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North America Transformer Market Trends

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

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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.

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.