North America Dry Type Transformer Market was valued at USD 6.8 billion in 2024 and is estimated to grow at a CAGR of 8.5% to reach USD 15.5 billion by 2034. The market is being propelled by increasing investments in renewable energy integration, stringent safety and environmental regulations, and the rising demand for energy-efficient power distribution infrastructure. Unlike oil-filled transformers, dry type transformers eliminate the risk of fire hazards and environmental contamination, making them ideal for indoor and environmentally sensitive applications.
Growing emphasis on grid reliability, modernization, and decentralized power systems—especially across commercial and industrial sectors—is accelerating adoption. Additionally, dry type transformers offer low maintenance requirements and enhanced operational safety, which is crucial in data centers, hospitals, metro stations, and other high-risk environments. Government incentives promoting smart grids and carbon-neutral utilities are further supporting market expansion across North America.
Based on core design, the closed core segment led the North America dry type transformer market in 2024, generating USD 3.3 billion in revenue. Closed core transformers offer better magnetic flux control and efficiency, making them suitable for high-performance applications in industrial facilities and power distribution substations. Their robust insulation and heat dissipation capabilities ensure operational reliability under high load conditions. As utilities and private firms look to minimize energy losses and enhance transformer longevity, demand for closed core units is expected to remain high throughout the forecast period.
By technology, the self-air (AN) segment held a dominant share of the market in 2024, accounting for USD 3.4 billion. The self-air cooling method eliminates the need for additional fans or cooling systems, making these units more cost-effective and eco-friendly. Their silent operation and minimal maintenance appeal to a broad range of applications, including urban infrastructure, institutional buildings, and residential complexes. Rising installation of rooftop solar systems and localized power distribution grids is also boosting the demand for compact, self-cooled dry type transformers.
Among product types, vacuum pressure impregnated (VPI) transformers emerged as the top contributor in 2024, valued at USD 2.7 billion. These transformers are characterized by superior insulation performance, enhanced thermal conductivity, and strong resistance to moisture and contamination. Their ability to function in harsh environmental conditions makes them suitable for mining, marine, and offshore applications. The expanding footprint of electric vehicle (EV) charging infrastructure and renewable energy projects is expected to spur further adoption of VPI transformers across North America.
The United States dominated the North America dry type transformer market in 2024, generating USD 4.6 billion in revenue. The country's leadership position is supported by ongoing upgrades to aging grid infrastructure, increased renewable energy deployment, and federal programs incentivizing domestic manufacturing of electrical components. Utility-scale projects and commercial real estate developments are increasingly incorporating dry type transformers for safer, more efficient energy distribution. Leading utilities and energy developers are aligning their infrastructure strategies with Department of Energy (DOE) efficiency standards, which is further catalyzing market growth.
Prominent companies in the North America dry type transformer market include ABB Ltd., Siemens AG, Schneider Electric, Eaton Corporation, and General Electric. These players are investing in advanced insulation materials, modular designs, and smart monitoring features to strengthen their market positions. Strategic initiatives such as localized manufacturing, digital transformer management systems, and partnerships with renewable developers are enabling key manufacturers to capitalize on emerging opportunities across smart cities and clean energy projects.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
- Chapter 2 Industry Insights
- 2.1 Industry ecosystem analysis
- 2.2 Regulatory landscape
- 2.2.1 North America
- 2.2.1.1 National Electrical Code (NEC), NFPA 70
- 2.2.1.1.1 Article 450 - Transformers and Transformer Vaults
- 2.2.1.1.2 Article 240 - Overcurrent Protection
- 2.2.1.1.3 Article 250 - Grounding and Bonding
- 2.2.1.1.4 Article 110 - General Requirements for Electrical Installations
- 2.2.1.1.5 Fire Protection and Safety Measures
- 2.2.1.2 U.S.
- 2.2.1.2.1 U.S. Department of Energy (DOE) - 10 CFR Part 431
- 2.2.1.2.2 National Electrical Code (NEC), NFPA 70
- 2.2.1.2.3 Occupational Safety and Health Administration (OSHA) - 29 CFR 1910 Subpart S
- 2.2.1.2.4 Minimum Energy Performance Standards (MEPS)
- 2.2.1.2.5 Energy performance specification for transformers
- 2.2.1.2.6 Unified Facilities Guide Specification
- 2.2.1.2.7 Medium Voltage Dry Final Rule
- 2.2.1.2.7.1 Electrical Efficiencies for All Medium Voltage Dry Type Distribution Transformer Equipment Classes (Compliant from January 2016)
- 2.2.1.2.7.2 Electrical Efficiencies for All Low Voltage Dry Type Distribution Transformer Equipment Classes (Compliant from January 2016
- 2.2.1.2.8 Electricity reliability Standards
- 2.2.1.2.10 Institute of Electrical and Electronics Engineers
- 2.2.1.2.11 Location and Arrangement of Transformers and Regulators
- 2.2.1.2.11.1 Outdoor Installations
- 2.2.1.2.11.2 Indoor Installations
- 2.2.1.2.11.3 Short-Circuit Protection of Transformers
- 2.2.1.2.11.4 Standards
- 2.2.1.3 Canada
- 2.2.1.3.1 Minimum Energy Performance Standards (MEPS)
- 2.2.1.3.2.1 Energy performance specifications for transformers
- 2.2.1.3.3 CAN/CSA C
- 802.2-18
- 2.2.1.3.4 CAN/CSA C
- 22.2 NO. 47-13 (R2018)
- 2.2.1.3.5 CSA C9-2002 (R2016)
- 2.2.1.3.6 Energy Efficiency Regulations, 2016 (SOR/2016-311)
- 2.2.1.3.7 Dry-type transformer normal impedance ranges
- 2.2.1.3.8 Energy efficiency performance standard for dry-type transformers
- 2.2.1.3.9 Energy efficiency performance standard for three-phase dry-type transformers
- 2.2.1.4 Mexico
- 2.2.1.4.1 Norma Oficial Mexicana (NOM-002-SEDE-2010)
- 2.2.1.4.2 Norma Oficial Mexicana (NOM-058-SCFI-2017)
- 2.2.1.4.3 Reglamento de la Ley de la Industria Eléctrica
- 2.2.1.4.4 SecretarÃa de EnergÃa (SENER) Energy Efficiency Regulations
- 2.2.1.4.5 Standards
- 2.3 Industry impact forces
- 2.3.1 Growth drivers
- 2.3.1.1 Refurbishment demand for existing grid infrastructure
- 2.3.1.2 Rising infrastructural spending
- 2.3.2 Industry pitfalls & challenges
- 2.3.2.1 High initial cost
- 2.4 Growth potential analysis
- 2.5 Porter's Analysis
- 2.5.1 Bargaining power of suppliers
- 2.5.2 Bargaining power of buyers
- 2.5.3 Threat of new entrants
- 2.5.4 Threat of substitutes
- 2.6 PESTEL Analysis
- Chapter 3 Competitive Landscape, 2025
- 3.1 Introduction
- 3.2 Strategy dashboard
- 3.2.1 Eaton
- 3.2.1.1 Investment
- 3.2.1.2 Collaboration
- 3.2.1.3 Acquisition
- 3.2.1.4 Research & Development
- 3.2.2 General Electric
- 3.2.2.1 Investment
- 3.2.2.2 Expansion
- 3.2.2.3 Order/Supply
- 3.2.2.4 Joint Venture
- 3.2.3 Hitachi Energy Ltd.
- 3.2.3.1 Investment
- 3.2.3.2 Expansion
- 3.2.4 SGB SMIT
- 3.2.4.1 Acquisition
- 3.2.5 Siemens Energy
- 3.2.5.1 Investment
- 3.2.6 TMC Transformers S.P.A.
- 3.2.6.1 Expansion
- 3.2.7 WEG
- 3.2.7.1 Supply
- 3.2.7.2 Collaboration
- 3.2.7.3 Expansion
- 3.3 Innovation & sustainability landscape
- 3.3.1 Siemens Energy
- 3.3.2 Hitachi Energy Ltd.
- 3.3.3 SGB SMIT
- Chapter 4 Market, By Core
- 4.1 Key trends
- 4.2 Closed
- 4.3 Shell
- 4.4 Berry
- Chapter 5 Market, By Technology
- 5.1 Key trends
- 5.2 Self air
- 5.3 Air blast
- Chapter 6 Market, By Insulation
- 6.1 Key trends
- 6.2 Class R
- 6.3 Class H
- 6.4 Class F
- 6.5 Class B
- 6.6 Class A
- Chapter 7 Market, By Product
- 7.1 Key trends
- 7.2 Open wound
- 7.3 Cast resin
- 7.4 Vacuum Pressure Impregnated (VPI)
- 7.5 Vacuum Pressure Encapsulated (VPE)
- Chapter 8 Market, By Winding
- 8.1 Key trends
- 8.2 Two-winding
- 8.3 Auto transformers
- Chapter 9 Market, By Rating
- 9.1 Key trends
- 9.2 ⤠5 MVA
- 9.3 > 5 MVA to ⤠30 MVA
- 9.4 > 30 MVA
- Chapter 10 Market, By Mounting
- 10.1 Key trends
- 10.2 Pad-mounted
- 10.3 Pole-mounted
- 10.4 Others
- Chapter 11 Market, By Application
- 11.1 Key trends
- 11.2 Industries
- 11.3 Inner-city substations
- 11.4 Indoor/underground substations
- 11.5 Renewable generation
- 11.6 Others
- Chapter 12 Market, By Country
- 12.1 Key trends
- 12.2 U.S.
- 12.3 Canada
- 12.4 Mexico
- Chapter 13 Company Profiles
- 13.1 Bharat Heavy Electricals Limited
- 13.1.1 Company overview
- 13.1.2 Market/Business overview
- 13.1.3 Financial data
- 13.1.4 Product landscape
- 13.1.5 SWOT analysis
- 13.2 CG Power and Industrial Solutions Ltd.
- 13.2.1 Company overview
- 13.2.2 Market/Business overview
- 13.2.3 Financial data
- 13.2.4 Product landscape
- 13.2.5 SWOT analysis
- 13.3 Eaton
- 13.3.1 Company overview
- 13.3.2 Market/Business overview
- 13.3.3 Financial data
- 13.3.4 Product landscape
- 13.3.5 Strategic outlook
- 13.3.6 SWOT analysis
- 13.4 Fuji Electric Co., Ltd.
- 13.4.1 Company overview
- 13.4.2 Market/Business overview
- 13.4.3 Financial data
- 13.4.4 Product landscape
- 13.4.5 SWOT analysis
- 13.5 General Electric Company
- 13.5.1 Company overview
- 13.5.2 Market/Business overview
- 13.5.3 Financial data
- 13.5.4 Product landscape
- 13.5.5 Strategic outlook
- 13.5.6 SWOT analysis
- 13.6 Hitachi Energy Ltd.
- 13.6.1 Company overview
- 13.6.2 Market/Business overview
- 13.6.3 Financial data
- 13.6.4 Product landscape
- 13.6.5 Strategic outlook
- 13.6.6 SWOT analysis
- 13.7 Instrument Transformer Equipment Corporation (ITEC)
- 13.7.1 Company overview
- 13.7.2 Market/Business overview
- 13.7.3 Financial data
- 13.7.4 Product landscape
- 13.7.5 SWOT analysis
- 13.8 Kirloskar Electric Company
- 13.8.1 Company overview
- 13.8.2 Market/Business overview
- 13.8.3 Financial data
- 13.8.4 Product landscape
- 13.8.5 SWOT analysis
- 13.9 SGB SMIT
- 13.9.1 Company overview
- 13.9.2 Market/Business overview
- 13.9.3 Financial data
- 13.9.4 Product landscape
- 13.9.5 Strategic outlook
- 13.9.6 SWOT analysis
- 13.10 Schneider Electric
- 13.10.1 Company overview
- 13.10.2 Market/Business overview
- 13.10.3 Financial data
- 13.10.4 Product landscape
- 13.10.5 SWOT analysis
- 13.11 Siemens Energy
- 13.11.1 Company overview
- 13.11.2 Market/Business overview
- 13.11.3 Financial data
- 13.11.4 Product landscape
- 13.11.5 Strategic outlook
- 13.11.6 SWOT analysis
- 13.12 TMC Transformers S.P.A.
- 13.12.1 Company overview
- 13.12.2 Market/Business overview
- 13.12.3 Financial data
- 13.12.4 Product landscape
- 13.12.5 Strategic outlook
- 13.12.6 SWOT analysis
- 13.13 Toshiba Energy Systems & Solutions Corporation
- 13.13.1 Company overview
- 13.13.2 Market/Business overview
- 13.13.3 Financial data
- 13.13.4 Product landscape
- 13.13.5 SWOT analysis
- 13.14 WEG
- 13.14.1 Company overview
- 13.14.2 Market/Business overview
- 13.14.3 Financial data
- 13.14.4 Product landscape
- 13.14.5 Strategic outlook
- 13.14.6 SWOT analysis
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