U.S. Cast Resin Transformer Market Statistical Analysis and Future Growth Projections by 2030

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. 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.

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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.

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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.

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.

The U.S. cast resin transformer market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Eaton Corporation Plc, Fuji Electric Co. Ltd., General Electric, Hammond Power Solutions Inc., Hitachi-ABB Ltd., Schneider Electric SE, Olsun Electrics Corporation, Hanley Energy LLC, Siemens AG, and WEG Group.

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COVID-19 impact on the market
The U.S. cast resin transformer market witnessed steady and sluggish growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the U.S. In addition, ongoing projects from various industries, such as construction, oil & gas, manufacturing, power, chemical, and others, are on hold or cancelled, which affected the sales of cast resin transformers. This further resulted in restraining the growth of the cast resin transformer market till the effect of pandemic becomes less. Thus, it is estimated that step-by-step end of the lockdown and vaccination across the country will boost the economy, which, in turn, is expected to fuel the cast resin transformer market in the U.S. in the coming year.

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