The global cast resin dry type transformer market size is expected to grow from $3.36 billion in 2021 to $3.58 billion in 2022 at a compound annual growth rate (CAGR) of 6.55%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global cast resin dry type transformers market size is expected to reach $4.58 billion in 2026 at a CAGR of 6.36%.
What is the Global Cast Resin Dry Type Transformer Market?
The cast resin dry type transformer market consists of sales of cast resin dry type transformers by entities (organizations, sole traders, and partnerships) that convert alternating current from one voltage to another voltage. A cast resin dry type transformer is a dry type transformer that does not use liquid for insulation with the primary and secondary windings encapsulated with epoxy resin. The cast resin offers protection against adverse ambient conditions and is generally smaller in dimensions and lighter in weight. They are used in commercial, industrial, and residential settings for indoor and outdoor applications. Cast coil transformers are better in respect of impulse voltage withstand strength compared to conventional dry type transformers.
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What drives the Global Cast Resin Dry Type Transformer Market?
An increase in demand for electricity is expected to drive the cast resin dry type transformer market. 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 in order to run low-voltage devices and raising the voltage of electric current present in generators in order to transport electricity over great distances. According to the International Energy Agency (IEA), 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. Hence, the increasing demand for electricity is expected to drive the cast resin dry type transformer market.
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Global Cast Resin Dry Type Transformer Market Segments
The global cast resin dry type transformer market is segmented:
By Type: Converter Transformer, Rectifier Transformer
By Cooling Type: Natural Air Cooling, Forced Air Cooling
By Phase: Single Phase, Three Phase
By Voltage: Low Voltage, Medium Voltage
By Application: Industrial, Commercial, Others
By Geography: The regions covered in the cast resin dry type transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Cast Resin Dry Type Transformer Global Market Report 2022provides market size and growth forecasts for the global cast resin dry type transformer market, global cast resin dry type transformer market share, cast resin dry type transformer market segments and geographies, cast resin dry type transformer market competitive landscape including leading competitors’ revenues, profiles and market shares. The cast resin dry type transformer market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Cast Resin Dry Type Transformer Industry Playersinclude Kirloskar Electric Co., Ltd., Schneider Electric, Siemens AG, ABB, BHEL, Crompton Greaves Ltd., Eaton Corporation, Fuji Electric, General Electric, Hammond Power Solutions, Hitachi Ltd., Voltamp Transformers, WEG Group, Hyosung Heavy Industries, Legrand, PI, Cast-RESIN and Power Sp. z o.o. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
