India Cast Resin Dry Type Transformer Market Research, 2034
The India cast resin dry type transformer market was valued at $0.2 billion in 2021 and is estimated to reach $0.5 billion by 2034, exhibiting a CAGR of 5.7% from 2025 to 2034.
Cast Resin Dry Type Transformers (CRDTs) are a vital segment of power distribution infrastructure known for their enhanced safety, environmental friendliness, and superior insulation properties. These transformers, unlike conventional oil-filled transformers, use epoxy resin to encapsulate the windings, offering a clean, fire-resistant, and moisture-proof solution. A Cast Resin Dry Type Transformer is an electrical device that transforms voltage levels using magnetic induction, similar to conventional transformers, but without using oil as a cooling or insulating medium.
The working principle of CRDTs is similar to conventional transformers: they operate based on the principle of electromagnetic induction. When alternating current (AC) flows through the primary winding, it generates a magnetic field that induces a voltage in the secondary winding. The key difference lies in the insulation medium. In CRDTs, the windings are embedded in epoxy resin, which acts both as insulation and as a barrier to environmental contaminants.
Key Takeaways:
Quantitative information mentioned in the India Cast Resin Dry Type Transformer market includes the market numbers in terms of value ($Billion) concerning different segments, annual growth rate, CAGR (2024-33), and growth analysis.
The analysis in the report is provided based on type, cooling type, phase, voltage, end-use, and class. The study is expected to contain qualitative information such as the market dynamics (drivers, restraints, opportunities), Porter’s Five Force Analysis, key regulations across the region, and value chain analysis.
A few companies, including Bharat Heavy Electricals Limited, Eaton Corporation, Fuji Electric Co Ltd, General Electric Company, Hammond Power Solutions Inc., Hitachi Energy Ltd, Kirloskar Electric Co. Ltd., Schneider Electric, Siemens Energy AG, WEG Industries, Voltamp Transformers Limited, TMC Transformers (India) Private Limited, CG Power and Industrial Solutions, Urja Techniques India Pvt Ltd, Servokon, Raychem RPG Private Limited., Elmag Transformers, Miracle Electronic Devices Pvt. Ltd., Muskaan Power Infrastructure Ltd, and POWER Engineers, Incorporated. hold a large proportion of the India Cast Resin Dry Type Transformer market.
This report makes it easier for existing market players and new entrants to the India Cast Resin Dry Type Transformer industry to plan their strategies and understand the dynamics of the industry, which helps them make better decisions.
Market Dynamics
Increase in urbanization and industrialization is expected to drive the growth of India cast resin dry type transformer market. India's urban landscape is expanding rapidly, with the development of smart cities, high-rise residential complexes, commercial centers, and transportation hubs. Such environments necessitate power distribution solutions that are not only efficient but also safe and space-saving. Cast resin dry type transformers, being oilfree, mitigate fire risks and environmental hazards, making them ideal for indoor installations in densely populated areas like shopping malls, hospitals, and office buildings. Their compact design and low maintenance requirements further enhance their suitability for urban applications. In November 2024, the Indian government extended AIM until March 2028 with a $330 million (₹2,750 crore) budget. The mission supports over 3,500 startups through initiatives like Atal Tinkering Labs and Atal Incubation Centres, fostering innovation in urban areas.
However, high initial cost of cast resin dry-type transformers is expected to restraint the growth of India cast resin dry type transformer market. The high initial cost of cast resin dry-type transformers in India is primarily due to several unique factors. These transformers require specialized materials such as high-quality copper or aluminum conductors with advanced insulation and heat dissipation properties, which are more expensive than those used in conventional oil-filled transformers. The encapsulation process with epoxy resin, which protects the windings from moisture and adverse environmental conditions, also adds to the manufacturing complexity and cost. Additionally, the price of copper-a key raw material-remains high due to global supply constraints and increasing demand, further elevating the cost of production for these transformers. For example, prices for cast resin dry-type transformers in India can range from around $3,600 (₹3 lakh) for smaller units to over $58,800 (₹49 lakh) for high-capacity models, reflecting the significant capital investment required.
Segment Overview
The India cast resin dry type transformer market is segmented into type, cooling type, phase, voltage, end-use, and class. On the basis of type, the market is divided into dry type converter transformer, and dry type rectifier transformer. As per cooling type, the market is classified into natural air cooling, and forced air cooling. On the basis of phase, the market is categorized into single phase and three phase. Depending on voltage, the market is bifurcated into low and medium. On the basis of end-use, the market is divided into industrial, commercial and others. On the basis of class, the market is divided into class F and class H.
India Cast Resin Dry Type Transformer Market, By Type
On the basis of type, dry type converter transformer segment dominated the market in 2021. One of the key advantages of using CRDTs in converter applications is their high dielectric strength and resistance to short circuits and thermal shocks. This makes them ideal for power converters that experience frequent voltage fluctuations and harmonic distortions. Additionally, cast resin insulation ensures moisture resistance, allowing for reliable operation in humid or polluted environments common conditions in many parts of India. Their low maintenance requirements and ability to operate without dedicated cooling systems further enhance their appeal in Indian infrastructure and industrial sectors.
By Type
Dry Type Converter Transformer is projected as the most lucrative segment.
India Cast Resin Dry Type Transformer Market, By Cooling Type
On the basis of type, forced air cooling segment dominated the market in 2021. In India, forced air cooling CRDTs are extensively used in applications like metro rail substations, renewable energy installations (particularly solar inverter stations), IT parks, high-rise buildings, and industrial manufacturing zones. These environments often face heavy load cycles or restricted space, where effective thermal management is crucial. Additionally, forced air-cooled CRDTs are preferred in seismic zones and fire-prone regions due to their non-flammable insulation and absence of oil-based cooling.
India Cast Resin Dry Type Transformer Market, By Phase Type
On the basis of the phase, single phase segment dominated the market in 2021. For single-phase applications, cast resin dry-type transformers are typically used to step down or step up voltage levels to match the specific requirements of the connected equipment. In residential areas, these transformers are employed to supply power to homes and smaller businesses, ensuring that the voltage delivered is suitable for common appliances like lighting, HVAC systems, and domestic electronics. In industrial applications, they are often used for specialized equipment that requires a stable and reliable power supply, such as motor drives, control systems, and communication equipment.
India Cast Resin Dry Type Transformer Market, By Voltage
On the basis of voltage, low segment dominated the market in 2021. In low voltage applications, cast resin dry-type transformers offer several benefits. They are often employed in areas where fire safety is a significant concern since they are non-flammable and do not require any oil as a coolant, unlike traditional oil-filled transformers. This makes them ideal for applications in densely populated areas, high-rise buildings, shopping malls, hospitals, and educational institutions.
India Cast Resin Dry Type Transformer Market, By End-Use
On the basis of end-use, industrial segment dominated the market in 2021 representing the CAGR of 5.2% during the forecast period. One of the key uses of cast resin dry-type transformers in industrial settings is in sectors such as manufacturing, petrochemical plants, and utilities, where reliable power distribution is crucial. These transformers offer an advantage in industrial environments where humidity, dust, and chemicals are prevalent, as they are designed to operate without oil, which reduces the risk of fire and makes them ideal for hazardous areas. They also have a higher tolerance to temperature fluctuations, making them suitable for outdoor installations or areas with challenging climatic conditions.
India Cast Resin Dry Type Transformer Market, By Class
On the basis of class, class F segment dominated the market in 2021. In India, cast resin dry-type transformers with Class F insulation are commonly used in industries requiring a high level of performance and safety. This includes areas like commercial buildings, hospitals, shopping malls, and manufacturing plants, where electrical equipment operates in continuous service. The transformers are ideal for such environments because they do not require oil for cooling, thus eliminating the risk of fire hazards commonly associated with oil-filled transformers.
Competitive Analysis
The major key players operating in the India cast resin dry type transformer market include Bharat Heavy Electricals Limited, Eaton Corporation, Fuji Electric Co Ltd, General Electric Company, Hammond Power Solutions Inc., Hitachi Energy Ltd, Kirloskar Electric Co. Ltd., Schneider Electric, Siemens Energy AG, WEG Industries, Voltamp Transformers Limited, TMC Transformers (India) Private Limited, CG Power and Industrial Solutions, Urja Techniques India Pvt Ltd, Servokon, Raychem RPG Private Limited., Elmag Transformers, Miracle Electronic Devices Pvt. Ltd., Muskaan Power Infrastructure Ltd, and POWER Engineers, Incorporated.
In April 2022, Siemens Energy launched CAREPOLE, a dry-type single-phase transformer for pole applications, offering high fire safety and environmental benefits.
In September 2022, Hitachi Energy introduced RESIBLOC Rail, an onboard traction transformer with an integrated cooling system, improving efficiency in electric traction systems.
Favorable Government Policies for India Cast Resin Dry Type Transformer
The Government of India’s ‘Make in India’ initiative aims to boost domestic manufacturing and increase its share in GDP to 25% by 2025. This includes liberal FDI policies, the Production Linked Incentive (PLI) scheme (with an outlay of ₹1.97 lakh crore for 14 key sectors), and the Skill India Initiative all of which directly benefit transformer manufacturing, including cast resin dry type transformers.
Gujarat, Karnataka, and Tamil Nadu are highlighted as leading states due to supportive policies and infrastructure for transformer manufacturing.
Revamped Distribution Sector Scheme (RDSS) launched in 2021 with a budget of ₹3 trillion, RDSS is focused on modernizing and strengthening India’s power distribution sector. As of March 2025, infrastructure works worth ₹1,480 billion have been sanctioned, including the replacement of old and overloaded distribution transformers and the augmentation of substations. The scheme encourages utilities to upgrade to higher-efficiency transformers, directly boosting demand for cast resin dry type models, which are preferred for their fire safety and low maintenance.
Renewable Energy Push
India’s target of 175 GW renewable energy capacity by 2022 and 450 GW by 2030 has led to a surge in solar and wind projects, requiring advanced transformers for grid integration. In 2023, renewables contributed about 23% to total installed power capacity, with projections indicating a rise to 30% by 2025. Government-backed projects, such as the 4.75 GW renewable energy park in Gujarat, have increased demand for dry type transformers that can handle variable renewable inputs and ensure grid stability.
Key Benefits For Stakeholders
The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2034.
A comprehensive analysis of the factors that drive and restrict the growth of the India Cast Resin Dry Type Transformer Market is provided.
Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
Estimations and forecast are based on factors impacting the India Cast Resin Dry Type Transformer Market growth, in terms of value.
Key market players are profiled to gain an understanding of the strategies adopted by them.
This report provides a detailed analysis of the current India Cast Resin Dry Type Transformer Market trends and future estimations from 2025 to 2034, which help identify the prevailing market opportunities.
India Cast Resin Dry Type Transformer Market Report Highlights
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Analyst Review
According to the opinions of various CXOs of leading companies, government initiatives and electrification programs are expected to drive the growth of the India cast resin dry type transformer market. India’s rural electrification efforts, led by schemes like Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and Saubhagya, have boosted the adoption of cast resin dry type transformers due to their safety, efficiency, and suitability for rural environments. These initiatives aim to achieve universal household electrification and improve power reliability in underserved regions. In 2021, the government launched the Revamped Distribution Sector Scheme (RDSS) with a $36.9 billion (?3.03 lakh crore) budget over five years to enhance the financial and operational performance of the power distribution sector. By 2024, projects worth $341.46 million (?2.8 lakh crore) were approved, focusing on strengthening distribution infrastructure and promoting smart metering solutions to drive efficiency and transparency.
However, the limited capacity range of cast resin dry type transformer is expected to restrain the growth of the market. Cast resin dry-type transformers are best suited for low-to-medium voltage applications, typically up to 12.5 MVA and 33 kV, making them ideal for commercial, industrial, and utility settings with moderate power demands. Their compact design is advantageous in space-constrained environments like high-rise buildings, hospitals, and underground substations. These transformers use epoxy resin to encapsulate windings, offering excellent protection against moisture and harsh conditions without the need for oil-based insulation. This results in a fire-safe, low-maintenance, and eco-friendly solution. However, their limited capacity range restricts their use in high-voltage grid-level applications. Overall, cast resin transformers are a reliable choice for environments requiring safety, low emissions, and durability under challenging conditions.
Government initiatives and electrification programs is the key factor boosting the India cast resin dry type transformer market growth
The India cast resin dry type transformer market was valued at $0.2 billion in 2021 and is estimated to reach $0.5 billion by 2034, exhibiting a CAGR of 5.7% from 2025 to 2034.
"The major key players operating in the India cast resin dry type transformer market include Bharat Heavy Electricals Limited, Eaton Corporation, Fuji Electric Co Ltd, General Electric Company, Hammond Power Solutions Inc., Hitachi Energy Ltd, Kirloskar Electric Co. Ltd., Schneider Electric, Siemens Energy AG, WEG Industries, Voltamp Transformers Limited, TMC Transformers (India) Private Limited, CG Power and Industrial Solutions, Urja Techniques India Pvt Ltd, Servokon, Raychem RPG Private Limited, Elmag Transformers, Miracle Electronic Devices Pvt. Ltd., Muskaan Power Infrastructure Ltd, and POWER Engineers, Incorporated."
Dry type converter transformer is the dominating type of India cast resin dry type transformer market.
The India cast resin dry type transformer market is segmented into type, cooling type, phase, voltage, end-use, and class. On the basis of type, the market is divided into dry type converter transformer, and dry type rectifier transformer. As per cooling type, the market is classified into natural air cooling, and forced air cooling. On the basis of phase, the market is categorized into single phase and three phase. Depending on voltage, the market is bifurcated into low and medium. On the basis of end-use, the market is divided into industrial, commercial and others. On the basis of class, the market is divided into class F and class H.
High initial cost of cast resin dry-type transformers is the restraint factor of India cast resin dry type transformer market.
Forced air cooling is the dominating segment based on cooling type.
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