Cast Resin Dry Type Transformer Market to Reach $5.0 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research

Cast Resin Dry Type Transformer Market to Reach $5.0 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research

PR Newswire

PORTLAND, Ore., Jan. 11, 2022

Rise in demand for electricity from different end-use industries and increase in adoption of renewable and non-conventional energy sources drive the growth of the global cast resin dry type transformer market

PORTLAND, Ore., Jan. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cast Resin Dry Type Transformer Market by Type (Converter Transformer and 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): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global cast resin dry type transformer industry generated $3.0 billion in 2020, and is expected to reach $5.0 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030.

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Drivers, restraints, and opportunities

Rise in demand for electricity from different end-use industries and increase in adoption of renewable and non-conventional energy sources drive the growth of the global cast resin dry type transformer market. However, development of solid-state transformers (SSTs) restrains the market growth. On the other hand, adoption of smart grids and digital dry type transformers create new opportunities in the coming years.

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Covid-19 Scenario

The converter transformer segment to continue its dominant share during the forecast period

Based on type, the converter transformer segment contributed to the highest share in 2020, accounting for around three-fifths of the global cast resin dry type transformer market, and is expected to continue its dominant share during the forecast period. This is due to rise in use in excitation systems for turbo and hydro-generators and electric drives of drilling equipment for the city electrified public transport (tram, trolley bus, and subway) and DC & AC electric drives. However, the rectifier transformer segment is estimated to portray the largest CAGR of 5.5% from 2021 to 2030, owing to rise in demand for cast resin dry type transformer from residential and commercial building spaces for achieving fine voltage regulations in consumer electronics devices.

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The industrial segment to continue its leadership status during the forecast period

Based on end use, the industrial segment held the largest share in 2020, accounting for nearly three-fifths of the global cast resin dry type transformer market, and is projected to continue its leadership status during the forecast period. This is due to rise in demand from various industries such as marine, chemical, oil & gas, renewable energy, power generation, and others. However, the commercial segment is expected to register the highest CAGR of 5.6% from 2021 to 2030, owing to surge in demand from commercial applications such as hospitals, hotels, data centers, underground stores, stadiums, educational facilities, shopping malls, and others.

North America to register the fastest growth rate

Based on region, North America is expected to manifest the fastest CAGR of 5.9% during the forecast period. This is due to rise in demand from the industrial and commercial sectors, increase in the global initiatives toward use of greener energy sources, and plummeting costs of alternative energy sources such as wind energy or solar energy. However, Asia-Pacific accounted for the highest market share in 2020, holding around two-fifths of the global cast resin dry type transformer market, and is estimated to continue its lead in terms of revenue by 2030. This is attributed to rapid growth of the renewable energy integration with main grid, expansion of HVDC network, and availability of the manufacturing industries in the region. Moreover, rise in urbanization and industrialization in the countries such as China, India, and others supplements the growth in the region.

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Similar Reports We Have:   

U.S. cast resin transformer market is projected to reach $1,007.0 million by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Transformer Core Market is expected to reach $8,897 million by 2022, growing at a CAGR of 3.5% from 2016 to 2022.

Solid state transformer market is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.

Dry type transformer market is projected to reach $7.3 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Power transformer market is expected to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.

Instrument transformers market is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Asia-Pacific Power Transformer Market is projected to reach $8,990 million by 2023, registering a CAGR of 8.1% from 2017 to 2023.

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