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North America Cast Resin Transformer Market Size

Report ID: GMI8612
Published Date: Mar 2024
Report Format: PDF

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North America Cast Resin Transformer Market

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.

North America Cast Resin Transformer Market

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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.

North America Cast Resin Transformer Market Report Attributes
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 2024 - 2032 CAGR:	10%
2032 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:	Refurbishment demand for existing grid infrastructure Growing deployment of renewable energy Increasing demand for electricity
Pitfalls & Challenges:	High initial investment

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

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’s ability to provide reliable power distribution.

> 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 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.

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.