Cast Resin Transformer Market Size - By Winding (Two Winding, Auto Transformer), By Rating (≤ 5 MVA, > 5 MVA to ≤ 30 MVA, > 30 MVA), By Application (Industries, Inner-City Substations, Indoor/Underground Substations, Renewable Generation), & Forecast, 2024 – 2032

Cast Resin Transformer Market Size

Cast Resin Transformer Market was valued at USD 2.79 billion in 2023 and is estimated to grow at a CAGR of 10.1% between 2024 and 2032. The electricity industry presents numerous opportunities globally, influenced by factors such as the scale of operations, customer demographics, network characteristics, and ownership models. Revenue and tariff assessment models accommodate this diversity, facilitating meaningful comparisons. Despite these differences, Transmission System Operators (TSOs) and Distribution System Operators (DSOs) consistently prioritize providing their customers with a high-quality and reliable power supply.
 

Over the years, traditional technologies in the electricity industry have evolved significantly to meet the growing demand for electricity and the expansion of the grid. These stationary devices significantly reduce mechanical losses but remaining susceptible to electrical losses. Losses in transmission components might result in reduced efficiency and grid instability. As a result, key industry leaders have primarily increased their focus on ensuring operational flexibility and reducing product losses to maintain energy efficiency.
 

Cast Resin Transformer Market Trends

The aging electric infrastructure is being pushed to perform beyond its original design capabilities. Modernizing grid networks to make them "smarter" and more resilient through the integration of innovative equipment, technologies, and controls will enhance the business outlook. These advanced units work and communicate to deliver reliable electricity more efficiently, considerably mitigating the frequency and duration of power outages, restoring service faster, and mitigating storm impacts during outages.
 

Cast Resin Transformer Market Analysis

Based on winding, the auto transformer segment is anticipated to reach a value of more than USD 2.55 billion by 2032. The autotransformer market is set to increase its market share attributed to its operational flexibility and effective transformation capabilities, which distinguish it from competitors. Key factors driving product adoption include its cost-effectiveness, compact design, and higher efficiency.
 

Based on application, the industries segment is set to grow at a CAGR of over 10.8% through 2032. The requirement for cast resin transformers in industries is anticipated to rise due to the growing emphasis on rising concerns regarding energy efficiency and combining broad frequency distribution networks. Additionally, the need for industrial cast resin transformers is expected to see a significant boost from the rising demand for ultra-high voltage networks.
 

North America cast resin transformer market is projected to surpass USD 1.4 billion by 2032. Countries in North America, such as the U.S., Canada, divand Mexico, have seen a significant rise in the demand for electricity products. This increase is driven by substantial investments in expanding long-distance electricity networks. According to the Energy Information Administration (EIA), the share of power generation from renewable sources is expected to grow from 18% of total electricity generation to 38% by 2050.
 

A heightened focus on energy efficiency and sustainability is driving the U.S. market for cast resin transformer. Cast resin transformers, known for their lower energy losses compared to traditional oil-filled transformers, are increasingly favored in alignment with energy conservation objectives across the country.
 

Cast Resin Transformer Market Share

Companies such as ABB, General Electric, Eaton, and Schneider Electric dominate the cast resin transformer industry owing to their extensive experience and established industry reputation, which lend credibility and trust to their products. Their emphasis on innovation enables them to provide cutting-edge technology and solutions tailored to efficiently meet diverse customer needs.
 

Cast Resin Transformer Market Companies

• ABB
• Bharat Heavy Electricals Limited
• CG Power & Industrial Solutions
• Eaton
• Fuji Electric Co. Ltd.
• General Electric
• Hitachi Energy
• Raychem RPG Private Limited
• SGB SMIT
• Schneider Electric
• Siemens Energy
• Toshiba Energy Systems and Solutions Corporation
• TMC Transformers
• URJA Techniques
• WEG
   

Cast Resin Transformer Industry News

• In April 2022, Siemens Energy introduced its newest product, CAREPOLE, a cast resin pole-mounted transformer, into the American grid market. Specifically designed for pole applications, it encompasses single-phase units ranging from 10 kVA to 100 kVA, operating at voltage levels up to 36 kV.
   
• In January 2022, General Electric has introduced a lineup of transformers designed to bolster renewable energy initiatives. Among these offerings is the GE-Mistral-14 series, which ranges from 275 kV to 400 kV, and includes two 340 MVA large power transformers. These products, including the MBH Power model, have been deployed in various wind farm projects worldwide.
   

This cast resin transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in ‘000 Units & USD Million from 2021 to 2032, for the following segments:

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Market, By Winding

• Two Winding
• Auto Transformer

Market, By Rating

• ≤ 5 MVA
• > 5 MVA to ≤ 30 MVA
• > 30 MVA

Market, By Application

• Industries
• Inner-City Substations
• Indoor/Underground Substations
• Renewable Generation
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia 
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria 
• Latin America
  • Brazil
  • Peru
  • Argentina