Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Cast Resin Dry Type Transformer Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for cast resin dry type transformers has recently been augmented by the addition of an in-depth research report that examines a multitude of facets concerning these pivotal components within the utilities and power sectors. This comprehensive market analysis has been released to enrich the understanding of industry stakeholders, investors, and key decision-makers regarding the current and future landscape of this market.
This report presents a critical inspection of the cast resin dry type transformer industry and its trajectory for growth, with a particular emphasis on the significant development and technological innovations such as onboard traction transformers and advancements in single-phase transformer designs. It underscores the importance of these developments for an array of applications spanning commercial, industrial, and residential realms, both indoors and outdoors.
The market analysis meticulously discusses the significant increase in demand for these transformers, propelled by rising electricity consumption, government electrification policies, and an insatiable need for renewable energy solutions. The transformative trends, such as digitization and IoT integration within the transformer domain, are also pivotal factors contributing to market expansion.
Cast Resin Dry Type Transformer Market Growth Highlights:
- Sturdy growth from $3.98 billion in 2023 to an expected $4.28 billion in 2024, with a CAGR of 7.5%
- Projected expansion to $5.64 billion in 2028, at a CAGR of 7.2%
- Asia-Pacific leading as the largest market in 2023, while North America is anticipated to be the fastest-growing region
In addition to analyzing market size and growth projections, this report evaluates the competitive landscape and operational strategies of major industry players. It also covers regional insights, providing a detailed examination of trends and market dynamics across various geographies such as the Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
With its solid focus on innovation and sustainability, the report is instrumental in highlighting key market trends, such as the increasing adoption of dry-type single-phase transformers and the integration of traction transformers with cooling systems that spearhead efficiency and performance in electric traction systems.
Key Market Trends and Innovations
- Introduction of dry-type single-phase transformers for enhanced safety and environmental benefits
- Development of onboard traction transformers with integrated cooling systems for electric vehicles
- Strategic acquisitions shaping the market landscape and extending product portfolios
The report provides substantial insights into country-specific developments and the overarching market dynamics, which are essential for entities operating within or entering the cast resin dry type transformer market. The analysis serves as a thorough guide for comprehending the myriad factors that drive the market's growth, combining qualitative and quantitative data to paint a holistic picture of this evolving sector.
Industry participants and stakeholders are encouraged to delve into the findings of this significant research addition, which is poised to enhance strategic decision-making and fortify market presence in this crucial utility and power segment.
A selection of companies mentioned in this report includes
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/5kxze5
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