Cast Resin Dry Type Transformer Global Market Report 2022

Cast Resin Dry Type Transformer Global Market Report 2022

  • June 2022 •
  • 175 pages •
  • Report ID: 6284235 •
  • Format: PDF
Major players in the cast resin dry type transformer market are Kirloskar Electric Co., Ltd., Schneider Electric, Siemens AG, ABB, BHEL, Crompton Greaves Ltd., Eaton Corporation, Fuji Electric, General Electric, Hammond Power Solutions, Hitachi Ltd., Voltamp Transformers, WEG Group, Hyosung Heavy Industries, Legrand, PI, Cast-RESIN and Power Sp. z o.o.

The global cast resin dry type transformer market is expected to grow from $3.36 billion in 2021 to $3.58 billion in 2022 at a compound annual growth rate (CAGR) of 6.55%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.58 billion in 2026 at a CAGR of 6.36%.

The cast resin dry type transformer market consists of sales of cast resin dry type transformers by entities (organizations, sole traders, and partnerships) that convert alternating current from one voltage to another voltage.A cast resin dry type transformer is a dry type transformer that does not use liquid for insulation with the primary and secondary windings encapsulated with epoxy resin.

The cast resin offers protection against adverse ambient conditions and is generally smaller in dimensions and lighter in weight.They are used in commercial, industrial, and residential settings for indoor and outdoor applications.

Cast coil transformers are better in respect of impulse voltage withstand strength compared to conventional dry type transformers.

The main types of cast resin dry-type transformers include converter transformers and rectifier transformers.A converter transformer is used in industries to convert alternating current (AC) to direct current (DC).

The different cooling types for cast resin dry-type transformers are natural air cooling and forced air cooling.The cast resin dry type transformers’ phases include single phase and three phase for low voltage and medium voltage.

The different applications of cast resin dry type transformers include industrial, commercial, and others.

Asia-Pacific was the largest region in the cast resin dry type transformer market in 2021.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

An increase in demand for electricity is expected to drive the cast resin dry type transformer market.Cast resin dry type transformers are actively used in converting the voltage of the current to the required industry specifications.

They are used for a variety of electrical applications, including lowering the voltage of electric current for traditional power circuits in order to run low-voltage devices and raising the voltage of electric current present in generators in order to transport electricity over great distances. According to the International Energy Agency (IEA), electricity demand will be five times higher in 2021 than it was in 2020, totaling over 1000 TWh.Additionally, global electricity demand is expected to increase by 4% in 2022. Hence, the increasing demand for electricity is expected to drive the cast resin dry type transformer market.

The use of (Internet of things) IoT enabled cast resin dry type transformers is a key trend gaining popularity in the market.The use of IoT connectivity ensures the identification of poor quality electrical connections with thermal monitoring, thus extending equipment life and reducing maintenance expenses as well as downtime.

For instance, French energy and automation digital solutions company Schneider Electric offers dry-type cast resin transformers with real-time visibility of equipment health for enhanced performance and long service life. Real-time thermal monitoring of devices allows users to detect any issues immediately and take preventative actions to avoid unplanned downtime.

In October 2021, Prolec GE, a Mexico-based subsidiary of General Electric that designs and provides solutions for the generation, transmission, and distribution of electrical energy, acquired SPX’s transformers for a deal amount of $645 million.The deal provides Prolec GE with a wider array of innovative and sustainable solutions for the distribution of electrical energy to the developing American market.

SPX Transformers is a United States-based company that manufactures dry transformers, transformer components, and provides transformer service solutions.

The countries covered in the cast resin dry type transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.