Cast Resin Transformer Market Size - By Winding (Two Winding, Auto Transformer), By Rating (≤ 5 MVA, > 5 MVA to ≤ 30 MVA, > 30 MVA), By Application (Industries, Inner-City Substations, Indoor/Underground Substations, Renewable Generation) & Fo

Cast Resin Transformer Market Size - By Winding (Two Winding, Auto Transformer), By Rating (≤ 5 MVA, > 5 MVA to ≤ 30 MVA, > 30 MVA), By Application (Industries, Inner-City Substations, Indoor/Underground Substations, Renewable Generation) & Forecast, 2023 - 2032

Cast Resin Transformer Market size is poised to expand at 10.8% CAGR from 2023 to 2032 driven by the ongoing evolution toward smart grids, characterized by advanced monitoring and control systems.

Cast resin transformers are garnering increased demand for efficient energy distribution given their compatibility with smart grid technologies, including advanced monitoring and control systems. Furthermore, the rising funding for upgrading the electrical infrastructure across major countries is contributing to the growing need for resilient and efficient cast resin transformers. To cite an instance, in January 2022, the U.S. DOE initiated the Building a Better Grid strategy with the goal of utilizing more than $20 billion in federal funding mechanisms to boost the nationwide deployment of new and upgraded high-capacity transmission lines. This synergy between cast resin transformers and smart grid initiatives is expected to augment the industry outlook.

The cast resin transformer industry is bifurcated into winding, rating, application, and region.

In terms of winding, the market share from the two-winding segment is anticipated to gain significant traction between 2023 and 2032 due to the advantages of efficient and reliable power distribution capabilities. The rising focus on enhanced energy efficiency and the dire need for robust electrical infrastructure is also surging the demand for two-winding cast resin transformers across industrial facilities, commercial complexes, and renewable energy projects.

Cast resin transformer industry size from the renewable generation application segment is projected to foresee massive growth during 2023-2032 owing to the increasing inclination towards sustainable energy sources worldwide. The eco-friendly and fire-resistant features offered by cast resin transformers are adding to their high application scope in wind and solar power installations. Furthermore, the growing emphasis on environmental sustainability and the expansion of renewable energy initiatives globally will fuel the product demand.

Regionally, the Asia Pacific cast resin transformer market is set to depict a robust growth rate through 2032 driven by the increasing energy demand and the incessant need for reliable power distribution systems. Rising investments in renewable energy projects and the rapid expansion of electrical infrastructure will further fuel the market growth. For instance, in July 2023, the Asian Development Bank granted a $125 million loan to support and improve Uzbekistan's power transmission infrastructure for boosting energy efficiency and allowing the country to include more renewable energy into its power mix. Moreover, the growing focus on modernizing power grids and ensuring energy efficiency will augment the industry outlook.