Industrial Cast Resin Transformer Market Size - By Winding (Two Winding, Auto Transformer), By Rating (≤ 5 MVA, > 5 MVA to ≤ 30 MVA, > 30 MVA) & Forecast, 2023 – 2032

Industrial Cast Resin Transformer Market Size

Industrial Cast Resin Transformer Market was valued at USD 1 billion in 2022 and is poised to witness about 9.6% CAGR between 2023 and 2032. The electricity industry presents diverse opportunities globally, influenced by factors such as operational scale, network characteristics, customer demographics, and ownership models. Despite these variations, the methods used to evaluate tariffs and income streams consider this diversity, enabling valuable comparisons. Amid these differences, Distribution System Operators (DSOs) and Transmission System Operators (TSOs) maintain a consistent focus on ensuring dependable, top-quality power supply for their customers.

An industrial cast resin transformer is a type of electrical transformer specifically designed for industrial applications. Transformers are vital components in power distribution systems, converting electrical energy between different voltage levels for transmission and distribution. Since their inception, power transmission networks have been crucial in distributing electricity throughout the region. Over time, traditional technologies in this domain have undergone substantial evolution, driven by the increasing need for electricity and the expansion of the grid.
 

The industry might encounter hurdles due to significant initial expenses and escalating prices of substitute dry-type transformers. Advanced technology, influenced by strict regulations and labeling standards, has resulted in elevated expenses for superior-grade products. Transformers hold a pivotal position in the transmission and distribution grid, ensuring precise voltage regulation and efficient current transmission. Considering their crucial role in electrical applications and the need for precise functionality, considerable investments are directed towards ensuring top-notch quality and automating the production of transformer components. The integration of sophisticated electrical elements and escalating demands for energy efficiency also contribute to the rising costs associated with transformers.
 

COVID-19 Impact

Throughout the COVID-19 pandemic, the development, building, and upkeep of power infrastructure persisted without government-imposed bans on new energy initiatives. Nevertheless, as governments introduced measures to revive major industries, manufacturing plants, and infrastructure ventures, this resurgence is anticipated to stimulate business expansion. The amplified energy requirements stemming from these sectors stand out as a significant driving force in this scenario.
 

Industrial Cast Resin Transformer Market Trends

The aging electric infrastructure faces the demand for enhanced performance beyond its original design capabilities. Upgrading grid networks to be "smarter" and more resilient by integrating advanced equipment, technologies, and controls is poised to positively impact the industry's prospects. These integrated units collaborate and communicate, efficiently delivering reliable electricity. They have the potential to significantly decrease both the frequency and duration of power outages, expedite service restoration, and mitigate the impact of storms during outages. Consumers could gain better control over their energy consumption and expenses by accessing data more conveniently.
 

Industrial Cast Resin Transformer Market Analysis

The auto transformer segment was worth more than USD 300 million in 2022, owing to its efficient transformation capabilities and operational adaptability, distinguishing it from competitors. Crucial factors such as its compact design, cost-efficiency, and superior effectiveness serve as significant drivers for the adoption of this product. Additionally, integrating intelligent monitoring technologies has not only enhanced product reliability but also increased cost-effectiveness, further fostering business expansion.
 

Based on rating, the ≤ 5 MVA segment is set to grow at a 7.9% CAGR through 2032 on account of the widespread application across industries like process, power, and infrastructure. Their versatile use aligns well with the surge in renewable energy adoption in households and the rapid expansion of micro-grid networks. This growth can be attributed to the increasing demand for compact indoor transformers, in line with cost-effective consumer choices. Manufacturers are addressing this demand by integrating sustainable manufacturing practices. Moreover, the continual expansion of residential areas globally, alongside swift urbanization, is projected to be a significant contributor to the industry's expansion.
 

North America held more than 20.3% industrial cast resin transformer market share in 2022. North American countries like the U.S., Canada, and Mexico have witnessed a significant uptick in the demand for electrical products due to increased investments in expanding extensive electricity networks. According to the Energy Information Administration (EIA), there's a forecasted rise in the share of renewable sources in power generation, expected to grow from 18% to 38% of total electricity generation by 2050. Furthermore, the growing focus on replacing outdated electrical systems with advanced, top-tier equipment is anticipated to drive up the demand for these products across the region.
 

Industrial Cast Resin Transformer Market Share

ABB holds a significant position in the industrial cast resin transformer industry, recognized for its vast expertise in engineering and manufacturing various transformer technologies, including open wound, cast resin, and oil-immersed types. With a robust legacy deeply entrenched in the transmission and distribution sector, the company has provided transformer solutions for a wide range of applications, covering industries, inner-city substations, and underground substations.
 

Some of the key market players operating across the industrial cast resin transformer industry are:

• ABB
• GE
• Eaton
• Schneider Electric
• Siemens Energy
• Hitachi Energy Ltd.
• CG Power & Industrial Solutions Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Bharat Heavy Electricals Limited (BHEL)
• Raychem RPG Private Limited
• Fuji Electric Co., Ltd.
• WEG
• URJA Techniques
• TMC Transformers S.P.A.
• SGB SMIT
   

Industrial Cast Resin Transformer Industry News

• In April 2022, Siemens Energy unveiled its newest offering, the CAREPOLE cast resin pole-mounted transformer, in the American grid market. Tailored for pole applications, this transformer is designed for single-phase use with power ratings ranging from 10 kVA to 100 kVA and voltages up to 36 kV. Promising a longer lifespan, improved environmental impact, and reduced instances of outages, this innovative transformer presents a distinct and alternative solution to traditional oil-filled transformers.
   

This industrial 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 2019 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

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