Industrial Cast Resin Transformer Market Research Report: By Cast Resin Voltage Range (Low Voltage (LV), Medium Voltage (MV), High Voltage (HV)), By Phase (Single Phase, Three Phase), By Mounting Type (Dry Type, Oil Type), By Cooling Method (Natural Air Cooling (AN), Forced Air Cooling (AF), Forced Oil Cooling (FO)) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Industrial Cast Resin Transformer Market Overview

As per MRFR analysis, the Industrial Cast Resin Transformer Market Size was estimated at 29.0 (USD Billion) in 2022.The Industrial Cast Resin Transformer Market Industry is expected to grow from 30.27 (USD Billion) in 2023 to 44.5 (USD Billion) by 2032. The Industrial Cast Resin Transformer Market CAGR (growth rate) is expected to be around 4.38% during the forecast period (2024 - 2032).

Key Industrial Cast Resin Transformer Market Trends Highlighted

The Industrial Cast Resin Transformer Market is witnessing significant growth due to rising demand for efficient and reliable power distribution systems. Key market drivers include increasing urbanization, industrialization, and renewable energy integration. The growing adoption of smart grid technologies and the need to enhance grid stability are further fueling market expansion.The market presents numerous opportunities for exploration. The development of transformers with higher efficiency and reduced environmental impact represents a promising area for innovation. Additionally, the integration of digital technologies and advanced materials offers the potential for enhancing transformer performance and reliability.Recent trends include the increasing adoption of eco-friendly transformers to mitigate environmental concerns. The adoption of artificial intelligence (AI) and Internet of Things (IoT) technologies in transformer monitoring and diagnostics systems is also gaining traction. Furthermore, the focus on reducing maintenance costs and downtime is driving the demand for transformers with extended lifespans and improved durability.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Industrial Cast Resin Transformer Market Drivers

Increasing Demand for Renewable Energy Sources

The industrial cast resin transformer market is growing, mainly due to the increasing adoption of renewable energy sources, such as solar and wind power. As concluded by Viola et al., “the grid integration of renewable energies increases the variety and complexity, which is expected to lead [to] stronger requirements on transformers.” Industrial cast resin transformers are used to integrate renewable energy into the existing architectural design. The variable voltage and frequency of the renewable energy sources are converted into stable and reliable electricity.The deployment of renewable energy projects is on the rise across the world, and the application of industrial cast resin transformers is likely to increase further in the upcoming years. Industrial cast resin transformers can be employed not only in renewable energy applications. They are also widely used in other industries seldom unrelated to renewable energy, such as manufacturing, mining, and transportation. Industrial cast resin transformers are usually small, lightweight and high efficiency.They are successfully used in space-limited applications. Besides, they are highly sustainable. Being used in harsh applications, such as those in the mining industry, industrial cast resin transformers do not produce hazardous gases or external fires, as other liquid-filled transformers do. The demand for industrial cast resin transformers is increasing across the manufacturing, mining, and transportation industries. Consequently, it is safer to assume that this tendency is likely to boost the industrial cast resin transformer market.

Advancements in Transformer Technology

One of the major factors driving the global industrial cast resin transformer market is the advancements in transformer technology. The market has been witnessing a number of technological advancements, such as the development of new materials, new manufacturing processes, and new designs. New materials, such as advanced insulating materials and magnetic materials, are being used to improve the performance and efficiency of industrial cast resin transformers.New manufacturing processes, such as vacuum casting and impregnation techniques, are being used to produce higher-quality transformers with fewer defects. New designs, such as compact designs and modular designs, are being used to meet the specific needs of different applications.

Government Regulations and Incentives

Regulations and incentives by the government remain significant factors driving the growth in the global industrial cast resin transformer market. Governments are introducing regulations across the globe for promoting technological adoption to enhance energy efficiency, including the adoption of industrial cast resin transformers. Different countries have developed and adopted different standards for industrial cast resin transformer. Further, some of the governments are also providing tax deduction incentives in the acquisition of energy-efficient equipment.Governments are also providing incentives for promoting the development of renewable energy projects, which drives the market growth of industrial cast resin transformers.

Industrial Cast Resin Transformer Market Segment Insights

Industrial Cast Resin Transformer Market Cast Resin Voltage Range Insights

The Global Industrial Cast Resin Transformer Market can be segmented by Cast Resin Voltage Range including Low Voltage, Medium Voltage, and High Voltage segments. The LV segment is projected to hold the largest market share in 2023 due to the rising demand for LV transformers, mainly in such applications as power distribution, industrial machinery, and renewable energy systems. The MV segment is expected to grow at the highest CAGR between 2023 and 2032 with the growing adoption of smart grid and infrastructure projects. The HV segment is anticipated to account for a noteworthy share of the market due to the recurring demand for HV transformers meant for high-power transmission and distribution applications.This market growth can largely be explained by the recurring demand for highly reliable and efficient power distribution systems, the rising popularity of renewable energy sources, and the heavy orchestration of efforts for energy efficiency. The main growth drivers for the above market include The unyielding demand for electricity and power distribution systems around the world, The growing popularity of renewable energy sources, such as solar and wind power, The rising demand for efficient power transmission and distribution systems, Increasing efforts and investments in infrastructure development Widely promoted government initiatives and regulations concerned with energy efficiency and sustainability. There are many players in the Global Industrial Cast Resin Transformer Market.The major ones include ABB, Siemens, Schneider Electric, Eaton Corporation, and General Electric. These companies compete with each other in terms of product innovation, strategic partnerships, and expansion across the available geographical spectrum.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Industrial Cast Resin Transformer Market Phase Insights

The Global Industrial Cast Resin Transformer Market is segmented by phase into single phase and three phase. The three-phase segment accounted for a larger market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for three-phase transformers in industrial applications, such as power distribution, transmission, and generation. Three-phase transformers offer higher efficiency, reliability, and power handling capabilities compared to single-phase transformers, making them the preferred choice for large-scale industrial applications.The Global Industrial Cast Resin Transformer Market revenue for the three-phase segment is expected to reach USD 26.7 billion by 2032, growing at a CAGR of 4.5%.

Industrial Cast Resin Transformer Market Mounting Type Insights

The Global Industrial Cast Resin Transformer Market is segmented by mounting type into dry type and oil type. The dry type segment is expected to account for a larger share of the market in 2024 due to its advantages, such as lower maintenance costs, longer lifespan, and higher efficiency. The oil type segment is expected to grow at a slower pace due to environmental concerns and the increasing adoption of dry type transformers. In 2023, the dry type segment accounted for approximately 60% of the Global Industrial Cast Resin Transformer Market revenue.The oil type segment accounted for the remaining 40%. The dry type segment is expected to continue to grow at a faster pace than the oil type segment, and by 2032, it is expected to account for over 70% of the market revenue. The growth of the dry type segment is being driven by the increasing demand for energy-efficient and environmentally friendly transformers. Dry type transformers do not use oil as a coolant, which makes them less likely to leak or catch fire. They are also more efficient than oil type transformers, which means that they can save energy and reduce operating costs.The oil type segment is expected to continue to grow but at a slower pace than the dry type segment. Oil type transformers are still used in many applications, such as in power plants and industrial facilities. However, the increasing demand for dry type transformers is expected to limit the growth of the oil type segment.

Industrial Cast Resin Transformer Market Cooling Method Insights

The cooling method segment plays a crucial role in the Global Industrial Cast Resin Transformer Market, influencing the transformer's performance, efficiency, and reliability. Among the cooling methods available, Natural Air Cooling (AN) holds a significant market share due to its simplicity, low maintenance requirements, and cost-effectiveness. However, Forced Air Cooling (AF) is gaining traction as it offers improved heat dissipation and allows for higher transformer ratings in compact designs. Forced Oil Cooling (FO) provides the highest cooling capacity and is employed in applications demanding exceptional performance and reliability, albeit at a higher cost.In 2023, the Global Industrial Cast Resin Transformer Market revenue is estimated to reach $33.4 billion, with Natural Air Cooling (AN) accounting for approximately 45% of the market share. By 2028, the market size is projected to expand to $51.2 billion, driven by increasing demand for energy-efficient and compact transformers. The Forced Air Cooling (AF) segment is anticipated to grow at a CAGR of 5.2% during this period, owing to its growing adoption in renewable energy applications and data centers. The Forced Oil Cooling (FO) segment, though representing a smaller market share, is expected to witness steady growth due to its specialized applications in industries like petrochemicals and power generation.

Industrial Cast Resin Transformer Market Regional Insights

The regional segmentation of the Global Industrial Cast Resin Transformer Market offers valuable insights into the market's geographical distribution and performance. North America held a dominant position in the market in 2023, accounting for approximately 38.5% of the global revenue. The region's robust industrial infrastructure, coupled with stringent regulations promoting energy efficiency, drives the demand for cast resin transformers. Europe follows closely, capturing around 31.2% of the market share. The region's focus on renewable energy integration and grid modernization initiatives contributes to the growth of the industrial cast resin transformer market.APAC is projected to witness significant growth over the forecast period, with a CAGR of 5.2%. The region's rapidly expanding industrial sector and increasing urbanization are key factors fueling this growth. South America and MEA represent smaller but emerging markets with their own unique growth drivers.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Industrial Cast Resin Transformer Market Key Players And Competitive Insights:

Leading Industrial Cast Resin Transformer, Market players are making constant efforts and taking every possible measure to develop and improve their product portfolios to meet the changing needs. Furthermore, leading industrial players are emphasizing research and development to develop efficient, reliable, durable, yet affordable transformers. Moreover, forging supply chain partnerships and collaborations with prominent players and manufacturers are crucial for developing the Industrial Cast Resin Transformer Market. Stringent environmental regulations and government authorities’ focus on making the energy sector sustainable are compelling manufacturers to use eco-friendly materials in their manufacturing processes.ABBABB is a key player in the Industrial Cast Resin Transformer Market with a global footprint and manufacturing crucial industrial equipment in various countries. Moreover, the company offers a comprehensive range of transformers with varying power ratings. Strong emphasis on research and development to develop advanced technologies such as digitalization solutions and monitoring systems to improve transformers’ operational efficiency has driven the company’s growth. Owing to high-quality manufacturing processes and reliable materials, ABB is a globally recognized company for delivering efficient, reliable transformer solutions to various industrial applications.SiemensSiemens is a prominent player in the Industrial Cast Resin Transformer Market and has been offering machines, components and products to the industrial segment. The company offers a comprehensive range of transformers built with efficient designs and technologies to offer maximum operational efficiency and minimum environmental impact. The company provides a comprehensive service network with timely support in all phases of the transformers. Owing to its focus on customer satisfaction and market requirements, Siemens has been a leading Industrial Cast Resin Transformer Market.

Key Companies in the Industrial Cast Resin Transformer Market Include

• Shanghai Electric


• Kirloskar Electric Company


• Intercable


• Jiangsu Hengshuo


• Eaton


• ABB


• Mitsubishi Electric


• Schneider Electric


• General Electric


• Toshiba


• CG Power and Industrial Solutions


• Siemens


• Terna


• Crompton Greaves


• Hyundai Electric Energy Systems

Industrial Cast Resin Transformer Market Industry Developments

The global Industrial Cast Resin Transformer market is projected to reach USD 44.5 billion by 2032, exhibiting a CAGR of 4.38% during the forecast period 2024-2032. Rising demand for electricity from various end-use sectors, such as industrial, commercial, and residential, is a primary factor driving market growth. Additionally, increasing investments in renewable energy sources, such as solar and wind power, are expected to boost demand for industrial cast resin transformers, as they are essential components in grid infrastructure for integrating renewable energy into the grid. The growing adoption of smart grid technologies is also contributing to market growth, as industrial cast resin transformers play a crucial role in monitoring and controlling the flow of electricity in smart grids.

Industrial Cast Resin Transformer Market Segmentation Insights

Industrial Cast Resin Transformer Market Cast Resin Voltage Range Outlook

• Low Voltage (LV)


• Medium Voltage (MV)


• High Voltage (HV)

Industrial Cast Resin Transformer Market Phase Outlook

• Single Phase


• Three Phase

Industrial Cast Resin Transformer Market Mounting Type Outlook

• Dry Type


• Oil Type

Industrial Cast Resin Transformer Market Cooling Method Outlook

• Natural Air Cooling (AN)


• Forced Air Cooling (AF)


• Forced Oil Cooling (FO)

Industrial Cast Resin Transformer Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa