India Cast Resin Dry Type Transformer Market Expected to reach $0.5 Billion by 2034

According to a new report published by Allied Market Research titled, “India Cast Resin Dry Type Transformer Market Type, Cooling Type, Phase, Voltage, End-Use, and Class: Opportunity Analysis and Industry Forecast, 2025–2034.” 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.

Introduction

Cast Resin Dry Type Transformers (CRDTs) are a category of electrical transformers that use epoxy resin for insulation and cooling rather than conventional liquid or oil-based coolants. The windings of these transformers are encapsulated in epoxy resin, which protects them from dust, moisture, and corrosive environments. Unlike oil-filled transformers, dry type transformers operate without any flammable liquid, making them safer, ecofriendlier, and more suitable for indoor and fire-prone areas.

Cast Resin Dry Type Transformers are extensively used in commercial and residential building infrastructure, including high-rise towers, shopping malls, hospitals, hotels, and educational institutions. These environments prioritize safety, efficiency, and reliability areas where CRDTs perform exceptionally well. The dry construction eliminates the use of oil, removing the risks of leaks and fire hazards, making them ideal for indoor installations and densely populated areas. Their compact and enclosed design allows installation in basements, rooftops, or within confined spaces without extensive ventilation or oil containment systems. CRDTs also operate with reduced noise levels, making them suitable for hospitals and schools, where a quiet environment is essential. Their ability to withstand short-term overloads and adverse atmospheric conditions, including humidity and dust, further enhances their performance in these sectors.

Market Dynamics

Government initiatives and electrification programs is expected to drive the growth of India cast resin dry type transformer market. India's rural electrification initiatives, notably the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya), have significantly accelerated the deployment of cast resin dry type transformers in rural areas. These government schemes aim to provide universal household electrification and enhance the reliability of power supply in underserved regions. The adoption of cast resin dry type transformers aligns with these objectives due to their safety, efficiency, and suitability for rural infrastructure. The government introduced the Revamped Distribution Sector Scheme (RDSS) in 2021. With a total outlay of $36.9 billion (₹3.03 lakh crore) over five years, the RDSS focuses on improving the financial sustainability and operational efficiency of the distribution sector. As of 2024, projects worth $341.46 million (₹2.8 lakh crore) had been approved under this scheme, encompassing the strengthening of distribution infrastructure and the implementation of smart metering solutions.

However, high initial cost of cast resin dry-type transformers is expected to hamper the growth of market during the forecast period. 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.

Segments Overview

The India cast resin dry type transformer market is segmented into type, and end-use industry. On the basis of type, the market is divided into sealants and adhesives, cement grinding aids, concrete admixtures, water proofing and roofing, repair and rehabilitation, industrial flooring, and others. On the basis of end-use industry, the market is classified into residential, industrial/commercial, infrastructure, and repair.

On the basis of type, dry type rectifier transformer is the fastest growing segment in the market representing the CAGR of 6.1% during the forecast period. Cast resin dry-type transformers are commonly used in various applications, including dry-type rectifier transformers. These transformers offer distinct advantages, especially in systems requiring reliability, safety, and minimal maintenance. A dry-type rectifier transformer, used in conjunction with a rectifier circuit, is designed to provide the necessary voltage for rectifying AC power into DC power.

On the basis of cooling type, natural air cooling is the fastest growing segment in the market growing with the CAGR of 6.5% during the forecast period. Natural air cooling is a cost-effective method for transformer cooling, as it eliminates the need for additional mechanical cooling equipment, such as fans or pumps. This simplicity in design reduces the transformer’s overall maintenance requirements and ensures its efficient operation over time. It is particularly suited for applications in environments where cooling demands are moderate and where space and cost constraints are significant.

On the basis of the phase, three phase is the fastest growing segment in the market, growing with the CAGR of 6.6% during the forecast period. In a three-phase system, cast resin dry-type transformers are used to step up or step down voltage to levels suitable for different types of equipment and appliances. These transformers play a critical role in ensuring the stable and efficient distribution of electrical power, which is essential in industries like manufacturing, construction, and commercial complexes. Since they operate in close proximity to the load and often in enclosed spaces, their non-flammable, solid insulation material is particularly beneficial in reducing risks associated with fire and pollution.

On the basis of end-use, the others segment is the fastest growing segment in the market growing with the CAGR of 7.0% during the forecast period. In institutional buildings such as hospitals, schools, and government offices, cast resin dry-type transformers are preferred because of their superior safety features. These transformers are non-flammable, making them ideal for locations where fire safety is a top priority. In transportation infrastructure, such as metro stations, railways, airports, and seaports, the reliability and safety of cast resin dry-type transformers are critical. These transformers provide efficient power distribution and are designed to withstand harsh environmental conditions, including extreme weather and vibrations

On the basis of class, class H is the fastest growing segment in the market growing with the CAGR of 6.2% during the forecast period. Cast resin dry type transformers are particularly suitable for Class H environments due to the specific materials used in their construction. These transformers are made using epoxy resin, which is cast around the core and windings, providing exceptional thermal stability. The use of cast resin enhances the insulation system, ensuring that the transformer can withstand higher thermal stresses without degrading or losing its electrical insulating properties. In India, these transformers are extensively used in high-demand sectors such as power plants, steel industries, mining operations, and large commercial complexes. The high thermal endurance and durability of Class H cast resin dry type transformers make them an excellent choice for such industries, where transformers need to function reliably in harsh conditions.

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 February 2022, BHEL developed a Bus Potential Transformer Module for 33 kV Gas Insulated Switchgear (GIS), marking a first by an Indian manufacturer. This innovation reduced panel size and weight by 80% and achieved cost savings of 57% compared to conventional designs.

Key Findings of the Study:

• On the basis of type, the dry type converter transformer segment registered the highest market share accounting for more than half of the market share in 2021.
• On the basis of cooling type, the natural air cooling segment was the highest share accounting for half of the market share in 2021.
• On the basis of phase, single phase segment dominated the market, representing the CAGR of 5.6% during the forecast period.
• On the basis of voltage medium segment was the fastest growing segment in the market growing with the CAGR of 6.8% throughout the timeline.
• On the basis of end-use, industrial segment dominated the India cast resin dry type transformer market.
• On the basis of class, class F dominated the market in 2021.