According to the research report titled ‘Global Dry Type Transformer Market Size study by Voltage (Low Voltage and Medium Voltage), by Type (Offshore and Onshore), by End phase (Three Phase and Single Phase) and Regional Forecasts 2020-2027‘, available with Market Study Report, global dry type transformer market was valued at USD 2.19 billion in 2019 and is expected to witness a CAGR of 4.20% during 2020-2027.
 

High energy demand worldwide is a major factor driving the growth of dry type transformer market. Further, environment-friendly nature of the equipment as it uses air rather than liquid to cool down the electrical coils is contributing to the industry growth. Moreover, its ability to reduce fire hazards and safely distribute electricity to residential as well as commercial verticals is fueling the product demand in energy and power industries, hence propelling the global dry type transformer market growth. Additionally, benefits such as problem free services with low maintenance requirement is positively influencing the industry scenario.

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As per the India Brand Equity Foundation, the renewable power generation industry witnessed a CAGR of 17.33% during 2016-2020, in India, and stood at 87.26 GW, of which wind and solar power contributed 34.74 GW and 34.81 GW respectively. Hence, inclination towards renewable energy resources, and rising demand for distribution transformer are also accelerating the global dry type transformer industry outlook. However, high cost of the product is the major factor expected to hamper the industry growth in coming years. Based on end-phase, global dry type transformer market is segmented into single phase and three phase. With regards to type, the industry is bifurcated into distribution transformer, and power transformer.  With respect to voltage, the market is classified into low voltage, and medium voltage.

From regional frame of reference, worldwide dry type transformer market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is likely to experience significant returns in the coming years mainly due to rise in energy generation across the region. Meanwhile, Asia Pacific industry is predicted to register the highest growth rate over 2020-2027, owing to efforts taken by government to promote renewable energy usage in the region.
 

Major players operating in global dry type transformer market sphere include ABB Group, Voltamp Transformers Ltd., Bharat Heavy Electricals Ltd., Eaton Corporation plc, Crompton Greaves Ltd., Schneider Electric SE, Hammond Power Solutions Inc., Jinpan International Ltd., TBEA Transformer Industrial Group, and Siemens AG.