected To Raise At USD 10.44 Billion By 2030


 San Francisco, 19 December 2024: The Report Dry Type Transformer Market Size, Share & Trends Analysis Report By Voltage (Low, Medium, High), By End Use (Industrial, Commercial, Utilities), By Region, And Segment Forecasts, 2024 - 2030

The global dry type transformer market to reach USD 10.44 billion by 2030 and is to grow at a CAGR of 6.2% from 2024 to 2030. This growth is attributed to the increasing urbanization and industrialization across the globe which is driving the need for reliable electricity distribution systems, boosting the demand for transformers, including dry type transformers. Furthermore, stringent energy efficiency regulations and standards imposed by governments and environmental agencies encourage the adoption of energy-efficient dry type transformers over oil-filled transformers. Thereby boosting market growth.

Dry type transformers are preferred due to their reduced fire risk and environmental friendliness compared to oil-filled transformers, driving adoption in sensitive environments such as hospitals, schools, and residential buildings. In addition, increasing deployment of renewable energy sources such as wind and solar power necessitates efficient transformers like dry type transformers to facilitate grid integration and manage variable power output.

This product is considered to be more expensive than oil-filled transformers. Furthermore, dry type transformers typically have lower power density than oil-filled transformers, which may limit their application in certain high-power industrial settings where space constraints are critical. In addition, this product may face performance challenges in extremely harsh environmental conditions or high-humidity areas, impacting its reliability and lifespan. Such factors may negatively affect product growth.

Access Research Report of Dry Type Transformer Market @ https://www.grandviewresearch.com/industry-analysis/dry-type-transformer-market-report

Emerging economies are witnessing rapid industrial growth, requiring infrastructure development and reliable power distribution networks, which propel the demand for this product. Innovations in transformer design, such as improved cooling systems and materials, enhance the efficiency and reliability of dry type transformers, making them more attractive to end users. Furthermore, continuous research and development activities aimed at improving the efficiency, reliability, and performance of this product are expected to find opportunities in new applications and market segments.

Recent Developments

  • In April 2023, Eaton, an intelligence power management company, announced the acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a China-based manufacturer of power distribution and sub-transmission transformers, including dry type transformers. With this acquisition, Ryan and Eaton will be able to offer Ryan's high-quality products, and Eaton's global distribution will allow Eaton to better serve customers in Asia and around the world.

Key Dry Type Transformer Company Insights

Some of the key players operating in the market are ABB and Siemens Energy:

  • ABB Ltd. is a Switzerland-based leader in automation and electrification technology. The company provides a wide range of products under metallurgy products, electric drivetrains, motors & generators, industrial software, robotics, PLC automation, power converters and inverters, drives, control tool solutions, and low voltage products & systems. It offers these products for numerous industries, including oil & gas, automotive, cement, chemicals, mining, power generation, and pulp & paper products.
  • Siemens Energy is a leading energy technology provider for a wide range of industries, including oil & gas, power & heat generation, power transmission, marine, data centers, pulp & paper. Its product portfolio includes hybrid power plants operated with hydrogen, conventional and renewable energy technology, such as gas and steam turbines, and power generators and transformers. The company has approximately 99,000 employees who are working in more than 90 countries across the world.

IDEAL ELECTRIC POWER CO. and Ansaldo Energia S.p.A. are some of the emerging participants in the market. 

  • Hammond Power Solutions Inc. is a North American manufacturer of custom and standard transformers for various industries including renewable energy, drive & automation, energy distribution, infrastructure, irrigation, and industrial. Its product portfolio includes a converter, distribution, furnace, multi-pulse, power, regulating, pad-mounted, and specialty transformers. Furthermore, this company operates around 9 warehouses across the U.S. and Canada.
  • Gujarat Transformers Private Limited manufactures various types of transformers, including distribution, power, earthing, high frequency, variable frequency drive, converter duty, and air-cooled. Its product portfolio includes distribution, power, furnace, solar inverter duty, dry type resin dipped, cast resin dry type, and dry type with on-load tap charger transformers.

Key Dry Type Transformer Companies:

The following are the leading companies in the dry type transformer market. These companies collectively hold the largest market share and dictate industry trends.

  • Siemens Energy
  • ABB Ltd.
  • Schneider Electric SE
  • Hammond Power Solutions Inc.
  • Kirloskar Electric Company Ltd.
  • Hitachi Energy Ltd.
  • Gujarat Transformers Private Limited
  • Eaton Corporation PLC
  • TBEA Co. Ltd.
  • Hyundai Electric & Energy Systems Co. Ltd

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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