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Asia Pacific Cast Resin Transformer Market Size
Asia Pacific Cast Resin Transformer Market was valued at USD 833.2 million in 2022 and is estimated to attain a CAGR of over 10.3% during 2023 and 2032. The electricity sector presents a multitude of global opportunities, which vary depending on factors such as operational size, network characteristics, customer demographics, and ownership arrangements. Various models are used to evaluate tariffs and income sources, taking this diversity into consideration, enabling valuable comparisons. Despite these distinctions, Distribution System Operators (DSOs) and Transmission System Operators (TSOs) share a common commitment to providing dependable and top-quality electricity services to their customers.
Over time, traditional technologies in this sector have undergone significant advancements in response to the increasing demand for electricity and the expansion of the grid. While these devices, being stationary in nature, help mitigate mechanical losses, they remain susceptible to electrical losses. These losses associated with transmission components can result in grid instability and decreased efficiency. As a result, major market players have primarily focused their strategic efforts on preserving energy efficiency by minimizing product losses and ensuring operational flexibility.
Report Attributes | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 833.2 Million |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 10.3% |
2032 Value Projection: | USD 2.3 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 218 |
Segments covered: | Winding, Rating, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The industry could encounter obstacles stemming from the significant upfront expenses and the escalating prices of replacement dry-type transformers. This technology, driven by strict regulations and labeling standards, has resulted in elevated costs for high-quality products. Transformers have a pivotal function within the transmission and distribution network, ensuring voltage stability and the ability to carry current effectively. The integration of advanced electrical elements and the growing demand for enhanced energy efficiency also play a role in the mounting costs associated with transformers.
COVID-19 Impact
Throughout the COVID-19 pandemic, the development, construction, and maintenance of power infrastructure persevered, unaffected by government-imposed restrictions on new energy initiatives. Nevertheless, the situation is poised to change as governments roll out strategies to revive operations in key industries, manufacturing plants, and infrastructure ventures, which is projected to stimulate business expansion.
Asia Pacific Cast Resin Transformer Market Trends
The aging electric infrastructure is facing the growing need for enhanced operations beyond its original design. The transformation of grid networks into a "smarter" and more resilient system through the incorporation of advanced equipment, technologies, and controls offers a positive business outlook. These units collaborate and communicate to deliver electricity more efficiently, significantly decreasing the duration and frequency of power outages, expediting service restoration, and minimizing the impact of storms during outages. This modernization empowers consumers to better manage their energy consumption and costs by providing easier access to energy data.
Asia Pacific Cast Resin Transformer Market Analysis
Based on winding, the auto transformer market valuation to crossed USD 245 million in 2022, owing to its exceptional transformation capabilities and operational versatility, distinguishing it from its competitors. Crucial factors like its compact unit design, cost-efficiency, and enhanced effectiveness play a pivotal role in driving the adoption of this product. Additionally, the integration of smart monitoring technologies has not only enhanced product reliability but has also increased their cost-effectiveness, thereby bolstering business expansion.
Based on rating, the market for transformers with a capacity of 5 MVA or less is poised for substantial growth due to their wide-ranging utility in diverse applications, spanning from process industries to power and infrastructure sectors. This growth is further propelled by the swift adoption of renewable energy sources in residential settings and the rapid expansion of micro-grid networks. The industry is witnessing an increasing demand for compact indoor transformers, which aligns with the cost-conscious preferences of consumers. Manufacturers are actively responding to this demand by integrating sustainable production methods.
The industries application is set to grow at a CAGR of over 8.1% through 2032, driven by the growing emphasis on integrating extensive frequency distribution networks and the escalating concerns surrounding energy efficiency. Additionally, the demand for dry-type transformers is poised to experience a substantial upswing, particularly with the rising requirement for ultra-high voltage networks. The industry's growth prospects will receive a significant boost from the increased investments made by both private and governmental organizations in developing countries for electrification programs.
The Asia Pacific cast resin transformer market across the China held a revenue share of over 44.6% in 2022. China has been experiencing significant industrialization and urbanization, which has driven the demand for electrical infrastructure and cast resin transformers. These transformers are crucial for various industries and urban development projects. China has been actively working on integrating renewable energy sources like wind and solar into its power grid. Cast resin transformers are essential for distributing power from these sources. The industry has been experiencing technological advancements, such as the development of smart grid systems and intelligent monitoring for transformers.
Asia Pacific Cast Resin Transformer Market Share
ABB holds a significant presence in the Asia Pacific cast resin transformer industry, recognized for its extensive expertise in the design and manufacturing of various transformer technologies, including open wound, cast resin, and oil-immersed transformers, among others. The company boasts a long and storied history deeply embedded in the field of transmission and distribution. Over the years, ABB has provided transformer solutions across a wide range of applications, encompassing various industries, inner-city substations, and underground substations.
Some of the key market players operating across the Asia Pacific cast resin transformer industry are:
- ABB
- GE
- Eaton
- Schneider Electric
- Siemens Energy
- Hitachi Energy Ltd.
- CG Power & Industrial Solutions Ltd.
- Toshiba Energy Systems & Solutions Corporation
- Bharat Heavy Electricals Limited (BHEL)
- Raychem RPG Private Limited
- Fuji Electric Co., Ltd.
- WEG
- URJA Techniques
- SGB SMIT
Asia Pacific Cast Resin Transformer Industry News
- In October 2021, Toshiba Energy Systems & Solutions secured a contract for transformers and their auxiliary components for an urban-type underground substation, owned & operated by Eastern Green Power (EGP), a utility company based in Singapore. This contract was a part of an EPC contract between the utility company and EGP. As per the contract, Toshiba will deliver four 75 MVA transformers and three 200 MVA transformers for its 230 kV class substation, which is located in Southeast Asia; this substation will be in operation after 2025.
This Asia Pacific cast resin transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in ‘000 Units & USD Million from 2019 to 2032, for the following segments:
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By Winding
- Two Winding
- Auto Transformer
By Rating
- ≤ 5 MVA
- > 5 MVA to ≤ 30 MVA
- > 30 MVA
By Application
- Industries
- Inner-City Substations
- Indoor/Underground Substations
- Renewable Generation
- Others
The above information is provided for the following countries:
- China
- Japan
- South Korea
- India
- Australia
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