Cast Resin Dry Type Transformer Market to Reach $5.0 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research
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.
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
- Governments across many countries imposed lockdown measures during the Covid-19 pandemic. This halted manufacturing & processing activities and resulted in ban on import & export activities across electrical utilities sector. This resulted in decrease in the demand for cast resin dry type transformers.
- Moreover, stoppage in building & construction of electric utility infrastructures, grid network, renewable power plants, and other power plants due to unavailability of workers and increase in demand–supply gap hampered the market growth.
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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Leading Market Players
- Eaton Corporation Plc
- Fuji Electric
- General Electric
- Schneider Electric
- BHEL
- Hammond Power Solutions
- Hitachi, Ltd.
- Kirloskar Electric Co., Ltd.
- Siemens Energy
- WEG Group
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