North America Cast Resin Transformer Market Analysis

North America Cast Resin Transformer Market Analysis

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.