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North America Power Transformer Market
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North America Power Transformer Market Size
North America Power Transformer Market was valued at USD 3.7 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2032, driven by increasing investments in power grid infrastructure, rising demand for energy efficiency, and the integration of renewable energy sources. The need to replace aging power transformers and advancements in transformer design also fuel market expansion.
To get key market trends
Additionally, the growing adoption of smart grid technologies, urbanization, and industrialization, along with supportive government policies and incentives for energy infrastructure development, contribute significantly to the market's positive outlook. Enhanced focus on sustainability and reducing carbon emissions further propel the demand for advanced power transformers.
North America Power Transformer Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 3.7 Billion |
| Forecast Period 2024-2032 CAGR | 4.8% |
| Market Size in 2032 | USD 5.7 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
North America Power Transformer Market Trends
The North America power transformer industry is experiencing significant growth, driven by increasing investments in renewable energy projects and the modernization of aging grid infrastructure. The integration of smart grid technologies and the rise in electricity consumption due to rapid urbanization and industrialization are further bolstering market expansion. Additionally, government initiatives promoting energy efficiency and the adoption of sustainable energy solutions are fueling demand for advanced power transformers. Technological advancements, such as the development of high-voltage transformers and digital monitoring systems, are also contributing to the market's evolution, ensuring improved performance, reliability, and efficiency in power distribution and transmission networks.
North America Power Transformer Market Analysis
Learn more about the key segments shaping this market
The market for shell core power transformers in North America is projected to surpass USD 2 billion by 2032. This growth is attributed to several factors, including the rising demand for efficient and reliable power transmission solutions and the ongoing efforts to upgrade and modernize the aging electrical grid. Shell core transformers offer distinct advantages such as superior short-circuit strength, better performance under high-load conditions, and enhanced reliability, making them ideal for integration into smart grid systems. Additionally, the increasing investment in renewable energy projects and the need for transformers that can handle variable power loads efficiently are driving the demand for advanced shell core transformers in the region.
Learn more about the key segments shaping this market
The two winding transformers segment is estimated to grow at a CAGR of over 4% through 2032, driven by their widespread application in electrical power distribution and transmission networks, where they are essential for stepping up and stepping down voltage levels efficiently. Their advantages include better isolation between primary and secondary windings, enhanced voltage regulation, and reduced losses, making them highly reliable for various industries, commercial, and residential applications. Additionally, ongoing investments in infrastructure development, urbanization, and the expansion of renewable energy sources further contribute to the increasing demand for two winding transformers.
Looking for region specific data?
The U.S. power transformer market is growing rapidly and is expected to exceed USD 4 billion by 2032. This growth is driven by factors like including increased investments in upgrading and expanding the power grid infrastructure. Rising demand for electricity due to urbanization and industrialization, along with the integration of renewable energy sources, also fuels this market. Additionally, advancements in transformer technologies, the need for efficient power distribution systems, and strict government regulations to reduce carbon emissions are pushing the market forward. The growing adoption of smart grid technology and the focus on enhancing grid reliability and resilience further contribute to the market's expansion.
North America Power Transformer Market Share
Siemens Energy holds a significant share in the North America power transformer industry, driven by its advanced technology and comprehensive product portfolio. The company's focus on innovation and efficiency aligns with the region's increasing investments in modernizing power grid infrastructure, integrating renewable energy sources, and enhancing grid reliability and resilience, further solidifying its market position.
North America Power Transformer Market Companies
Major key players operating across the North America power transformer industry are:
- ABB
- CG Power & Industrial Solutions Ltd.
- DAIHEN Corporation
- General Electric
- Hitachi Energy Ltd.
- Hyosung Heavy Industries
- Hammond Power Solutions
- Hyundai Electric & Energy Systems Co., Ltd.
- JSHP Transformer
- Kirloskar Electric Company
- Mitsubishi Electric Corporation
- Siemens Energy
- Schneider Electric
- Toshiba Energy Systems & Solutions Corporation
- WEG
North America Power Transformer Industry News
- In April 2023, Hyosung successfully expanded into the U.S. market by enhancing its HV transformer production facility in Memphis, Tennessee, which it acquired in 2020. The company specializes in flagship products such as Large Power Transformers (LPTs) with capacities of 100 MVA or higher. LPTs are crucial to the U.S. power infrastructure, transmitting 90% of the country's transmission and distribution power. By increasing its U.S. production, Hyosung Heavy Industries aims to meet the growing demand for high-voltage transformers and address the specific needs of the U.S. power market.
This North America power transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in Units and USD Million from 2021 to 2032, for the following segments:
Market, By Core
- Closed
- Shell
- Berry
Market, By Winding
- Two winding
- Auto transformer
Market, By Cooling
- Dry type
- Self air
- Air blast
- Oil immersed
- Self cooled
- Water cooled
- Forced oil
- Others
Market, By Insulation
- Gas
- Oil
- Solid
- Air
- Others
Market, By Rating
- ≤ 100 MVA
- > 100 MVA to ≤ 500 MVA
- > 500 MVA to ≤ 800 MVA
- > 800 MVA
Market, By Mounting
- Pad
- Pole
- Others
Market, By Application
- Residential
- Commercial & Industrial
- Utility
The above information has been provided for the following countries:
- U.S.
- Canada
- Mexico
Frequently Asked Question(FAQ) :
Which are the leading power transformer companies in North America?
ABB, CG Power & Industrial Solutions Ltd., DAIHEN Corporation, General Electric, Hitachi Energy Ltd., Hyosung Heavy Industries, Hammond Power Solutions, Hyundai Electric & Energy Systems Co., Ltd., and JSHP Transformer, among others.
How large is the U.S. power transformer market?
U.S. power transformer industry size is likely to reach USD 4 billion by 2032, due to urbanization and industrialization and the integration of renewable energy source.
Why is the demand for shell core power transformer rising in North America?
North America power transformer industry share from the shell core segment will reach USD 2 billion by 2032, due to the rising demand for efficient and reliable power transmission solutions.
How big is North America power transformer market?
The market size of North America power transformer was worth about USD 3.7 billion in 2023 and is anticipated to register 4.8% CAGR between 2024 and 2032, owing to increasing investments in power grid infrastructure and the integration of renewable energy sources.
