Cast Resin Transformer Market Size - 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) & Forecast, 2024 – 2032

Cast Resin Transformer Market Size

Cast Resin Transformer Market was valued at USD 2.8 billion in 2023 and is projected to grow at a CAGR of over 10.1% from 2024 to 2032. The electricity industry offers a range of opportunities worldwide, with variations based on factors like the scale of operations, network attributes, customer base, and ownership structure. The models employed to assess tariffs and revenue streams take into account this diversity, allowing for meaningful comparisons. Notwithstanding these differences, Distribution System Operators (DSOs) and Transmission System Operators (TSOs) consistently prioritize delivering high-quality and reliable power supply to their customers.
 

The industry may face challenges due to the substantial initial cost and the rising prices of replacement dry-type transformers. The stringent regulations and labeling standards has led to higher costs for premium products. Transformers play a vital role in the transmission and distribution network by ensuring voltage regulation and current-carrying capabilities. Given their critical role in electricity applications and the necessity for precise operation, significant investments are made in quality assurance and automated manufacturing of product components. The incorporation of advanced electrical components and growing requirements for energy efficiency further contribute to the increasing costs of transformers.
 

COVID-19 Impact

During the COVID-19 pandemic, the development, construction, and maintenance of power infrastructure continued to operate without government-imposed prohibitions on new energy projects. However, as governments implemented measures to restart operations in major industries, manufacturing facilities, and infrastructure projects, this is expected to contribute to business growth. The increased energy demand from these industries is a key driving factor in this regard.
 

Cast Resin Transformer Market Trends

The electric infrastructure is aging and is being compelled to enhance operations than it was originally designed to do. The modernization of the grid networks to make them “smarter” and furthermore resilient through the integration of innovative equipment, technologies, and controls will complement the business outlook. The units work and communicate to deliver reliable electricity more efficiently and can greatly reduce the duration and frequency of power outages and restore service faster and reduce storm impacts during outages. In addition, utilities can also benefit from a modernized grid through reduced peak loads, improved security, lower operational costs, and increased integration of renewables.

Cast Resin Transformer Market Analysis

Based on winding, the auto transformer segment reached USD 750 million in 2022, due to its effective transformation capabilities and operational flexibility, setting it apart from its competitors. Key factors such as its compact unit design, cost-effectiveness, and higher efficiency are essential drivers for product adoption. Moreover, the incorporation of intelligent monitoring technologies has not only improved product reliability but also made them more cost-effective, further promoting business growth.
 

Based on rating, the market for transformers with a capacity of less than or equal to 5 MVA is expected to experience significant growth due to their extensive use in various applications, including process industries, power, and infrastructure sectors. The swift adoption of renewable energy sources in residential settings, combined with the rapid expansion of micro-grid networks, will have a favorable impact on the industry. There is a rising need for compact transformers designed for indoor use, which aligns with cost-conscious consumer preferences. Additionally, the ongoing expansion of residential areas worldwide, coupled with rapid urbanization, is expected to contribute cast resin transformer market growth.
 

Based on application, the industries application is set to grow at a CAGR of over 9.5% through 2032. The demand for cast resin transformers in industrial applications is expected to rise due to the increasing focus on integrating broad frequency distribution networks and growing concerns regarding energy efficiency. Furthermore, the demand for dry-type transformers is likely to receive a significant boost from the increasing need for ultra-high voltage networks. The surge in investments made by private and governmental organizations in developing countries for electrification programs will further enhance the industry growth.
 

The cast resin transformer market across the North America held a market share of over 19.8% in 2022. Countries in North America, including the U.S., Canada, and Mexico, have experienced a notable increase in the demand for electricity products. This surge is attributed to heightened investments in the expansion of long-distance electricity networks. As per the EIA (Energy Information Administration), the proportion of power generation from renewable sources is projected to increase from 18% of total electricity generation to 38% by 2050. Additionally, the increasing emphasis on upgrading outdated electrical equipment with advanced, high-quality systems is expected to further boost the demand for these products throughout the region.
 

Cast Resin Transformer Market Share

ABB commands a substantial share in the cast resin transformer industry, distinguished for its extensive experience in engineering and producing diverse transformer technologies, encompassing open wound, cast resin, oil immersed, among others. With a rich history deeply rooted in the transmission & distribution sector, the company has delivered transformer solutions across a broad spectrum of applications, spanning industries, inner city substations, and underground substations.
 

Some of the key market players operating across the 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
• TMC Transformers S.P.A.
• SGB SMIT

Cast Resin Transformer Market News:

• In April 2022, Siemens Energy announced the launch of its latest CAREPOLE, a cast resin of pole mounted transformer, in the America grid market. It was designed for pole application, which includes single phase with power rating capacities from 10 kVA to 100 kVA and a voltage level up to 36 kV. This new transformer provides longer lifetime, enhanced eco-friendliness, and fewer outages, making it a unique & alternate solution to oil-filled transformers.
   

This 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 regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• 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