Cast Resin Dry Type Transformer Market Research, 2030
The global cast resin dry type transformer market size was valued at $3.0 billion in 2020, and is projected to reach $5.0 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Cast resin transformer is a dry type transformer, which never uses liquid for insulation and its primary & secondary windings are encapsulated with epoxy resin. Epoxy resin encapsulation resists the effect of moisture on winding materials. Thus, it offers good protection against adverse ambient conditions and can work at 100% humidity. Cast resin dry type transformer offers various advantages such as fire safety, zero oil usage, eco-friendly, low maintenance, low installation cost, short time overload handling capacity, and others. It is used in various applications such as power generation, oil & gas, marine, chemical, renewable energy, and others.
Increase in electricity consumption, new civil infrastructural developments, replacement of existing distribution transformers for integration with renewable energy sources as well as deployment of smart power grids are the major drivers that boost the growth of the global cast resin dry type transformer market. The development of electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. For efficient dispersal of power to deficit regions, strengthening and enhancement of the transmission and distribution (T&D) system network are required, which, in turn, is expected to fuel the market growth in the coming years.
For the purpose of analysis, the reporting segments of the cast resin dry type transformer market are based on type, cooling type, phase, voltage, end use, and region. The study highlights various types of cast resin dry type transformers available in the market such as converter transformer and rectifier transformer. On the basis of cooling type, the report includes revenue generated through natural air cooling and forced air cooling. Furthermore, it focusses on various phases of cast resin dry type transformers, which include single phase and three phase. The voltage covered in the study include low and medium. The key end uses of cast resin dry type transformers are industrial, commercial, and others.
Moreover, it analyzes the current market trends of cast resin dry type transformers across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market.
Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
Key players operating in the global cast resin dry type transformer market are Eaton Corporation Plc, Fuji Electric, General Electric, Schneider Electric, BHEL, Hammond Power Solutions, Hitachi, Ltd., Kirloskar Electric Co., Ltd., Siemens
Energy, and WEG Group.
Other players operating in the cast resin dry type transformer industry are Power Sp. z o.o., TBEA Co. Ltd., Voltamp Transformers Ltd., Hyosung Heavy Industries, and others.
The cast resin dry type transformer market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the cast resin dry type transformer market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Cast resin dry type transformer market, by type
By type, the converter transformer segment held the largest market share in 2020, owing to rise in use of converter transformers in excitation systems for turbo and hydro-generators, electric drives of drilling equipment, as semiconductor converters of the traction substation for the city electrified public transport (tram, trolley bus, and subway), and DC & AC electric drives.
Converter Transformer is projected as the most lucrative segment.
Cast resin dry type transformer market, by cooling type
On the basis of cooling type, the forced air-cooling segment dominated the global market in 2020, in terms of share, owing to rise in demand for forced air-cooling system in industrial applications owing to increase in temperature of cast resin dry type transformer system. In addition, forced air cooling system cooled down highly heated cast resin dry type transformer in less time as compared to natural air cooling which in turn is anticipated to fuel the growth of this segment during the forecast period.
By Cooling Type
Forced Air cooling is projected as the most lucrative segment.
Cast resin dry type transformer market, by phase
By phase, the single-phase segment garnered the highest market share in 2020. This is attributed to rise in use of single-phase cast resin transformer in low voltage distribution applications in various commercial and residential applications such as hospital, educational institutes, commercial offices, public infrastructure and other applications. In addition, it is used in some small-scale industrial applications, which, in turn, is projected to fuel the market growth in the coming years.
Single phase is projected as the most lucrative segment.
Cast resin dry type transformer market, by voltage
On the basis of voltage, the low segment exhibited the highest market share in 2020. This is attributed to rise in use of low voltage cast resin dry type transformer in residential and commercial applications. In addition, rapid growth of industries including automotive, building & construction, healthcare, military & defense, power generation and others is anticipated to fuel the market growth for this segment in the coming years.
Low voltage is projected as the most lucrative segment.
Cast resin dry type transformer market, by end use
By end use, in 2020, the industrial segment acquired the largest market share, owing to rise in demand for cast resin dry type transformer from various industries including marine, chemical, oil & gas, renewable energy, power generation and others. In addition, characteristics, such as excellent overload tolerance, eco-friendliness, non-combustibility, fire safety, and excellent impulse voltage strength, are some of the factors driving the adoption of cast resin dry type transformers in industrial environments.
By End Use
Industrial user is projected as the most lucrative segment.
Cast resin dry type transformer market, by region
Asia-Pacific garnered the highest share in the cast resin dry type transformer market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the renewable energy sector, high-voltage direct current (HVDC) systems, and the existence of key players in the region. Moreover, presence of the countries such as China, Japan, India, Australia, and South Korea are anticipated to contribute toward the growth of the cast resin dry type transformer market in Asia-Pacific.
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Covid-19 Impact On The Market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for cast resin dry type transformers from these consumers. In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand–supply gap are projected to hamper the market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the cast resin dry type transformer market is expected to recover by the end of quarter of 2021, as COVID-19 vaccination has begun in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current market trends and future estimations of the global cast resin dry type transformer market from 2021 to 2030 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the cast resin dry type transformer market growth is provided.
- Estimations and forecast are based on factors impacting the cast resin dry type transformer market growth, in terms of value.
- Profiles of leading players operating in the cast resin dry type transformer market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable cast resin dry type transformer market growth.
Cast Resin Dry Type Transformer Market Report Highlights
By COOLING TYPE
By END USE
Key Market Players
WEG GROUP, SIEMENS ENERGY AG, SCHNEIDER ELECTRIC SE, HAMMOND POWER SOLUTIONS, BHARAT HEAVY ELECTRICALS LTD., GENERAL ELECTRIC, HITACHI LTD., KIRLOSKAR ELECTRIC CO. LTD., EATON CORPORATION PLC, FUJI ELECTRIC CO. LTD.
According to the insights of CXOs of leading companies, the demand for electricity is fueled by increased construction renovation activities, increase in cross-country power transmission & distribution networks, replacement of old units, and mainstream adoption of renewable energy generation, which provide growth opportunities for the cast resin dry type transformer market expansion.
The limitation of cast resin dry type transformer over liquid-filled transformer is a major restraining factor in the adoption of dry type transformers. For the power and voltage rating, cast resin transformer is costlier than oil cooled transformer. In addition, the development of solid-state transformers is expected to hamper the market growth. On the contrary, cast resin dry type transformers offer enhanced fire-retardant characteristics that make it ideal for installations in fire prone areas. Only cast resin dry type transformers can be used in areas, such as multi-story or high-rise buildings, due to safety concerns which in turn is expected to drive the market growth in the coming years.
Renowned global market leaders such as Eaton Corporation Plc, Hitachi, Ltd., and WEG Group are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on acquisition and product launch to cater to the increasing demand for cast resin dry type transformers and to maintain the position in the global cast resin dry type transformer market.
Among the analyzed regions, Asia-Pacific is likely to account for the highest revenue in the market throughout the forecast period, followed by North America, Europe, and LAMEA.