US cast-resin transformer industry to witness upward curve in the post-Covid era
The ceaseless requirement of electricity for industrial purposes resulted in improved adoption of non-conventional and renewable energy resources, which in turn is driving the cast-resin transformer market.
by Vaishanavi Kumbalwar
Image for illustration purposes
The ceaseless requirement of electricity for industrial purposes resulted in improved adoption of non-conventional and renewable energy resources, which in turn is driving the cast-resin transformer market.
These high voltage winding conductors are smoothly surfaced and fully embedded in an enclosed cast-resin body. These dry-type transformers are highly reliable as they are eco-friendly and safe, crack and moisture resistant, and sustainable with a compact design.
The US cast-resin transformer market witnesses a growth curve as these transformers are self-extinguishing and flame-retardant. The cast-resin transformers are less hazardous, and do not produce any toxic gas. The installation cost of these transformers is also low. According to Allied Market Research report, in 2020 the US cast-resin transformer market was valued at $574.2 M. The market is projected to grow at CAGR of 5.7 % from 2021 to 2030 and to reach $1,007.0 M by 2030.
The adoption of smart grid technologies is expected to boost the cast-resin transformer market in the USA. The cast-resin transformer is suitable for both indoor and outdoor use and works well irrespective of the outside environment, it also withstands humid environment. The growing market demand is making the market highly competitive and market players are thriving to serve the market with best technologies and products. Fuji Electric Co. Ltd., Hitachi-ABB Ltd., Hammond Power Solutions Inc., General Electric, Schneider Electric SE, WEG Group, Hanley Energy LLC, Olsun Electrics Corporation, Eaton Corporation Plc, and Siemens AG are leading market players in U S cast-resin transformer market. To strengthen their position in the business, these market players have used a variety of approaches such as mergers, expansion, collaboration, partnerships, and others.
The market for cast-resin transformers in the United States is examined by type, cooling type, phase, voltage, and end use. The converter transformer segment accounted for about three-fifths of the total market share in 2020, and it is predicted to continue to lead the way by 2030.The rectifier transformer market segment is expected to grow at the fastest rate of 5.9 % between 2021 and 2030. The forced air sector accounted for more than three-fifths of total market revenue in 2020, and it is expected to dominate the market by 2030, while the natural air segment would grow at a CAGR of 6.2 % from 2021 to 2030. The single-phase segment dominated the market in 2020, accounting for 90 % of total revenue and the three-phase segment would grow at fastest CAGR of 7.2 % during the forecast period. The cast resin transformer market seems promising for market players and investors in post-Covid period.
Source: Allied Market Research