US cast-resin transformer market to reach $1 B by 2030
According to the report published by Allied Market Research, the US cast-resin transformer market was pegged at $574.2 M in 2020.
It is estimated to hit $1 B by 2030, registering a CAGR of 5.7 % from 2021 to 2030.
Rise in demand for electricity from different end-use industries and increase in adoption of renewable and non-conventional energy sources drive the growth of the US cast-resin transformer market. On the other hand, development of solid-state transformers (SSTs) impedes the growth to some extent. However, incorporation of smart grids and digital dry-type transformers is expected to create lucrative opportunities in the industry.
- Significant disruptions in the development of electrical infrastructure and interferences in building construction and maintenance activities across the world impacted the US cast-resin transformer market negatively.
- Nevertheless, as the overall situation across the USA is getting ameliorated, the market is projected to get back on track soon.
Based on type, the converter transformer segment contributed to nearly three-fifths of the total market share in 2020, and is expected to lead the trail by 2030. The rectifier transformer segment, on the other hand, would cite the fastest CAGR of 5.9 % from 2021 to 2030.
Based on cooling type, the forced air segment accounted for more than three-fifths of the total market revenue in share in 2020, and is anticipated to rule the roost by 2030. The natural air segment would, however, grow at the fastest CAGR of 6.2 % from 2021 to 2030.
Based on phase, the single-phase segment held the major share in 2020, generating 90 % of the total market. At the same time, the three-phase segment would cite the fastest CAGR of 7.2 % during the forecast period.
Key players: Fuji Electric Co. Ltd., General Electric, Hammond Power Solutions Inc., Hitachi-ABB Ltd., Schneider Electric SE, WEG Group, Olsun Electrics Corporation, Eaton Corporation Plc, Hanley Energy LLC, and Siemens AG.
Source: Globe Newswire