North America Cast Resin Transformer Market
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North America Cast Resin Transformer Market was valued at USD 591.4 million in 2023 and is anticipated to grow at a CAGR of 10% from 2024 to 2032, driven by growing emphasis on renewable energy sources such as wind and solar power along with their ability to withstand harsh environmental conditions and provide reliable power distribution.
As per World Economic Forum, By 2050, solar PV module is expected to surge 15-fold, representing almost half of North America's electricity and becoming the top power source, which complements the product demand. Moreover, infrastructure development projects, including the construction of new industrial facilities, commercial buildings, and power plants in line with increasing preference for advanced and high-quality transformers will drive the product demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Cast Resin Transformer Market size in 2023: | USD 591.4 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 10 |
| 2023 Value Projection: | USD 1.4 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 170 |
| Tables, Charts & Figures: | 180 |
| Segments Covered: | Winding, Rating and Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The cast resin transformer market for North America is witnessing growth due to the product’s capability to offer higher energy efficiency and increasing focus on energy conservation and sustainability. Innovations such as advanced insulation materials, optimized winding configurations, and digital monitoring systems enhance the capabilities of cast resin transformers will fuel the business scenario.
Based on winding, the two winding technology holds the highest share in the cast resin transformer market and is projected to surpass USD 830 million by 2032. Adoption of smart grid solutions, including smart meters, grid automation, and distributed energy resources in conjunction with growth of industrial and commercial sectors, including manufacturing, construction, and data centres will positively complement the industry growth.
Based on rating, the > 5 MVA cast resin transformer is set to grow at a rate of over 8.5% through 2032. Growing demand for low-voltage power distribution solutions, particularly in commercial, utility and industrial applications combined with these systems offering enhanced resistance to environmental factors, improved thermal performance, and reduced maintenance requirements, supporting grid stability and reliability will sway the business potential.
Indoor/underground substations witnessed a market share of over 14% in 2023. Growing concerns for energy-efficiency along with increasing emphasis on the integration of wide-ranging frequency distribution links will stimulate the product penetration. Rapid commercial expansion coupled with large scale urban migration will continue to complement the industry outlook. Furthermore, space constraints and safe operational performance across enclosed areas in conjunction with changing power consumption patterns in households and corporations will encourage the product deployment.
The U.S. cast resin transformer market valuation is likely to cross USD 890 million by 2032. Increasing regulatory requirements and corporate sustainability goals in line with ongoing research pertaining to the development of sustainable technologies will augment to industry growth. For instance, The Institute of Electrical and Electronics Engineers (IEEE) has introduced the national electricity safety code for the practical safeguarding of persons during the operation, installation, and maintenance of electric supply & communication lines and related equipment. Additionally, increasing investments by private and public organizations in the developing countries for electrification programs will further boost the business demand.
ABB emerges as one of the largest players in cast resin transformer industry. Increasing focus on strategic partnerships, launching new products, and commercialization strategies to broaden their market reach. Additionally, they invest heavily in research initiatives to develop innovative products which will augment to the industry growth.
Some of the leading players operating across the North America cast resin transformer industry are:
Market, By Winding
Market, By Rating
Market, By Application
The above information has been provided for the following countries:
ABB, Bharat Heavy Electricals Limited, Daelim Transformers, Eaton Corporation, Fuji Electric Co., Ltd, GE, Hammond Power Solutions, Hitachi Energy Ltd., Jiangshan Scotech Electrical Co., Ltd. are some of the major industry contenders.
The U.S. cast resin transformer market is projected to be worth over USD 890 million by 2032, driven by increasing regulatory requirements and corporate sustainability goals in the nation.
> 5 MVA cast resin transformer segment of North America market is set to grow at a rate of over 8.5% through 2032, driven by the growing demand for low-voltage power distribution solutions, particularly in commercial, utility, and industrial applications.
The market valuation of the North America cast resin transformer was reached USD 591.4 million in 2023 and is anticipated to record a CAGR of 10% through 2032, driven by growing emphasis on renewable energy sources, along with the product