Allied Market Research
Loading...
0

U.S. Cast Resin Transformer Market Expected to Reach $1,007.0 million by 2030

 

Report Code : A13102

quote “The U.S. cast resin transformer market is anticipated to witness considerable growth during the forecast period, owing to rise in demand for cast resin transformer from various industrial applications, such as power, manufacturing, automotive, and others, in the U.S. However, limitations associated with cast resin transformer and development of solid-state transformers are the key factors restraining the growth of the market in the coming years. On the contrary, development and adoption of smart grids and digital dry transformers is anticipated to create remunerative opportunity for the key players operating in the U.S. cast resin transformer market.” quote

Eswara Prasad
Manager, Energy & Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled,U.S. Cast Resin Transformer Market by Type, Cooling Type, Phase, Voltage, and End Use: Country Opportunity Analysis and Industry Forecast, 2021–2030,” 

The U.S. cast resin transformer market size was valued at $574.2 million in 2020, and is projected to reach $1,007.0 million by 2030, growing at a CAGR of 5.7% from 2021 to 2030. Cast resin transformers are magnetic core transformers in which the windings and core are kept in a sealed tank that uses air as a cooling medium instead of oil or other liquids as in a typical liquid-filled transformer. In a cast resin transformer, high-voltage (HV) and low-voltage (LV) windings are completely impregnated and cast under vacuum in epoxy resin. This encapsulation helps prevent moisture to penetrate the winding material. The insulating material offers excellent fire hazard protection; thereby, suitable for indoor installations. This makes them the preferred choice for underground or city-building substations that require site-specific fire prevention and fire contingency-management strategies. 

Cast resin transformers offer various advantages over wet transformers. It is easy to install and requires less maintenance, excellent resistance to short circuit currents and capacity to support overloads, uses no environmentally hazardous hydrocarbon liquids hence it is eco-friendly and pollution free. Being self-extinguishing, it reduces the cost on civil installation works and fire protection systems. Cast resin transformers have gained high demand in the recent years as they are installed in industrial, commercial, as well as residential and non-residential constructions.

Depending on type, cast resin converter transformer segment held the highest market share of around 59.9% in 2020, and is expected to maintain its dominance during the forecast period. This is 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.

On the basis of cooling type, forced air-cooling segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for forced air-cooling system in industrial applications owing to increase in temperature of cast resin transformer system. In addition, forced air cooling system cooled down highly heated cast resin transformer in less time as compare to natural air cooling which in turn is anticipated to fuel the growth of this segment during the forecast period.

On the basis of phase, the single-phase segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.6%. This is owing 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 also used in some small-scale industrial applications which in turn is projected to fuel the U.S. cast resin transformer market growth in the upcoming years.

On the basis of voltage, low voltage segment holds the highest market share, in terms of revenue, and is projected to maintain its dominance during the analyzed time frame. This is owing to rise in use of low voltage cast resin 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.

On the basis of end use, industrial segment holds the highest market share, in terms of revenue, and is anticipated to maintain its dominance in the coming years. This is owing to rise in demand for cast resin transformer from various industries including marine, chemical, oil & gas, renewable energy, power generation and others.

The U.S. cast resin transformer market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Eaton Corporation Plc, Fuji Electric Co. Ltd., General Electric, Hammond Power Solutions Inc., Hitachi-ABB Ltd., Schneider Electric SE, Olsun Electrics Corporation, Hanley Energy LLC, Siemens AG, and WEG Group.

Other players operating in the value chain of the U.S. cast resin transformer market are MGM Transformer Company, Niagara Transformer Corporation, Alfa Transformer, Acutran, and others.

COVID-19 impact on the market

The U.S. cast resin transformer market witnessed steady and sluggish growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the U.S. In addition, ongoing projects from various industries, such as construction, oil & gas, manufacturing, power, chemical, and others, are on hold or cancelled, which affected the sales of cast resin transformers. This further resulted in restraining the growth of the cast resin transformer market till the effect of pandemic becomes less. Thus, it is estimated that step-by-step end of the lockdown and vaccination across the country will boost the economy, which, in turn, is expected to fuel the cast resin transformer market in the U.S. in the coming year.

KEY FINDINGS OF THE STUDY

  • In 2020, the dry type converter transformer segment accounted for majority of the market share of the U.S. cast resin transformer market, and is expected to maintain its lead during the forecast period. 
  • In 2020, the forced air-cooling segment accounted for around 63.9% of the share in the U.S. cast resin transformer market, and is expected to maintain its dominance till the end of the forecast period.
  • In 2020, the single-phase segment is accounted for 90.5% U.S. cast resin transformer market share in 2020, and is anticipated to grow at a rate of 5.6% in terms of revenue, increasing its share in the U.S. cast resin transformer market.
  • Commercial is the fastest-growing end user segment in the U.S. cast resin transformer market, expected to grow at a CAGR of 6.0% during 2021–2030.
  • In 2020, industrial segment dominated the U.S. cast resin transformer market with more than 57.9% of the share, in terms of revenue.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote U.S. Cast Resin Transformer Market by Type (Dry Type Converter Transformer and Dry Type Rectifier Transformer), Cooling Type (Natural Air Cooling and Forced Air Cooling), Phase (Single Phase and Three Phase), Voltage (Low and Medium), and End Use (Industrial, Commercial, and Others): Country Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,718 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"U.S. Cast Resin Transformer Market"
Purchase Enquiry