September 30, 2022 06:33 ET | Source: Research and Markets Research and Markets

Dublin, Sept. 30, 2022 (GLOBE NEWSWIRE) -- The "Cast Resin Dry Type Transformer Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering. The global cast resin dry type transformer market is expected to grow from $3.36 billion in 2021 to $3.58 billion in 2022 at a compound annual growth rate (CAGR) of 6.55%. The market is expected to reach $4.58 billion in 2026 at a CAGR of 6.36%. Asia-Pacific was the largest region in the cast resin dry type transformer market in 2021. North America is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. An increase in demand for electricity is expected to drive the cast resin dry type transformer market. Cast resin dry type transformers are actively used in converting the voltage of the current to the required industry specifications. They are used for a variety of electrical applications, including lowering the voltage of electric current for traditional power circuits in order to run low-voltage devices and raising the voltage of electric current present in generators in order to transport electricity over great distances.

According to the International Energy Agency (IEA), electricity demand will be five times higher in 2021 than it was in 2020, totaling over 1000 TWh.Additionally, global electricity demand is expected to increase by 4% in 2022. Hence, the increasing demand for electricity is expected to drive the cast resin dry type transformer market. The use of (Internet of things) IoT enabled cast resin dry type transformers is a key trend gaining popularity in the market. The use of IoT connectivity ensures the identification of poor quality electrical connections with thermal monitoring, thus extending equipment life and reducing maintenance expenses as well as downtime.

For instance, French energy and automation digital solutions company Schneider Electric offers dry-type cast resin transformers with real-time visibility of equipment health for enhanced performance and long service life. Real-time thermal monitoring of devices allows users to detect any issues immediately and take preventative actions to avoid unplanned downtime. In October 2021, Prolec GE, a Mexico-based subsidiary of General Electric that designs and provides solutions for the generation, transmission, and distribution of electrical energy, acquired SPX's transformers for a deal amount of $645 million. The deal provides Prolec GE with a wider array of innovative and sustainable solutions for the distribution of electrical energy to the developing American market. SPX Transformers is a United States-based company that manufactures dry transformers, transformer components, and provides transformer service solutions.

Markets Covered:1) By Type: Converter Transformer; Rectifier Transformer 2) By Cooling Type: Natural Air Cooling; Forced Air Cooling 3) By Phase: Single Phase; Three Phase 4) By Voltage: Low Voltage; Medium Voltage 5) By Application: Industrial; Commercial; Others Key Topics Covered: 1. Executive Summary 2. Cast Resin Dry Type Transformer Market Characteristics 3. Cast Resin Dry Type Transformer Market Trends And Strategies 4. Impact Of COVID-19 On Cast Resin Dry Type Transformer 5. Cast Resin Dry Type Transformer Market Size And Growth 6. Cast Resin Dry Type Transformer Market Segmentation

7. Cast Resin Dry Type Transformer Market Regional And Country Analysis 8. Asia-Pacific Cast Resin Dry Type Transformer Market

9. China Cast Resin Dry Type Transformer Market 10. India Cast Resin Dry Type Transformer Market 11. Japan Cast Resin Dry Type Transformer Market 12. Australia Cast Resin Dry Type Transformer Market 13. Indonesia Cast Resin Dry Type Transformer Market 14. South Korea Cast Resin Dry Type Transformer Market 15. Western Europe Cast Resin Dry Type Transformer Market 16. UK Cast Resin Dry Type Transformer Market 17. Germany Cast Resin Dry Type Transformer Market 18. France Cast Resin Dry Type Transformer Market 19. Eastern Europe Cast Resin Dry Type Transformer Market 20. Russia Cast Resin Dry Type Transformer Market 21. North America Cast Resin Dry Type Transformer Market 22. USA Cast Resin Dry Type Transformer Market 23. South America Cast Resin Dry Type Transformer Market 24. Brazil Cast Resin Dry Type Transformer Market 25. Middle East Cast Resin Dry Type Transformer Market 26. Africa Cast Resin Dry Type Transformer Market 27. Cast Resin Dry Type Transformer Market Competitive Landscape And Company Profiles 28. Key Mergers And Acquisitions In The Cast Resin Dry Type Transformer Market 29. Cast Resin Dry Type Transformer Market Future Outlook and Potential Analysis 30. Appendix Companies Mentioned

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