Cast Resin Dry Type Transformer Market Size, Share, Growth, Trends, and Forecast by 2031

MARKET OVERVIEW

Cast resin transformers are dry-type transformers that never use liquid for insulation and have epoxy resin encapsulated primary and secondary windings. The encapsulation of epoxy resin resists the effect of moisture on winding materials. As a result, it provides good protection against adverse environmental conditions and can operate at 100% humidity. Cast resin dry-type transformers have many advantages, including fire safety, zero oil usage, ecological friendliness, low maintenance, low installation cost, short time overload handling capacity, etc. It is used in various applications, including power generation, oil and gas, marine, chemical, and renewable energy.

MARKET SCOPE

The "Global Cast Resin Dry Type Transformer Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the cast resin dry type transformer market with detailed market segmentation by type, cooling type, phase, voltage, application, and geography. The report provides key statistics on the market status of the leading cast resin dry type transformer market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•  Based on type, the market is segmented into converter transformer and rectifier transformer.
  
•  Based on cooling type, the market is segmented into natural air cooling and forced air cooling.
  
•  Based on phase, the market is segmented into single phase and three phase.
  
•  Based on voltage, the market is segmented into low and medium.
  
•  Based on application, the market is segmented into industrial, commercial, and other.
  

MARKET DYNAMICS

Drivers:

•  Increased electricity consumption, new civil infrastructure developments, replacement of existing distribution transformers for integration with renewable energy sources, and deployment of smart power grids are the primary forces propelling the global cast resin dry type transformer market forward.
  
•  Electric vehicle development and deployment incentives increase electricity usage in the automotive sector.
  
•  Strengthening and improving the transmission and distribution (T&D) system network is essential for effective electricity distribution to deficit regions, which is projected to fuel market expansion in the coming years.
  

Restraints:

•  High cost may hinder the growth of the cast resin dry type transformer market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The cast resin dry type transformer market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the cast resin dry type transformer market in these regions.

IMPACT OF COVID-19 ON CAST RESIN DRY TYPE TRANSFORMER MARKET

Due to the COVID-19 pandemic, a temporary ban on import and export and manufacturing and processing activities was imposed across various industries and electrical utilities, reducing demand for cast resin dry type transformers from these customers. Furthermore, due to a labor shortage, a halt in the construction of new electric utility facilities, renewable power plants, grid networks, and other power plants, and an increase in the demand-supply gap, the market has been severely affected. However, the global cast resin dry type transformer market is expected to witness notable growth in the forecast period.

MARKET PLAYERS

The report covers key developments in the cast resin dry type transformer market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of the business and customer base of market players. The market players from the cast resin dry type transformer market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the cast resin dry type transformer market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•  Bharat Heavy Electricals Limited
  
•  Eaton
  
•  Fuji Electric Co., Ltd.
  
•  General Electric
  
•  Hammond Power Solutions.
  
•  Hitachi, Ltd.
  
•  Kirloskar Electric Company Ltd.
  
•  Schneider Electric
  
•  Siemens Energy
  
•  WEG
  

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Cast Resin Dry Type Transformer Report Scope