U.S. Cast Resin Transformer Market Poised to Garner Maximum Revenues during 2021 - 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 a 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.

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

Depending on the type, the 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 the rise in the 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.

On the basis of cooling type, the 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 the rising demand for forced air-cooling systems in industrial applications owing to the increase in the temperature of cast resin transformer systems. In addition, the forced air cooling system cooled down highly heated cast resin transformer in less time as compared 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 the rise in the use of single-phase cast resin transformers in low voltage distribution applications in various commercial and residential applications such as hospitals, 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, the 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 the rise in the use of low-voltage cast resin transformers in residential and commercial applications. In addition, the 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, the 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 the rise in demand for cast resin transformers 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 on 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.

Other players operating in the value chain of the U.S. cast resin transformer market are MGM Transformer Company, Niagara Transformer Corporation, Alfa Transformer, Acutran, and others.

COVID-19's 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 canceled, 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 the pandemic becomes less. Thus, it is estimated that the 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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KEY FINDINGS OF THE STUDY

• In 2020, the dry-type converter transformer segment accounted for the 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 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, the industrial segment dominated the U.S. cast resin transformer market with more than 57.9% of the share, in terms of revenue.

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