Cast Resin Dry Type Transformer Global Market Report 2024

A cast resin dry-type transformer is an insulation-sealed transformer that eliminates the need for liquid insulation by encapsulating its primary and secondary windings with epoxy resin. The use of cast resin provides protection against adverse environmental conditions, and these transformers are generally more compact and lighter than their counterparts. They find applications in diverse settings, including commercial, industrial, and residential environments, both indoors and outdoors. Cast coil transformers exhibit superior impulse voltage withstand strength compared to traditional dry-type transformers, facilitating the conversion of alternating current from one voltage to another.

Two main categories of cast resin dry-type transformers are converter transformers and rectifier transformers. Converter transformers are employed in industries for converting alternating current (AC) to direct current (DC). Cooling options for these transformers include natural air cooling and forced air cooling. The phases of cast resin dry-type transformers encompass single phase, three phase, and low voltage, as well as medium voltage. These transformers serve various applications in industrial, commercial, and other sectors.

The cast resin dry type market research report is one of a series of new reports that provides cast resin dry type market statistics, including cast resin dry type industry global market size, regional shares, competitors with a cast resin dry type market share, detailed cast resin dry type market segments, market trends and opportunities, and any further data you may need to thrive in the cast resin dry type industry. This cast resin dry type market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cast resin dry type transformer market size has grown strongly in recent years. It will grow from $3.98 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be ascribed to several factors, including the growth of urban areas and infrastructure development, a heightened emphasis on energy efficiency and conservation practices, the proliferation of data centers and IT infrastructure, the widespread adoption of industrial automation and robotics, and an overall increase in economic growth.

The cast resin dry type transformer market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. Anticipated growth in the forecast period can be attributed to various factors, including the development of smart grid systems, the expansion of electric vehicles, growing support for sustainable and green energy initiatives, the extension of electrified public transportation systems, and increased infrastructure development. Noteworthy trends expected in the forecast period encompass the integration of digital technologies, electrification projects in emerging markets, the incorporation of IoT (Internet of Things), adoption of advanced transformer technologies, and ongoing technological advancements.

The cast resin dry-type transformer market is poised for growth due to an anticipated increase in electricity demand. Cast resin dry-type transformers play a crucial role in meeting industry voltage specifications, facilitating various electrical applications, including voltage conversion for power circuits and generators. The 2021 International Energy Agency (IEA) report indicates a fivefold increase in electricity demand in 2021 compared to 2020, exceeding 1000 TWh. Furthermore, global electricity demand is projected to grow by 4% in 2022. This surge in electricity demand is expected to drive the cast resin dry-type transformer market in the coming years.

Favorable government policies aimed at enhancing electrification efforts are set to contribute to the growth of the cast resin dry-type transformer market. Governments worldwide are implementing initiatives to boost electrification, driven by factors such as reducing greenhouse gas emissions, enhancing energy security, and ensuring universal access to electricity. For instance, the UK government's 'Net Zero Strategy,' introduced in October 2021, outlines plans to fully decarbonize the electricity system by 2035 as part of broader efforts to achieve net-zero carbon emissions by 2050. This strategy emphasizes the importance of decarbonizing the electricity system, considering the anticipated rise in electricity demand associated with increased use of electric vehicles and electric heat pumps. Consequently, favorable government policies aimed at increasing electrification are expected to propel the cast resin dry-type transformer market in the forecast period.

A noteworthy trend in the cast resin dry-type transformer market is the introduction of dry-type single-phase transformers. These transformers, designed for single-phase electrical systems, transfer electrical energy between two voltage levels without using liquid insulating or cooling substances like oil, as seen in oil-immersed transformers. Siemens Energy AG, a Germany-based energy development company, introduced CAREPOLE, a dry-type single-phase transformer for pole applications in the US in April 2022. The CAREPOLE, characterized by its cast-resin design, offers a stable and environmentally friendly alternative to oil-filled transformers. Notably, its self-extinguishing feature enhances fire safety, eliminating the risk of explosions and significantly reducing environmental concerns associated with oil-based alternatives.

A prominent trend in the cast resin dry-type transformer market is the development of innovative onboard traction transformers with integrated cooling systems. This technology represents a significant leap in electric traction systems, particularly for trains, trams, and other electric vehicles. By integrating the functions of a traction transformer and a cooling system into a single unit, this innovation offers various advantages, including enhanced efficiency, space optimization, and overall performance improvement. For instance, Hitachi Energy, a Switzerland-based company specializing in sustainable energy solutions, introduced RESIBLOC Rail in September 2022. This innovative onboard traction transformer with an integrated cooling system is a notable advancement in dry-type transformers for trains, serving essential functions such as traction, lighting, heating and ventilation, brakes, signaling, and communication.

In October 2021, Prolec GE, a Mexico-based subsidiary of General Electric focused on designing solutions for electrical energy generation, transmission, and distribution, made a strategic acquisition. Prolec GE acquired SPX Transformers, a U.S.-based company specializing in manufacturing dry transformers, transformer components, and providing transformer service solutions. The acquisition, valued at $645 million, empowers Prolec GE with an expanded portfolio of innovative and sustainable solutions, particularly for the distribution of electrical energy in the growing American market. This strategic move positions Prolec GE to offer a wider array of transformative solutions, leveraging SPX Transformers' expertise in the field.

Major companies operating in the cast resin dry type transformer market include Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, ABB Ltd., Bharat Heavy Electricals Limited, Crompton Greaves Limited, Eaton Corporation, Fuji Electric Co. Ltd., General Electric Company, Hammond Power Solutions Inc., Hitachi Ltd., Voltamp Transformers Limited, WEG Industries, Hyosung Heavy Industries Corporation, Legrand SA, PI. CAST-RESIN Sp. z o.o., Power Sp. z o.o., TBEA Co. Ltd., Toshiba Corporation, CG Power and Industrial Solutions Ltd., Efacec Power Solutions SGPS SA, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric Infrastructure Limited, Siemens Limited, SPX Transformer Solutions Inc., Trafomodern Transformatorengesellschaft mbH, Wilson Power Solutions Ltd., Alstom SA, Brush Electrical Machines Ltd.

Asia-Pacific was the largest region in the cast resin dry type transformer market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cast resin dry type market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the cast resin dry type transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The cast resin dry type transformer market consists of sales of electrical transformer, auxiliary, isolation, lightning, excitation and rectifier. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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