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North America Oil Filled Transformer Market Size

Report ID: GMI5058
Published Date: Jun 2023
Report Format: PDF

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North America Oil-Filled Transformer Market size

North America Oil-Filled Transformer Market surpassed USD 10.2 billion in 2023 and it is expected to grow at 7.1% CAGR from 2024 to 2032. The industry is being propelled by the rising demand for electricity across various sectors, including residential, commercial, and industrial, which serves as a significant driver for the oil-filled transformer industry in the region.

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The replacement of outdated transformers with advanced models is fueling the oil-filled transformers market demand in the North America. Additionally, the expansion of the renewable energy sector, characterized by the installation of wind farms and solar power plants, is driving a substantial product demand to facilitate the seamless integration of renewable energy into the grid.

North America Oil Filled Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Oil Filled Transformer Market Size in 2023:	USD 10.2 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 19.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	320
Tables, Charts & Figures:	405
Segments covered:	Core, Product, Winding, Installation, Modes of Cooling, Phase, Mounting, Rating, Substation Connectivity, Application
Growth Drivers:	Refurbishment of existing grid networks Rising electric infrastructure spending
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Government initiatives and regulations aimed at improving grid reliability, efficiency, and sustainability are also playing a vital role in accelerating the adoption of these transformers. These initiatives include comprehensive grid modernization programs, renewable energy targets, and energy efficiency mandates. Moreover, the necessity for uninterrupted power supply and increasing investments in the transmission and distribution infrastructure are further bolstering the growth of the oil-filled transformer market in North America.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of oil-filled transformer valuation in North America crossed USD 10.2 billion in 2023 and will register 7.1% CAGR during 2024 to 2032, propelled by the rising demand for electricity across various sectors, including residential, commercial, and industrial.

Distribution transformer segment captured industry share of 68% in 2022 and will generate USD 14 billion by 2032, owing to widespread integration of renewable energy sources, such as solar and wind, into the power grid that requires the expansion & upgrade of distribution infrastructure.

The U.S. oil filled transformer sector is anticipated to witness 6.5% growth through 2032, backed by the ongoing refurbishment of existing grid infrastructure, along with rising demand for reliable supply energy across the country.

Fuji Electric Co., Ltd, Siemens Energy, Toshiba International Corporation, General Electric, Elsewedy Electric, LS ELECTRIC Co., Ltd, Lemi Trafo Transformers, Northern Transformer, WEG, and MGM Transformer Company among others.