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North America Transformer Market Trends

Report ID: GMI6941
Published Date: Oct 2023
Report Format: PDF

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North America Transformer Market Trends

Continued initiatives aimed at upgrading the power grid, which encompass grid energy storage, the development of smart grids, as well as research and advancements in technologies, are poised to be significant drivers of business growth. The demand for power flow controllers and solid-state transformers, capable of optimizing power distribution and bolstering resilience, is expected to rise. Additionally, the incorporation of interactive features like adaptive networks and the integration of intelligent control and communication systems are anticipated to have a positive impact on the demand for these products.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

North America Transformer Industry size was USD 16.4 billion in 2023 and is projected to observe over 8.1% CAGR from 2024 to 2032.

The residential application is set to record over 9.4% CAGR from 2023 by 2032 as 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 transformer market across the U.S. held a market share of over 64.7% in 2022 and will grow significantly through 2032 as the U.S. continues to invest in grid modernization efforts, aiming to upgrade and enhance the reliability and efficiency of its 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.