Market Size of Dry-Type Transformer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Dry-Type Transformers Market Analysis
The dry-type transformer market is expected to register a CAGR of more than 6% during the forecast period.
The dry-type market was adversely affected by COVID-19 due to disruptions in the supply chain. However, the market rebounded in 2022.
- Factors such as growing electricity demand, the integration of renewable-based power generation, and increasing investments in the transmission and distribution (T&D) network globally are expected to drive the market during the forecast period.
- However, the advantages that oil-cooled transformers offer over dry-type transformers are expected to slightly restrain the growth of the market during the forecast period.
- The increasing rate of electrification in African and Asian countries provides immense opportunities for the market to grow in the coming years.
- Asia-Pacific was the dominant region for the market in 2022, owing to the growing population and industrialization that caused a rise in electricity demand.
