North America Transformer Market Size - By Core (Closed, Shell, Berry), By Product, By Winding (Two Winding, Auto Winding), By Cooling (Dry Type, Oil Immersed), By Insulation, By Rating, By Mounting (Pad, Pole), By Application & Forecast, 2024 - 2032

North America Transformer Market Size

North America Transformer Market was valued at USD 16.3 billion in 2023 and is anticipated to register about 8.1% CAGR between 2024 and 2032. This growth is driven by substantial investments in grid modernization projects, the increasing adoption of renewable energy sources, and ongoing expansions in industrial infrastructure. Canada has committed USD 100 million under its Smart Grid Program to increase the implementation of smart grid technologies and integrated systems, thereby stimulating market growth.
 

Furthermore, rising electricity consumption and the imperative for efficient energy transmission and distribution systems are significant factors contributing to market expansion. Technological advancements in transformer design, emphasizing reliability, energy efficiency, and environmental sustainability, play a crucial role in shaping the market's trajectory across the region.
 

North America Transformer Market Trends

In the North America transformer industry, several key trends are shaping its trajectory. Increasing investments in grid modernization initiatives, spurred by the need to enhance energy efficiency and reliability, are driving significant growth. The integration of renewable energy sources into the grid infrastructure is also a prominent trend, aligning with sustainability goals and regulatory mandates. Technological advancements in transformer design, focusing on digitalization, IoT integration, and advanced monitoring capabilities, are further enhancing operational efficiency and reliability. Additionally, the growing demand for electricity across residential, commercial, and industrial sectors is fueling the market's expansion, with transformers playing a crucial role in enabling efficient energy transmission and distribution systems across the region.
 

North America Transformer Market Analysis

The shell core technology segment is projected to surpass USD 11.8 billion by 2032, driven by the adoption of. This method offers advantages such as improved core quality, reduced core losses, and enhanced energy efficiency. Shell core transformers are also known for their compact size and lighter weight compared to conventional designs, making them easier to transport and install, thereby reducing logistics costs. Additionally, the industry's growth is bolstered by increasing investments in grid modernization, the integration of renewable energy sources, and advancements in digitalization and IoT for smart grid applications. These drivers collectively support the market's expansion and adaptation to evolving energy needs and regulatory requirements across the region.
 

The distribution transformer segment is expected to register about 8.5% CAGR through 2032, driven by increasing urbanization, rising electricity demand from residential and commercial sectors, and ongoing investments in upgrading aging grid infrastructure. Distribution transformers play a crucial role in enhancing energy efficiency and reliability in local distribution networks, supporting the integration of renewable energy sources and the adoption of smart grid technologies. Moreover, regulatory initiatives promoting energy conservation and sustainable development further stimulate demand for efficient distribution transformer solutions across the region.
 

The U.S. transformer market has experienced significant growth and is projected to surpass USD 22 billion by 2032, fueled by multiple pivotal factors. This expansion is propelled by increasing investments in grid modernization initiatives, the integration of renewable energy sources, and the demand for efficient energy transmission and distribution systems.
 

According to REN 21, the United States saw a total investment of USD 49.5 billion in renewable energy integration in 2022, with expectations for continued growth in the foreseeable future. Technological advancements in transformer design, emphasizing reliability and energy efficiency, further bolster market growth. Additionally, regulatory mandates promoting sustainable energy practices and the need for reliable electricity supply in residential, commercial, and industrial sectors contribute to the market's robust trajectory in the United States.
 

North America Transformer Market Share

ABB holds a substantial share in the North America transformer industry, leveraging its expertise in delivering advanced electrical solutions. The company's innovative transformer technologies cater to diverse industrial and utility needs, enhancing efficiency and reliability. ABB's strong market presence is bolstered by its commitment to sustainability, digitalization, and meeting evolving energy demands across the region.
 

North America Transformer Market Companies

Major key players operating across the North America transformer industry are:

• ARTECHE
• Amran Inc
• ABB
• Continental Electric
• CG Power & Industrial Solutions Ltd.
• Celme S.r.l.
• Elsewedy Electric
• Eaton
• General Electric
• Hitachi Energy Ltd.
• Hyosung Heavy Industries
• Kirloskar Electric Company
• Mitsubishi Electric Corporation
• Ormazabal
• Prolec GE
• Pfiffner Group
• Siemens Energy
• Schneider Electric
• Toshiba International Corporation
• Trench Group
• Xignux
   

North America Transformer Industry News

• In March 2023, General Electric revealed plans for a USD 450 million investment in its U.S. manufacturing facilities. This initiative includes acquiring advanced equipment and implementing upgrades to bolster the company and its American workforce. The investment supports GE's strategy to form two distinct, leading entities in energy and aerospace sectors, expanding its energy portfolio encompassing transformers, turbines, and generators.
   
• In April 2023, Hyosung Heavy Industries expanded its high-voltage transformer production facility in Memphis, Tennessee, marking its entry into the U.S. market. Acquired in 2020, the facility specializes in flagship products like Large Power Transformers (LPTs), crucial for transmitting 90% of the nation's power. This expansion aims to meet increasing demand for high-voltage transformers and address specific needs within the U.S. power sector.
   

This North America transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘000 Units & USD Million from 2021 to 2032, for the following segments:

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Market, By Core

• Closed
• Shell
• Berry

Market, By Product

• Distribution transformer
• Power transformer
• Instrument transformer
• Others

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

• ≤ 10 MVA
• > 10 MVA to ≤ 100 MVA
• > 100 MVA to ≤ 600 MVA
• > 600 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