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Based on core, the market is segmented as closed, shell, and berry. The closed core segment held a market value of more than USD 4.9 billion in 2022. Closed-core power transformers have seen widespread adoption in the industry due to their versatility in handling various voltage conditions. They have played a crucial role in the industry's growth by enabling the integration of renewable energy sources while maintaining long-lasting and efficient operational lifespans.
Based on product, the North America transformer market is segmented as distribution transformer, power transformer, instrument transformer, and others. Increased infrastructure investments, along with favorable regulations governing the upgrade and expansion of existing grid systems, have led to a substantial increase in the demand for power transformers. Rapid urbanization and ongoing industrial growth in emerging economies will further strengthen business expansion in this sector. Additionally, the growing need for modernizing and renovating aging electrical networks across North America has created a favorable industrial environment.
Based on winding, the market is segmented as two winding and auto transformer. The auto transformer market is poised for growth, driven primarily by its superior transformation capabilities and operational flexibility when compared to alternative options. Key factors fueling the adoption of this product include its compact design, cost-effectiveness, and improved efficiency. Moreover, the integration of intelligent monitoring technologies has increased product reliability and cost-efficiency, making a significant contribution to the industry's expansion.
Based on cooling, the North America transformer market is segmented as dry type and oil immersed. The market demand for oil-immersed power transformers is experiencing substantial growth, primarily due to their excellent suitability for high-voltage applications and superior cooling capabilities compared to dry transformers. This technology has gained a robust foothold in the market, primarily due to its efficient cooling properties and ease of installation. However, it's important to recognize that concerns related to product leakage, health implications, and fire risks could potentially constrain the demand for these transformers in the coming years.
Based on insulation, the market is segmented as gas, oil, solid, air, and others. Oil-insulated units have been a longstanding insulation technology since the inception of transformers in electrical infrastructure. Their robust insulation capabilities, ability to withstand high temperatures, and long-term suitability have fueled demand for these products. However, the rapid technological advancements have introduced more advanced insulation technologies, which could potentially hinder the growth of this industry.
Based on rating, the North America transformer market is segmented as ≤ 10 MVA, > 10 MVA to ≤ 100 MVA, > 100 MVA to ≤ 600 MVA, and > 600 MVA. The market for transformers rated at 10 MVA or lower is poised for substantial growth, primarily driven by their wide-ranging applications in sectors such as process industries, power generation, and infrastructure. The rapid uptake of renewable energy sources in residential environments and the swift expansion of micro-grid networks are expected to positively influence the industry.
Based on mounting, the market is segmented as pad, pole, and others. Pad-mounted distribution transformer units have garnered significant market acceptance due to their need for efficient base foundations and grounding arrangements, particularly when installing larger units. These units have found extensive use in various industrial and utility settings, primarily because transformers must be located in close proximity to their intended application sites.
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Based on application, the North America transformer market is segmented as residential, commercial & industrial, and utility. The residential application is set to grow at a CAGR of over 9.4% by 2032. The business landscape is set to be shaped by rapid urbanization and government initiatives that promote the integration of renewable energy into residential areas. The increasing adoption of on-site electricity generation technologies and ongoing endeavors to establish smart control networks will further drive the demand for these products.
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The transformer market across the U.S. held a market share of over 64.7% in 2022. The U.S. continues to invest in grid modernization efforts, aiming to upgrade and enhance the reliability and efficiency of its electrical grid. Transformers play a crucial role in these initiatives, particularly in supporting the integration of renewable energy sources and improving grid resilience. The growth of renewable energy sources, such as wind and solar power, has led to an increased demand for transformers to accommodate the variable and distributed nature of these energy resources. Transformers are essential for transmitting renewable energy from generation facilities to the grid. Energy efficiency remains a priority in the U.S. Transformer manufacturers are focusing on developing more energy-efficient products to meet regulatory standards and customer demands for reduced energy losses.