- Cast-resin transformers are power transformers that have windings encased in epoxy resin that makes the installation process easier, as they do not require cooling oil and they are dry.
- Cast-resin transformers are also known as dry-type transformers.
- These transformers are used in numerous applications and they can be installed both indoors & outdoors. They are designed in such a way that they can be used in outdoor applications, where weatherproofing is required, and mounted on a skid frame.
- Use of cast-resin transformers can be attributed to their various benefits such as the minimal risk of fire, no requirement for cooling liquids, easier maintenance, low operating costs, and a layer of epoxy that protects it from dust and corrosion.
- Cast-resin transformers are segmented by type (naturally-cooled, forced-air-cooled), phase (single-phase, three-phase), voltage (low voltage, medium voltage), application (hospitals, roadways, mines, nuclear plants, oil and gas plants, others), and region.
Rise in Demand for Use in Industrial Applications
- The industrial application segment is expected to be the fastest growing segment of the cast-resin transformer market during the forecast period due to the increasing demand for these transformers for electricity and machinery purposes from various end-use industries such as mining, oil & gas, nuclear power plants, hospitals, marine, and others.
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- Some of the properties of cast-resin transformers such as the minimal risk of fire, no requirement for cooling liquids, easier maintenance, low operating costs, and a layer of epoxy that protects it from dust and corrosion also propels its use in various end-use industries, especially where fire safety is important, such as oil & gas, mining, nuclear power plants, and the marine industry.
- The three-phase cast-resin transformer segment holds the second largest share of the cast-resin transformer market due to the extensive use of three-phase cast-resin transformers in various electricity applications.
- Factors driving the growth of the cast-resin transformer market include increasing safety awareness, low installation and overall cost of the product, and advantages of cast-resin transformers over old-style oil-filled transformers. Low losses in the magnetic core and windings reduces operational cost. Materials used for the production of cast-resin transformers are hardly inflammable. Moreover, no cooling liquids are required. Cast-resin transformers are increasingly used where safety is crucial, such as hospitals, public premises, airports, subway lines, mines, oil rigs, nuclear power plants, and ships.
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Asia Pacific to Lead the Cast-resin Transformer Market
- In terms of region, the global cast-resin transformer market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is anticipated to dominate the global cast-resin market throughout the forecast period, due to the high industrialization rate in the region and new electrification projects in industrial, commercial, and infrastructure sectors in the region.
- Moreover, various manufacturers in China, India, Japan, Taiwan, and other countries of Asia Pacific are exporting the end product to various other countries worldwide.
- North America is expected to hold the second largest share of the cast-resin transformer market during the forecast period since growth potential of renewable energy in the US is high and because of growing electricity demand in the US and Canada.
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- The cast-resin transformer market in Europe and South America is expected to expand at a substantial rate during the forecast period. On the other hand, Middle East & Africa is estimated to witness slow growth rate in the market during the forecast period.
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