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North America Transformer Market Size

Report ID: GMI6941
Published Date: Jul 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America Transformer Market Size in 2023:	USD 16.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.1%
2032 Value Projection:	USD 33.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	20
Segments covered:	Core, Product, Winding, Cooling, Insulation, Rating, Mounting, Application, and Country
Growth Drivers:	Refurbishment demand for existing grid infrastructure Rising infrastructural spending Increasing demand for electricity
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America transformer market was reached USD 16.3 billion in 2023 and is projected to observe over 8.1% CAGR from 2024 to 2032, driven by substantial investments in grid modernization projects, the increasing adoption of renewable energy sources, and ongoing expansions in industrial infrastructure.

North American transformer industry share from shell core segment is projected to surpass USD 11.8 billion by 2032, owing to advantages such as improved core quality, reduced core losses, and enhanced energy efficiency.

The U.S. market for transformer will cross USD 22 billion by 2032, on account of the investments in grid modernization efforts, aiming to upgrade and enhance the reliability and efficiency of the electrical grid.

General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, Toshiba International Corporation, Elsewedy Electric, Eaton, CG Power & Industrial Solutions Ltd., IMEFY GROUP, Ormazabal, ARTECHE, Pfiffner Group, Trench Group, Amran Inc, Raychem RPG Private Limited, and Kirloskar Electric Company.