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2021

U.S. Cast Resin Transformer Market

U.S. Cast Resin Transformer Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Cooling Type, Phase, Voltage and End Use : Country Opportunity Analysis and Industry Forecast, 2021-2030

EP : Equipment and Devices

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Author's: Saurabh Dixit | Eswara Prasad
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U.S. Cast Resin Transformer Market Overview - 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 transformer is a type of dry type transformer, which never uses any 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 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 U.S. cast resin 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.

U.S.-Cast-Resin-Transformer-Market

For the purpose of analysis, the U.S. cast resin transformer market is segmented into type, cooling type, phase, voltage, and end use. Depending on type, the market is categorized into dry type converter transformer and dry type rectifier transformer. On the basis of cooling type, it is bifurcated into natural air cooling and forced air cooling. By phase, it is divided into single phase and three phase. On the basis of voltage, the market is classified into low and medium. The end uses covered in the study include industrial, commercial, and others.

The key players operating in the U.S. cast resin transformer market are 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.

These key players are adopting various strategies, such as acquisition, partnership, product launch, and agreement, to stay competitive in the U.S. cast resin transformer market.
For instance, in July 2020, Hitachi acquired 80.1% stake in ABB Ltd.’s power grid business and formed a joint venture, Hitachi ABB Power Grids Ltd. This acquisition helped Hitachi to enhance its product portfolio of transformers.

In addition, Eaton acquired Virginia, the U.S.-based Power Distribution, Inc. (PDI). PDI is a leading supplier of mission critical power distribution, static switching, and power monitoring equipment & services for data centers and industrial & commercial customers. PDI offers ONYX K-Factor dry type power distribution transformer; hence, the acquisition helped Eaton to increase its dry type transformer offerings.

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.

The U.S. cast resin transformer market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The U.S. cast resin transformer market is studied with respect to the growth prospects and restraints based on the product 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 transformer market, by type

By type, the dry type converter transformer segment held the largest market share in 2020. This is attributed 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.

U.S. Cast Resin Transformer Market
By Type
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Dry Type Converter Transformer is projected as the most lucrative segment.

Cast resin transformer market, by cooling type

On the basis of cooling type, the forced air cooling segment dominated the U.S. cast resin transformer market in 2020, in terms of share, owing to rise in demand for forced air-cooling system in industrial applications due to increase in temperature of cast resin transformer systems. In addition, forced air cooling system cools down highly heated cast resin 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.

U.S. Cast Resin Transformer Market
By Cooling Type
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Forced Air Cooling is projected as the most lucrative segment.

Cast resin transformer market, by phase

On the basis of phase, the single-phase segment dominated the U.S. cast resin transformer market in 2020, in terms of market share, owing to rise in use of three 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 market growth in the upcoming years.

U.S. Cast Resin Transformer Market
By Phase
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Single-Phase holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

Cast resin transformer market, by voltage

On the basis of voltage, the low segment dominated the U.S. cast resin transformer market in 2020, in terms of market share, owing 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.

U.S. Cast Resin Transformer Market
By Voltage
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Low segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

Cast resin transformer market, by end use

By end use, the industrial segment dominated the highest U.S. cast resin transformer market share in the year 2020, and is expected to maintain the same during the forecast period. This is attributed to rise in demand for cast resin dry type transformer from various industries including marine, chemical, oil & gas, renewable energy, power generation and others.

U.S. Cast Resin Transformer Market
By End Use
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Industrial 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 the COVID-19 pandemic resulted in temporary ban on the import and export, thereby disrupting the supply chain and hampering the cast resin transformer market growth in the second, third, and fourth quarter of 2020. In addition, there will be some impact on the growth of the market in 2021, owing to the second wave of COVID-19 pandemic across the globe. However, the market is expected to recover in the end of the year or by the second or third quarter of 2021 as the production in various industries restarts with rapid vaccination across the globe. 

Key Benefits For Stakeholders

  • The report includes in-depth U.S. cast resin transformer market analysis of different segments and provides market estimations between 2021 and 2030.
  • A comprehensive analysis of the factors that drive and restrict the U.S. cast resin transformer market growth 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 U.S. cast resin transformer market forecast are based on factors impacting the 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 U.S. cast resin transformer market trends and future estimations from 2021 to 2030, which helps identify the prevailing market U.S. cast resin transformer market opportunities.

Key Market Segments

By Type

  • Dry Type Converter Transformer
  • Dry Type Rectifier Transformer

By Cooling Type

  • Natural Air Cooling
  • Forced Air Cooling

By Phase

  • Single Phase
  • Three Phase

By Voltage

  • Low
  • Medium

By End Use

  • Industrial
  • Commercial
  • Others

U.S. Cast Resin Transformer Market Report Highlights

Aspects Details
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By Type
  • Dry Type Converter Transformer
  • Dry Type Rectifier Transformer
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By Cooling Type
  • Natural Air Cooling
  • Forced Air Cooling
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By Phase
  • Single Phase
  • Three Phase
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By Voltage
  • Low
  • Medium
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By End Use
  • Industrial
  • Commercial
  • Others
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Key Market Players

EATON CORPORATION PLC, HITACHI LTD., OLSUN ELECTRICS CORPORATION, HANLEY ENERGY GCC, SCHNEIDER ELECTRIC SE, GENERAL ELECTRIC, WEG GROUP, SIEMENS ENERGY AG, FUJI ELECTRIC CO. LTD., HAMMOND POWER SOLUTIONS

Analyst Review

The demand for electricity 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 provide growth opportunities for the cast resin transformer market expansion.

The limitation of cast resin transformer over liquid-filled transformer is a major limiting 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 transformers offer enhanced fire-retardant characteristics that make it ideal for installations in fire prone areas. Only cast resin transformers can be used in areas, such as multi-story or high-rise buildings, due to safety concerns.

The U.S. cast resin transformer market is segmented on the basis of type, cooling type, phase, voltage, and end use. The industrial sector is the main end user of cast resin transformers. Its other end uses include marine, chemical & petrochemical industries, power generation, manufacturing plants, smelting units, railways, and mining industries.

Author Name(s) : Saurabh Dixit | Eswara Prasad
Frequently Asked Questions?

The key growth strategies of U.S. Cast Resin Transformer market players are acquisition and product launch

Development and adoption of smart grids and digitalization of transformers is expected to influence the U.S. cast resin transformer market in the next few years.

To get latest version of U.S. Cast Resin Transformer market report can be obtained on demand from the website.

Increase in demand for electricity from different end-use industries, rise in adoption of renewable and non-conventional energy sources are expected to be the driving factors and opportunities in the U.S. cast resin transformer.

The potential customers of the U.S. cast resin transformer are Industrial, commercial, utilities and residential.

The top ten market players are selected based on two key attributes - competitive strength and market positioning

The key benefits of the U.S. cast resin transformer market are information on key trends, market size & forecast, top players and their development strategies, and others.

On the basis of type, cast resin dry type converter segment will drive the U.S. cast resin transformer growth during the forecast period. By cooling type, forced air-cooling will fuel the U.S. cast resin transformer growth. On the basis of phase, single-phase segment will drive the growth of the U.S. cast resin transformer. By voltage, low voltage segment will fuel the U.S. cast resin transformer growth. By end use, industrial segment will fuel the U.S. cast resin transformer growth.

Top players in the U.S. cast resin transformer are Eaton Corporation Plc, Fuji Electric Co. Ltd., General Electric, Hammond Power Solutions Inc., Hitachi Ltd., Schneider Electric SE, Olsun Electrics Corporation, Hanley Energy GCC, Siemens Energy AG, and WEG Group.

In terms of revenue, the market size of the U.S. cast resin transformer is anticipated to reach $1,007.0 million by 2030, growing at CAGR of 5.7% from 2021 to 2030.

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U.S. Cast Resin Transformer Market