Dry Type Transformer Market at $29.55 Billion in 2032 (9.1% CAGR)

Dry Type Transformer Market Size Worth $29.55 Billion By 2032 | CAGR: 9.1%

The global dry type transformer market size is expected to reach USD 29.55 billion by 2032, according to a new study by Polaris Market Research. The report “Dry Type Transformer Market Share, Size, Trends, Industry Analysis Report, By Technology (Cast Resin, Vacuum Pressure Impregnation); By Voltage; By Phase; By End-User; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global dry type transformer market is primarily propelled by its extensive utility in electricity distribution. The expansion of electricity distribution networks worldwide and the rapid industrialization in emerging economies are key drivers of growth in the dry type transformer market. Various industries, spanning from heavy to small-scale, employ machinery with specific voltage requirements.

Industries such as mining, oil and gas, and marine demand specialized voltage solutions, particularly given their emphasis on fire safety. To decrease dependence on coal power generation, many countries have committed to increasing renewable energy adoption in their electricity mix. Also, these transformers are gradually replacing oil-immersed ones in the renewable energy sector owing to their enhanced safety and design features. Safety holds paramount significance in the energy sector, making dry type transformers the preferred choice in the clean energy segment, offering extended safeguard. This significant shift represents a major driving force for the global market.

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The dry-type transformer market experienced setbacks from COVID-19-induced disruptions in the supply chain, but it saw a resurgence in 2022. Anticipated drivers for the market in the forecast period include escalating electricity demand, the incorporation of renewable energy sources, and amplified investments in global transmission and distribution networks.

 However, the advantages of oil-cooled transformers may slightly impede market growth. The swift pace of electrification in African and Asian nations presents substantial growth prospects. In 2022, Asia-Pacific emerged as the dominant region for the market, attributed to surging population and industrialization driving heightened electricity needs.

Dry Type Transformer Market Report Highlights

  • Cast resin segment is expected to grow at a highest CAGR during the projected period, on account of increasing operational activity
  • Medium voltage segment accounted for largest market share in 2022, which is mainly driven by cost-effectiveness, higher performance, and flexibility
  • Single phase segment is expected to witness highest growth during forecast period
  • Industrial segment held the significant market revenue share in 2022, mainly due to better power efficiency, and low operating costs
  • Asia Pacific region dominated the market with majority share in 2022, owing to exponential growth in the technology and rising R&D investments across emerging economies
  • The global key market players include ABB Ltd., CG Power and Industrial Solutions Limited, Eaton Corporation plc, General Electric Company, Hammond Power Solutions Inc., Hitachi, Ltd.

Polaris Market Research has segmented the dry type transformer market report based on technology, voltage, phase, end-user, and region:

Dry Type Transformer, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Cast Resin
  • Vacuum Pressure Impregnation

Dry Type Transformer, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

  • Low
  • Medium
  • High

Dry Type Transformer, Phase Outlook (Revenue - USD Billion, 2019 - 2032)

  • Single phase
  • Three phase

Dry Type Transformer, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Commercial
  • Industrial
  • Others

Dry Type Transformer, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Dry Type Transformer Market Report Scope

Report Attributes


Market size value in 2024

USD 14.67 billion

Revenue forecast in 2032

USD 29.55 billion


9.1% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Technology, By Voltage, By Phase, By End-User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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