The global dry type transformer market is anticipated to increase to USD 10.6 billion by 2031 from USD 5.6 billion in 2020, with a CAGR forecast of 7.0%. As the name implies, ‘dry type' transformers are air-cooled devices that do not use liquids to calm the electrical coils. Fire-resistant dry style transformers are ideally suited for use in high-rise towers, subway tunnels, steel mills, hospitals, schools, chemical plants, and other locations where fire safety is critical. Dry type transformers have proved to be highly durable over the years despite not causing any type of environmental degradation.

Browse ThinkWise Intelligence's exclusive report, spread through 247 Pages on: GLOBAL DRY TYPE TRANSFORMER MARKET, BY Type (DRY TYPE CONVERTER TRANSFORMER AND DRY TYPE RECTIFIER TRANSFORMER), TECHNOLOGY (CAST RESIN AND VACUUM PRESSURE IMPREGNATION), VOLTAGE (LOW AND MEDIUM), AND END USE (INDUSTRIAL, COMMERCIAL, AND OTHERS) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031

THE OTT VIDEO IS THE LARGEST TYPE IN THE GLOBAL MARKET

Based on technology, the cast resin segment is estimated to have a significant revenue share in the target market during the forecast period. In high moisture-prone environments, cast resin dry style transformers (CRT) are used. It is due to the fact that the main and secondary windings are encapsulated in epoxy resin. This encapsulation prevents moisture from entering and causing damage to the winding material. This cast resin encapsulation provides complete protection, allowing the transformer to operate without interruption in a high-moisture environment. As a result, this transformer is non-hygroscopic. The twists of a vacuum pressure impregnated transformer (VPI) are shielded with the least amount of combustible material possible. This transformer's windings are concentrated in a continuous sheet of strip. However, for higher voltages, the winding is made of disks attached in series or parallel depending on the power rating in relation to voltage level.

DURING THE FORECAST PERIOD, THE DRY TYPE TRANSFORMER MARKET FOR INDUSTRIAL IS EXPECTED TO REPORT THE HIGHEST CAGR IN THE GLOBAL MARKET

Dry type transformers have some drawbacks over liquid-filled transformers, limiting the dry type transformer market's expansion. In comparison to liquid transformers such as oil-immersed transformers, dry style transformers such as cast resin transformers have comparatively low heat dissipation efficiency, while oil radiators have better heat dissipation performance. Dry type transformers are costlier than oil-immersed transformers due to their complex design. These factors are likely to limit the adoption of dry style transformers, stifling market development. Additionally, the introduction of solid-state transformers as a substitute for traditional transformers is expected to restrict demand growth during the forecast period.

ASIA-PACIFIC DRY TYPE TRANSFORMER MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD

In 2020, the Asia Pacific region reported for the major market share and is expected to rise at the fastest CAGR during the estimate period. Over the projected era, the increasing need to update and upgrade the current delivery network to satisfy the growing demand for electricity would drive the growth of the dry transformer industry. The growing population, along with improvements in lifestyle, is causing an increase in energy demand. This has a positive impact on the market's growth as well. Asia Pacific's main markets are China, India, Japan, and Singapore. China is one of the region's most important economies.

North America is the world's second-largest market for dry transformers. The region's high investment in transmission and distribution networks has created a broad scope for electrical components.

Google, Eaton Corporation, WEG, GE, Schneider Electric, CG, Raychem, Siemens, Toshiba, ABB, Abaft, Bharat Heavy Electricals Limited are just a few of the market's major players.