Cast Resin Dry Type Transformer Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
A cast resin dry type transformer is a dry type of transformer that does not use liquid for insulation with the primary and secondary windings encapsulated with epoxy resin. The cast resin offers protection against adverse ambient conditions and is generally smaller in dimensions and lighter in weight. They are used in commercial, industrial, and residential settings for indoor and outdoor applications. Cast coil transformers are better in respect of impulse voltage withstand strength compared to conventional dry type transformers. It converts alternating current from one voltage to another voltage.

Sizing and Forecast
The cast resin dry type transformer market size has grown strongly in recent years. It will grow from <b>$3.98 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. </b> The growth in the historic period can be attributed to the growth of urban areas and infrastructure development, increasing focus on energy efficiency and conservation, proliferation of data centers and it infrastructure, expansion of industrial automation and robotics, and increasing 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 <b>$5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. </b> The growth in the forecast period can be attributed to the growth of smart grid systems, electric vehicle expansion, increasing support for sustainable and green energy initiatives, expansion of electrified public transportation systems, and increasing infrastructure development. Major trends in the forecast period include integration of digital technologies, electrification projects in emerging markets, iot integration, adoption of advanced transformer technologies, and technological advancements.

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Segmentation & Regional Insights
The cast resin dry type transformer market covered in this report is segmented –

1) By Type: Converter Transformer, Rectifier Transformer
2) By Cooling Type: Natural Air Cooling, Forced Air Cooling
3) By Phase: Single Phase, Three Phase
4) By Voltage: Low Voltage, Medium Voltage
5) By Application: Industrial, Commercial, Other Applications

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

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Major Driver Impacting Market Growth
An increase in demand for electricity is expected to propel the growth of cast resin dry type transformer market going forward. Cast resin dry type transformers are actively used in converting the voltage of the current to the required industry specifications. They are used for a variety of electrical applications, including lowering the voltage of electric current for traditional power circuits to run low-voltage devices and raising the voltage of electric current present in generators to transport electricity over great distances. For instance, according to the 2021 International Energy Agency (IEA) report, electricity demand will be five times higher in 2021 than it was in 2020, totaling over 1000 TWh. Additionally, global electricity demand is expected to increase by 4% in 2022. Therefore, the increasing demand for electricity will drive the cast resin dry type transformer market during forecast period.

Key Industry Players
Major companies operating in the cast resin dry type transformer market include <b> 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. </b>

The cast resin dry type transformer market report table of contents includes:

1. Executive Summary

2. Cast Resin Dry Type Transformer Market Characteristics

3. Cast Resin Dry Type Transformer Market Trends And Strategies

4. Cast Resin Dry Type Transformer Market – Macro Economic Scenario

5. Global Cast Resin Dry Type Transformer Market Size and Growth

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31. Global Cast Resin Dry Type Transformer Market Competitive Benchmarking

32. Global Cast Resin Dry Type Transformer Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Cast Resin Dry Type Transformer Market

34. Cast Resin Dry Type Transformer Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Kirloskar Electric Co. Ltd

Schneider Electric SE

Siemens AG

ABB Ltd

Bharat Heavy Electricals Limited

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