U.S. Cast Resin Transformer Market to Reach $1,007.0 Million by 2030, Growing at 5.7% CAGR from 2021

WILMINGTON, DE , UNITED STATES, July 15, 2024 /EINPresswire.com/ -- 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.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗦𝗮𝗺𝗽𝗹𝗲 𝐏𝐃𝐅 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/A13102

Cast resin transformers are magnetic core transformers in which the windings and core are kept in a sealed tank that uses air as a cooling medium instead of oil or other liquids as in a typical liquid-filled transformer. In a cast resin transformer, high-voltage (HV) and low-voltage (LV) windings are completely impregnated and cast under vacuum in epoxy resin. This encapsulation helps prevent moisture to penetrate the winding material. The insulating material offers excellent fire hazard protection; thereby, suitable for indoor installations. This makes them the preferred choice for underground or city-building substations that require site-specific fire prevention and fire contingency-management strategies.

Cast resin transformers offer various advantages over wet transformers. It is easy to install and requires less maintenance, excellent resistance to short circuit currents and capacity to support overloads, uses no environmentally hazardous hydrocarbon liquids hence it is eco-friendly and pollution free. Being self-extinguishing, it reduces the cost on civil installation works and fire protection systems. Cast resin transformers have gained high demand in the recent years as they are installed in industrial, commercial, as well as residential and non-residential constructions.

Depending on type, cast resin converter transformer segment held the highest market share of around 59.9% in 2020, and is expected to maintain its dominance during the forecast period. This is owing 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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/5abb879e4af19b0270616a6ef1651093

On the basis of cooling type, forced air-cooling segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for forced air-cooling system in industrial applications owing to increase in temperature of cast resin transformer system. In addition, forced air cooling system cooled down highly heated cast resin transformer in less time as compare to natural air cooling which in turn is anticipated to fuel the growth of this segment during the forecast period.

On the basis of phase, the single-phase segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.6%. This is owing to rise in use of single-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 U.S. cast resin transformer market growth in the upcoming years.

On the basis of voltage, low voltage segment holds the highest market share, in terms of revenue, and is projected to maintain its dominance during the analyzed time frame. This is owing to rise in use of low voltage cast resin 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.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A13102

On the basis of end use, industrial segment holds the highest market share, in terms of revenue, and is anticipated to maintain its dominance in the coming years. This is owing to rise in demand for cast resin transformer from various industries including marine, chemical, oil & gas, renewable energy, power generation and others.

KEY FINDINGS OF THE STUDY

In 2020, the dry type converter transformer segment accounted for majority of the market share of the U.S. cast resin transformer market, and is expected to maintain its lead during the forecast period.
In 2020, the forced air-cooling segment accounted for around 63.9% of the share in the U.S. cast resin transformer market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the single-phase segment is accounted for 90.5% U.S. cast resin transformer market share in 2020, and is anticipated to grow at a rate of 5.6% in terms of revenue, increasing its share in the U.S. cast resin transformer market.
Commercial is the fastest-growing end user segment in the U.S. cast resin transformer market, expected to grow at a CAGR of 6.0% during 2021-2030.
In 2020, industrial segment dominated the U.S. cast resin transformer market with more than 57.9% of the share, in terms of revenue.

David Correa
Allied Market Research
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