Riding the wave of robust urban and infrastructure development, the cast resin dry type transformer industry size has witnessed substantial growth. The market, which was valued at $4.2 billion in 2024, is projected to touch $4.48 billion in 2025, thanks to a compound annual growth rate (CAGR) of 6.7%. With the expansion of smart grid systems, electric vehicle initiatives, and electrified public transportation systems, the market is expected to swell up to $5.9 billion by 2029 at a CAGR of 7.1%.
What Are The Key Drivers Of The Cast Resin Dry Type Transformer Market?
The soaring demand for electricity is a key driver for the cast resin dry type transformer market. These transformers are instrumental in converting the voltage of the current to align with industry specifications. They are extensively used in electrical applications such as reducing the voltage of electric current for low-voltage devices or increasing the voltage of electric current for long-distance transportation. According to a report by Exxon Mobil Corporation from October 2022, the global electricity demand is projected to increase by 1.8% per annum, hitting almost 50% by 2050. This rising demand for electricity will fuel the growth of the cast resin dry type transformer market in the coming years.
What Are The Key Segments Of The Cast Resin Dry Type Transformer Market?
The market is segmented by:
1) Type– Converter Transformer, Rectifier Transformer
2) Cooling Type– Natural Air Cooling, Forced Air Cooling
3) Phase– Single Phase, Three Phase
4) Voltage– Low Voltage, Medium Voltage
5) Application– Industrial, Commercial, Other Applications
Which Companies Are Dominating The Cast Resin Dry Type Transformer Market?
Major market players 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, Hyundai Heavy Industries Corporation, Legrand SA, and more.
Which Are The Emerging Trends In The Cast Resin Dry Type Transformer Market?
The introduction of dry-type single-phase transformers is an emerging trend in the market. These transformers, which do not use liquid insulating or cooling substances like oil, transfer electrical energy between two voltage levels in a single-phase electrical system. In April 2022, Siemens Energy AG introduced CAREPOLE, a dry-type single-phase transformer for pole applications in the US. This cast-resin transformer offers enhanced fire safety and lowers environmental concerns, thus marking a useful innovation in the industry.
Which Region Holds The Highest Market Share In The Cast Resin Dry Type Transformer Industry?
The largest region in the cast resin dry type transformer market in 2024 was Asia-Pacific, followed by Western Europe, North America, Eastern Europe, South America, the Middle East, and Africa. North America is predicted to be the fastest-growing region in the forecast period.
What Is Cast Resin Dry Type Transformer Market?
A cast resin dry type transformer is a dry transformer that does not use liquid for insulation with the primary and secondary windings encapsulated with epoxy resin. The cast resin protects against severe ambient conditions and is generally smaller and lighter. These transformers are used in commercial, industrial, and residential settings for indoor and outdoor applications. They are superior in terms of impulse voltage withstand strength compared to traditional dry type transformers.
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