Global Dry Type Transformer Market Size, Share, and COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, High Voltage), By End-use (Industrial, Commercial, Utilities, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Dry Type Transformer Market Size Summary

The Global Dry Type Transformer Market Size Was Estimated at USD 6.18 Billion in 2024 and is Projected to Reach USD 12.48 Billion by 2035, Growing at a CAGR of 6.6% from 2025 to 2035. The market for dry-type transformers is expanding due to the need for low-maintenance, eco-friendly, and fire-safe power solutions; growing urbanisation; the integration of renewable energy; and strict safety standards in the commercial, residential, and industrial sectors.

Key Regional and Segment-Wise Insights

• In 2024, the Asia Pacific dry-type transformer market held the largest revenue share of 50.2% and dominated the global market.
• In 2024, the medium voltage segment held the highest revenue share of 45.2% and dominated the global market by voltage.
• With the biggest revenue share of 40.7% in 2024, the industrial segment led the worldwide dry-type transformer market by end use.

Global Market Forecast and Revenue Outlook

• 2024 Market Size: USD 6.18 Billion
• 2035 Projected Market Size: USD 12.48 Billion
• CAGR (2025-2035): 6.6%
• Asia Pacific: Largest market in 2024

The Dry-type transformer market operates without liquid insulation because it functions through air or solid insulation systems. These transformers function in utility applications, as well as commercial and industrial environments, which need reliable operation and environmental protection, and fire safety standards. The main drivers for this development include urban growth and the need to create secure power distribution systems that operate efficiently. The implementation of renewable energy facilities. The products function well in environmental settings because they offer protection against severe weather conditions while maintaining low fire risk and requiring minimal maintenance. The industry experiences growth because power generation shifts to distributed systems and because smart grid infrastructure requires higher investment spending.

The dry-type transformer market experiences substantial changes because of technological advancements in the field. The performance, efficiency, and durability of these transformers improved through the combination of cast resin and vacuum pressure impregnated (VPI) technology. Manufacturers now concentrate their efforts on creating small and quiet, power-efficient products which serve contemporary energy requirements. The government promotes eco-friendly, fire-resistant equipment through two initiatives which support grid modernisation. These initiatives promote energy efficiency standards to expand their usage. The deployment of dry-type transformers continues to rise because of policies which promote renewable energy systems.

Voltage Insights

The medium voltage segment leads the dry type transformer market with the largest revenue share of 45.2% in 2024. The extensive use of medium voltage dry type transformers in commercial, industrial, and utility applications is responsible for this dominance. The transformers operate at voltage levels between 1kV and 69kV, which makes them suitable for power distribution in manufacturing plants and data centres, hospitals, and infrastructure projects. They are favoured over oil-filled substitutes due to their small size, improved safety features, and reduced maintenance requirements. The demand for medium voltage dry type transformers continues to rise because these transformers provide reliable power distribution solutions for expanding urban regions and smart grid systems.

The dry-type transformer market's low-voltage segment is expected to grow at a significant CAGR during the forecasted period. The main factor driving this expansion stems from the increasing requirement for compact power distribution systems, which serve small industrial, commercial, and residential applications that need energy efficiency. The safety features, reduced fire hazards, and simple installation process of low-voltage dry-type transformers make them ideal for power distribution systems, HVAC, and lighting applications. The fast growth of urban infrastructure, together with smart buildings and data centres, drives up the need for low-voltage transformers. The market expansion will receive additional support from government policies that promote sustainable building practices. These policies promote energy efficiency standards during the forecasted time frame.

End Use Insights

The industrial segment leads the dry-type transformer market with the largest revenue share of 40.7% in 2024. The power distribution systems maintain their leading position because industries such as manufacturing, mining, oil and gas, chemicals, and power generation need reliable and effective power distribution systems. Dry-type transformers find industrial applications because they provide enhanced safety features while needing minimal maintenance and operate safely in wet environments without creating fire risks or oil leaks. The growing industrial sector in developing nations, together with increasing electrification and automation projects, drives up the demand for this solution. The ongoing growth of this market segment results from its need to maintain a continuous energy supply while optimising power consumption.

The utility segment of the dry-type transformer market will experience significant growth during the forecast period because power infrastructure and grid modernisation investments continue to rise. Utilities need dry-type transformers because they want to enhance energy efficiency while reducing transmission losses and maintaining uninterrupted power delivery. The transformers deliver essential advantages for substations and distribution networks through their safety improvements, environmentally friendly operations, and maintenance simplicity. The market growth receives additional support from the growing adoption of wind and solar renewable energy systems within utility networks. The utilities industry will experience major growth because government programs support electrical infrastructure modernisation and energy-efficient technology deployment.

Regional Insights

North America held the 20.3% revenue share of the dry-type transformer market globally. The industrial growth of the area, together with its power system development and increasing need for safe and efficient electrical equipment, drives this market expansion. Dry-type transformers have gained rising popularity because they serve multiple industrial applications in manufacturing facilities, commercial structures, and renewable power systems. The market growth receives support because utilities dedicate themselves to modernising their grid systems while they implement energy-saving technology. The transition from oil-filled to dry type transformers is also fueled by government rules that prioritise environmental preservation and fire safety. North America continues the market growth because it maintains ongoing investments in clean energy systems. Smart grid technology also contributes to this growth.

Asia Pacific Dry Type Transformer Market Trends

The Asia Pacific dry type transformer market led globally by holding the largest revenue share of 50.2% in 2024. The market leads because major economies, including China, India, Japan, and South Korea, invest heavily in energy and infrastructure projects during their rapid urbanisation and industrialisation phases. The growing manufacturing sector, power generation facilities, and construction activities across the region create a strong need for secure and dependable power distribution systems. Dry-type transformers receive recommendations because they operate with environmental safety standards and need little upkeep. They deliver fire safety capabilities. The adoption process moves faster because government programs support both smart grid development and renewable energy system connections. The Asia Pacific region dominated the global dry-type transformer market because of increasing energy needs and ongoing transmission and distribution system modernisation.

Europe Dry Type Transformer Market Trends

The European dry-type transformer market is expected to grow at a significant CAGR over the forecasted period, because of rising requirements for secure, environmentally sustainable power distribution systems, which also need to be energy-efficient. The region supports dry-type transformer implementation through its environmental initiatives and strict fire safety and emissions standards. The market continues to grow because the UK, France, and Germany put their money into smart grid systems, renewable energy projects and infrastructure development. The rising demand for electricity because of electric vehicle adoption and charging station expansion supports transformer deployment. The market will keep expanding because of technological advancements. The need for reliable power systems in urban and industrial settings supports this growth.

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

Recent Developments

• In April 2025, Eaton strengthened its partnership with Jiangsu Ryan Electrical Co. Ltd. by opening a cutting-edge transformer production facility in Hai'an, Jiangsu, China.  This facility supports the global transition to smart electrification by integrating IoT and smart manufacturing technologies.  The opening demonstrates Eaton's dedication to promoting energy transition projects and enhancing its market share in Asia.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Decision Advisors has segmented the dry-type transformer market based on the below-mentioned segments:

Global Dry Type Transformer Market, By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

Global Dry Type Transformer Market, By End Use

• Industrial
• Commercial
• Utilities
• Others

Global Dry Type Transformer Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa