Newark, May 27, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.5 Billion cast resin transformers market will reach USD 8.45 Billion by 2033. Rapidly growing power grid infrastructure and favorable government policies may fuel the growth of the Cast Resin Transformers Market. As the global transition to cleaner energy sources gains momentum and decentralized power generation becomes more prevalent, there's a growing need for transformers that can effectively handle fluctuating loads and power variations. Dry-type transformers are exceptionally suited to meet these demands due to their adaptability and resilience, making them a preferred choice for accommodating the diverse energy requirements of modern power grids.
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Scope of Cast Resin Transformers Market
| Report Coverage | Details |
| CAGR | 6.5% from 2024 to 2033 |
| Market Size in 2023 | USD 4.5 Billion |
| Market Size by 2033 | USD 8.45 Billion |
| Largest Market | APAC |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | by Type, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
With the widespread adoption of smart grid technologies and initiatives aimed at grid modernization, there's an increasing demand for transformers that offer both flexibility and high performance. This evolving landscape presents a significant opportunity for manufacturers specializing in dry-type transformers, especially as the expansion of electrical infrastructure worldwide continues to advance.
Cast Resin Transformers Market Size by Type (0-500 KVA, 500-1000 KVA, 1000-2000 KVA, above 2000 KVA), Application (Urban Power Grid, Transportation, Industry, Energy and Smelting, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
APAC emerged as the largest global Cast Resin Transformers market, accounting for 44% of the total market. Owing to huge consumer base in the region, and rapidly growing demand for electricity consumption in the region. Whereas North America exhibits the highest growth rate in the market owing to rapidly growing investments in Cast Resin Transformers industry.
0-500 KVA has dominated the market accounting for 62% of the total market in the year 2023
0-500 KVA has dominated the market accounting for 62% of the total market in the year 2023. With their adaptability and low-risk attributes, cast resin transformers within this range prove ideal for various applications, including demanding environments. These transformers boast self-extinguishing properties, necessitate minimal maintenance, and exhibit high short-time overload capacity. Additionally, they are compact, resistant to cracking, and promote environmental sustainability. Despite their initial cost being higher than oil-cooled transformers, they offer durability and safety across diverse settings. Whereas, 500-1000 KVA is expected to provide a lucrative growth rate in the future, owing to its increasing use in the industrial, commercial, and other applications in the global market.
The industrial segment has dominated the Cast Resin Transformers market. Thereby acquiring 40% in the year 2023.
The industrial segment has dominated the Cast Resin Transformers market. Thereby acquiring 40% in the year 2023. Owing to the rising demand for Cast Resin Transformers in various industries ranging from marine, chemical, power among others. Urban Power Grid happens to be the fastest-growing segment within the market. Owing to increasing collaborations, and other strategic initiatives by the private players in the global market.
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Latest Development:
• In October 2023, SGB proudly announced its partnership with Eisbären Regensburg, extending best wishes for their success in the 2023/2024 season. Based in Regensburg with a 75-year legacy and a workforce of 800, SGB is a crucial player in the energy transmission sector, specializing in the production of transformers. As a member of the SGB-SMIT Group, SGB plays a significant role in the energy transition. This collaboration with Eisbären reflects shared values and motivates SGB to draw regional talent and bolster its team.
Market Dynamics
Drivers: Increased demand for energy efficiency
The surge in demand for energy efficiency has become a crucial catalyst propelling the rapid expansion of the dry-type transformer market. With nations worldwide confronting the challenges of climate change and striving to cut down on carbon emissions, there's been a notable shift toward adopting sustainable energy consumption practices. This escalating demand for energy efficiency is driving the widespread adoption of dry-type transformers. According to the International Energy Agency (IEA), global energy demand is projected to increase by 1.8% annually from 2021 to 2030. In 2022, global investments in energy efficiency soared to USD 560 billion, marking a 16% increase from 2021, and this upward trajectory is expected to persist in the years ahead. Various countries have implemented measures to enhance energy efficiency. For instance, American households are eligible for a tax credit covering up to 10% of the expenses for energy-efficient upgrades. Additionally, in 2021, the European Commission revised its eco-design and energy labeling regulations, introducing new standards for various products. Dry-type transformers boast higher energy efficiency because they eschew the use of oil for winding cooling, thereby eliminating a significant source of energy loss.
Restraints: Increased installation and maintenance costs
The expansion of the dry type transformer market faces several challenges, with one prominent hurdle being the significant cost difference between dry type transformers and their oil-filled counterparts. This price gap considerably limits their widespread adoption across various industries and applications. Dry type transformers require a larger initial investment due to their reliance on specialized materials, advanced insulation techniques, and intricate manufacturing processes. Furthermore, these transformers rely on materials with excellent heat conduction and dissipation capabilities, such as aluminum or copper, which often undergo special coatings or unique designs to enhance heat transfer from the windings.
Opportunities: Rapidly growing power grid infrastructure
As the global transition to cleaner energy sources gains momentum and decentralized power generation becomes more prevalent, there's a growing need for transformers that can effectively handle fluctuating loads and power variations. Dry-type transformers are exceptionally suited to meet these demands due to their adaptability and resilience, making them a preferred choice for accommodating the diverse energy requirements of modern power grids. With the widespread adoption of smart grid technologies and initiatives aimed at grid modernization, there's an increasing demand for transformers that offer both flexibility and high performance. This evolving landscape presents a significant opportunity for manufacturers specializing in dry-type transformers, especially as the expansion of electrical infrastructure worldwide continues to advance.
Challenge: Lack of access to power ratings and preference of oil-filled transformers in the global market
The prevalence of oil-filled transformers, rooted in their extensive use and established market position, can impede the uptake of cast resin transformers. Customers may hesitate to transition to cast resin alternatives without readily available and detailed power ratings and specifications. Additionally, the longstanding history of oil-filled transformers may imbue them with a perception of tradition and reliability, potentially fostering reluctance among customers to embrace cast resin transformers, especially if they are unfamiliar with their performance attributes or perceive them as less established.
Some of the major players operating in the Cast Resin Transformers market are:
• JSHP Transformer
• TBEA
• Jinpan International
• Sunten Electric
• Jinshanmen
• Voltamp Transformers
• TOSHIBA
• Fuji Electric
• Hitachi
• Hyosung Heavy Industries
Key Segments cover in the market:
By Type:
• 0-500 KVA
• 500-1000 KVA
• 1000-2000 KVA
• Above 2000 KVA
By Application:
• Urban Power Grid
• Transportation
• Industry
• Energy and Smelting
• Others
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About the report:
The global Cast Resin Transformers market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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