Press release
Cast Resin Dry Type Transformer Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, ABB Ltd., Bharat Heavy Electricals Limited
Cast Resin Dry Type Transformer Market Size
The Business Research Company offers in-depth market insights through Cast Resin Dry Type Transformer Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cast resin dry type transformer market size has grown strongly in recent years. It will grow from $3.98 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to the growth of urban areas and infrastructure development, increasing focus on energy efficiency and conservation, proliferation of data centers and it infrastructure, expansion of industrial automation and robotics, and increasing economic growth.
The cast resin dry type transformer market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the growth of smart grid systems, electric vehicle expansion, increasing support for sustainable and green energy initiatives, expansion of electrified public transportation systems, and increasing infrastructure development. Major trends in the forecast period include integration of digital technologies, electrification projects in emerging markets, iot integration, adoption of advanced transformer technologies, and technological advancements.
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Market Segmentation:
The main types of cast resin dry-type transformers include converter transformers and rectifier transformers. A converter transformer is used in industries to convert alternating current (AC) to direct current (DC). The different cooling types for cast resin dry-type transformers are natural air cooling and forced air cooling. The cast resin dry type transformers' phases include single phase, three phase, and low voltage and medium voltage. The different applications of cast resin dry type transformers include industrial, commercial, and others.
Major Driver - Rising Global Electricity Demand
An increase in demand for electricity is expected to propel the growth of cast resin dry type transformer market going forward. Cast resin dry type transformers are actively used in converting the voltage of the current to the required industry specifications. They are used for a variety of electrical applications, including lowering the voltage of electric current for traditional power circuits to run low-voltage devices and raising the voltage of electric current present in generators to transport electricity over great distances. For instance, according to the 2021 International Energy Agency (IEA) report, electricity demand will be five times higher in 2021 than it was in 2020, totaling over 1000 TWh. Additionally, global electricity demand is expected to increase by 4% in 2022. Therefore, the increasing demand for electricity will drive the cast resin dry type transformer market during forecast period.
Competitive Landscape:
Major companies operating in the cast resin dry type transformer market include Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, ABB Ltd., Bharat Heavy Electricals Limited, Crompton Greaves Limited, Eaton Corporation, Fuji Electric Co. Ltd., General Electric Company, Hammond Power Solutions Inc., Hitachi Ltd., Voltamp Transformers Limited, WEG Industries, Hyosung Heavy Industries Corporation, Legrand SA, PI. CAST-RESIN Sp. z o.o., Power Sp. z o.o., TBEA Co. Ltd., Toshiba Corporation, CG Power and Industrial Solutions Ltd., Efacec Power Solutions SGPS SA, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric Infrastructure Limited, Siemens Limited, SPX Transformer Solutions Inc., Trafomodern Transformatorengesellschaft mbH, Wilson Power Solutions Ltd., Alstom SA, Brush Electrical Machines Ltd.
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Top Trend - Introduction Of Dry-Type Single-Phase Transformer
The introduction of dry-type single-phase transformer is a key trend gaining popularity in the cast resin dry type transformer market. A dry-type single-phase transformer is an electrical device used to transfer electrical energy between two voltage levels in a single-phase electrical system. It is called dry-type because it does not use liquid insulating or cooling substances like oil, which are common in oil-immersed transformers. For example, in April 2022, Siemens Energy AG, a Germany-based energy development company, introduced CAREPOLE, a dry-type single-phase transformer for pole applications in US. This cast-resin distribution transformer is designed for the technological requirements of the American grid, providing a stable and ecological replacement to oil-filled transformers. The self-extinguishing CAREPOLE offers an exceptional degree of fire safety and lowers environmental concerns due to its cast-resin design. The CAREPOLE is characterized by its high degree of fire safety due to its self-extinguishing feature. This is made possible by its cast-resin design, which does not contain oil, thus eliminating the risk of explosion and significantly reducing environmental risks.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cast Resin Dry Type Transformer Market Characteristics
3. Cast Resin Dry Type Transformer Market Trends And Strategies
4. Cast Resin Dry Type Transformer Market - Macro Economic Scenario
5. Cast Resin Dry Type Transformer Market Size And Growth
…..
27. Cast Resin Dry Type Transformer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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