Two Winding Cast Resin Transformer Market Size - By Winding (Two Winding, Auto Transformer), By Rating (≤ 5 MVA, > 5 MVA to ≤ 30 MVA, > 30 MVA), By Application & Forecast, 2024 - 2032

Two Winding Cast Resin Transformer Market Size

Two Winding Cast Resin Transformer Market was valued at USD 1.8 billion in 2023 and is set to grow at a CAGR of 9.4% between 2023 and 2032, propelled by increasing investments in renewable energy projects such as wind and solar power generation. The growing emphasis on energy efficiency and environmental sustainability will further fuel the adoption of cast resin transformers due to their eco-friendly properties and high efficiency in coming years.
 

Rapid industrialization and urbanization in emerging economies will lead to the expansion of power infrastructure, necessitating the installation of transformers for electricity distribution. Furthermore, technological advancements in transformer design and manufacturing processes enhance the performance and reliability of cast resin transformers, attracting more consumers. Players in this industry are focusing on collaboration and acquisition as apart of business strategy.
 

Two Winding Cast Resin Transformer Market Trends

In the recent years, two-winding cast resin transformer market indicated a growing focus on sustainability and efficiency. Manufacturers are increasingly integrating eco-friendly materials and processes into their production to reduce environmental impact. Additionally, there is a rising demand for transformers with higher efficiency ratings, driven by the need for energy conservation and cost savings.
 

Digitalization and IoT integration are becoming more prevalent, enabling remote monitoring and predictive maintenance capabilities, enhancing reliability, and reducing downtime. Customization options are also gaining traction as industries seek tailored solutions to meet specific requirements. Moreover, there is a shift towards smaller, more compact transformer designs to accommodate space constraints in urban environments.
 

Two Winding Cast Resin Transformer Market Analysis

Based on rating, the ≤ 5 MVA segment is likely to exceed USD 2 billion by 2032 since these transformers cater to a wide range of applications, including residential, commercial, and small industrial setups, thus getting a broad customer base. Additionally, their compact size and relatively lower cost make them more accessible to a larger number of consumers.
 

Based on application, the industries segment slated to register 9.1% CAGR through 2032, on account of its diverse operations and growing energy needs. Cast resin transformers offer advantages such as high efficiency, compact size, and environmental friendliness, making them ideal for industrial applications.
 

Asia Pacific two winding cast resin transformer market is anticipated to surpass USD 1.1 billion by 2032 since it boasts a robust industrial sector, demanding reliable electricity infrastructure. China's rapid industrialization and urbanization fuel a growing demand for electricity infrastructure, while Japan's focus on energy efficiency and renewable energy integration drives the need for advanced transformers. South Korea's strong manufacturing sector and emphasis on smart grid development create demand for reliable transformer solutions, including two winding cast resin types. In Australia and India, burgeoning energy needs and government initiatives for renewable energy and rural electrification contribute to the increasing adoption of these transformers.
 

The U.S. is emerging as a significant player in the two-winding cast resin transformer market due to its increasing focus on renewable energy sources like wind and solar power the growing demand for electricity in various sectors such as industrial, residential, and commercial will further drive the need for efficient transformers. Furthermore, the U.S.'s commitment to modernizing its grid infrastructure and enhancing energy efficiency will create a conducive environment for the expansion of the cast resin transformer market.
 

Two Winding Cast Resin Transformer Market Share

Companies like ABB, General Electric, Eaton, and Schneider Electric lead the two-winding cast resin transformer market on account of their extensive experience and established reputation in the industry lend credibility and trust to their products. Their focus on innovation allows them to offer cutting-edge technology and solutions tailored to meet various customer needs efficiently.
 

Two Winding 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
   

Two Winding Cast Resin Transformer Industry News

• In April 2022, Siemens Energy introduced its latest product, the CAREPOLE, tailored for the American grid sector. The CAREPOLE is a cast resin transformer mounted on poles, crafted for tasks like single-phase power distribution. It spans power ratings from 10 kVA to 100 kVA, supporting voltage levels up to 36 kV.
   
• In January 2022, General Electric unveiled a series of transformers aimed at supporting renewable energy endeavors. These transformers, including the GE-Mistral-14 spanning from 275 kV to 400 kV and two 340 MVA large power transformers, alongside the MBH Power model, have been utilized in numerous wind farm projects globally. GE's extensive array of power transformers caters to a wide range of needs in power generation, transmission, and distribution.
   

This two winding cast resin transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units” & “USD Million” from 2019 to 2032, for the following segments:

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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 has been provided for the following countries across the regions:

• North America
  • U.S.
  • Canada 
• 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