The global dry type transformer market is expected to grow at a compound annual growth rate of 3.83% over the forecast period to reach a market size of US$7.531 billion in 2026 from US$5.790 billion in 2019.

A cast resin dry type transformer is a type of transformer which never uses any insulating liquid where its winding or core are immerged in liquid. Rather, the windings and core are kept within a sealed tank that is pressurized with air. A dry-type transformer does not have any rotating parts; it is a motionless device that utilizes eco-friendly temperature insulation systems. This type of transformer is also named as “cast resin type transformers”. It is used in various commercial, industrial, as well as utility applications. Conventional liquid-type transformers are dependent on materials such as fire or oil resilient liquid dielectric. A dry type transformer is termed as “voltage changing,” which signifies that in this type the air gets cooled rather than cooling the liquid. The case in which the transformer is placed has proper ventilation; hence proper ventilation results in cooling of coils due to the air inside the case. Dry-type transformers, unlike conventional liquid transformers, are not required to be kept inside catch basins or fire-resistant vaults, and no toxic gases are released from them. As dry-type transformers are highly safe, they can be installed indoors as well as nearby loads, making the whole system more competent. Dry-type transformers are generally used in small as well as medium-voltage applications in electric devices, and are perfect for the industrial, utility, and commercial applications. Moreover, they have copper or aluminium windings that are covered with varnish.

The global market is driven by its wide applicability in the distribution of electricity. The expansion of electricity distribution network across the globe and rapid industrialization in developing countries drive the dry type transformer market growth. Heavy to small scale industries employ machineries that have specific voltage requirement. Some industries, such as oil & gas, mining, and marine have specialized voltage requirements, as fire safety is important in these sectors. In an effort to reduce the dependence of coal-based electricity generation, countries have agreed to increase the adoption of renewable energy generation in the total electricity produced. Dry type transformers are replacing wet transformers in the renewable energy sector due to their safety and design aspects. Safety accounts for greater significance in energy sector meaning that dry type transformer is becoming a transformer of choice in cleaner energy segment that offer extended protection. This is a major driving force for the global market.