PUBLISHER: The Business Research Company | PRODUCT CODE: 1852416
PUBLISHER: The Business Research Company | PRODUCT CODE: 1852416
Dry-type transformers are a category of electrical transformers that rely on air for cooling, with their windings protected by solid insulation materials such as epoxy resin or varnish. This type of insulation provides strong resistance against moisture, dust, and other environmental factors. These transformers are engineered to enhance safety, minimize environmental impact, and ensure operational reliability, while also lowering the maintenance requirements typically associated with liquid-filled transformers.
The primary varieties of dry-type transformers include open-type transformers, closed-type transformers, cast resin transformers, and transformers with non-corrosive insulation. Open-type transformers have windings and cores exposed to air without a full enclosure. They come in various voltage ratings, including low, medium, and high voltage, and are available in both single-phase and three-phase designs. These transformers are commonly used in multiple settings, such as industrial facilities, urban substations, indoor and underground substations, and renewable energy installations, supporting diverse end-users across industrial, commercial, and utility sectors.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid rise in U.S. tariffs and the subsequent trade frictions in spring 2025 are having a major impact on the electrical and electronics sector, with semiconductors, display panels, and rare-earth metals (essential for batteries and motors) subject to steep duties. Consumer electronics brands face profit erosion, as competitive markets limit their ability to pass costs to buyers. Industrial electronics manufacturers, meanwhile, grapple with delayed projects due to shortages of tariff-impacted components like printed circuit boards. Companies are responding by relocating assembly to tariff-exempt countries, increasing inventory buffers, and redesigning products to reduce dependency on restricted materials.
The dry-type transformer market research report is one of a series of new reports from The Business Research Company that provides dry-type transformer market statistics, including dry-type transformer industry global market size, regional shares, competitors with a dry-type transformer market share, detailed dry-type transformer market segments, market trends and opportunities, and any further data you may need to thrive in the dry-type transformer industry. This dry-type transformer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The dry-type transformer market size has grown strongly in recent years. It will grow from $6.57 billion in 2024 to $7.10 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%. The growth observed during the historic period can be credited to the increasing adoption of transformer solutions in underground metro rail systems, expanding use in offshore wind substations, growing demand for power infrastructure, rising application in tunnel ventilation and lighting systems, and the proliferation of electric vehicles.
The dry-type transformer market size is expected to see strong growth in the next few years. It will grow to $9.55 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The projected growth during the forecast period can be attributed to the expansion of renewable energy installations, rising demand for fire-safe and environmentally friendly transformers, increasing adoption in remote and rural electrification projects, growing investments in smart grid infrastructure, and accelerating urbanization. Key trends expected during this period include advancements in fire-resistant insulation materials, the development of compact and modular transformer designs, innovations in smart monitoring and diagnostic systems, integration with renewable energy grids, and the creation of eco-friendly, oil-free transformer solutions.
The expansion of renewable energy infrastructure is anticipated to boost the growth of the dry-type transformer market in the coming years. Renewable energy infrastructure includes the systems and facilities used to generate and distribute electricity from sustainable sources such as solar, wind, and hydropower. This expansion is fueled by the increasing global demand for clean energy, aimed at reducing carbon emissions, addressing climate change, and meeting rising electricity requirements. Dry-type transformers play a key role in supporting renewable energy systems by enabling the safe and efficient integration of wind and solar power into the grid, offering low maintenance, minimal fire risk, and improved environmental sustainability. For example, according to the World Resources Institute, U.S. solar power installations reached 39.6 gigawatts (GW) in 2024, up from 27.4 GW in 2023, increasing the total capacity to around 220 GW and supplying over 7% of the nation's electricity. Consequently, the growth of renewable energy infrastructure is a significant driver of the dry-type transformer market.
Leading companies in the dry-type transformer market are emphasizing the development of advanced products, such as compact dry-type pole-mounted transformers, to improve energy efficiency and support dependable power distribution in urban and industrial environments. Compact dry-type pole-mounted transformers are small-sized units installed on poles that use dry insulation instead of liquid coolants, enabling safe and efficient electricity delivery. For example, in April 2022, Siemens Energy, a Germany-based automation company, launched CAREPOLE, a next-generation, single-phase, dry-type pole-mounted transformer. CAREPOLE is designed as a safer, maintenance-free, and eco-friendly alternative to conventional oil-filled transformers. It features a compact cast-resin enclosure that offers high resistance to weather, fire, and environmental hazards. Its robust construction protects against theft and corrosion, ensures a service life exceeding 25 years, and enhances the reliability of power distribution, an essential factor for modern grids facing climate extremes and growing renewable energy integration.
In December 2022, Electric Research and Manufacturing Cooperative, Inc. (ERMCO), a U.S.-based manufacturer of liquid-filled distribution transformers and power solutions, acquired Spire Power Solutions L.P. for an undisclosed sum. Through this acquisition, ERMCO aims to enhance its production capacity for distribution transformers and broaden its product portfolio, particularly targeting critical renewable energy and data center markets. This strategic move strengthens ERMCO's position as a transformer manufacturer and supports the growing needs of the utility sector and the modernization of power infrastructure in North America. Spire Power Solutions is a U.S.-based producer of dry-type transformers.
Major players in the dry-type transformer market are Hitachi Energy Ltd., General Electric Company, Schneider Electric SE, Siemens Energy AG, ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Delta Electronics Inc., Fuji Electric Co. Ltd., WEG S.A., Hubbell Incorporated, Hyundai Electric & Energy Systems Co. Ltd., CG Power and Industrial Solutions Limited, Kirloskar Electric Company Limited, Hammond Power Solutions Inc., JST Power Equipment Inc., Neeltran Inc., Hanley Energy Limited, Alfanar International Holding Company Limited, Jaybee Industries Private Limited.
Asia-Pacific was the largest region in the dry-type transformer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in dry-type transformer report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the dry-type transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The dry-type transformer market consists of sales of harmonic mitigating dry-type transformers, autotransformers, isolation dry-type transformers, k-rated dry-type transformers, and control dry-type transformers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Dry-Type Transformer Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on dry-type transformer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for dry-type transformer ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The dry-type transformer market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.