North America Oil Filled Transformer Market size to exceed $10bn by 2027
Published Date: May 28, 2021 Authors: Ankit Gupta, Riya Gupta
North America Oil Filled Transformer Market size is expected to surpass USD 10 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
North America oil filled transformer industry is set to grow on account of increasing electricity demand coupled with favorable regulatory reforms toward the expansion of the existing grid infrastructure. Stringent government regulations to enhance energy efficiency coupled with an increased focus on the addition of power generation capacity will boost the industry statistics. Surging concern for minimizing power theft along with increasing R&D investments to announce smart electrical equipment will positively sway the industry dynamics.
Shell core segment of North America oil filled transformer market is anticipated to surpass USD 4 billion by 2027. The product offers key benefits including better short-circuit strength, better kVA-to-weight ratio and higher immunity, accelerating the product demand. Extensive application of these transformers across higher voltages & power ratings and across isolated and self-sustaining grid networks will in turn boost the product adoption.
COVID-19 has overdue an extensive range of projects including smart homes & apartments, infrastructural expansion and restructuring & renovation of projects, impacting the business growth. The power sector being the necessity and backbone for an economy will have minimal impact of ongoing pandemic. The necessity for huge investments to fight this pandemic along with the ongoing imbalance between demand & supply in the market may challenge the North America oil filled transformer industry.
Surging power consumption will drive instrument oil filled transformer industry
Instrument product segment of North America oil filled transformer market will grow on account of increasing concerns pertaining to energy security and rising energy consumption. These transformers are designed to operate at low voltage and current thus finds its applicability across residential, commercial and industrial sector for monitoring, controlling and protecting the electrical equipment. Favorable tendencies toward the expansion of micro-grid networks coupled with expeditious expansion of utility based renewable infrastructure will enhance the business landscape.
Browse key industry insights spread across 230 pages with 301 market data tables & 35 figures & charts from the report, “North America Oil Filled Transformer Market Forecasts By Core (Closed, Shell, Berry), Product (Distribution Transformer, Power Transformer, Instrument Transformer), Winding (Two Winding, Auto Transformer), Installation (Outdoor, Indoor), Modes of Cooling (Oil Natural Air Natural (ONAN), Oil Natural Water Forced (ONWF), Oil Natural Air Forced(ONAF)), Phase (Three, Single), Mounting (Pad, Pole, Foundation), Rating (< 5 MVA, 5 MVA to 10 MVA, > 10 MVA), Substation Connectivity (Distribution, Transmission), Application (Residential & Commercial, Utility, Industrial), Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Size & Forecast, 2021 - 2027” in detail along with the table of contents:
Indoor oil filled transformer industry will gain traction on account of flourishing real estate industry
Indoor oil filled transformer segment will register over 5% CAGR owing to exponential rise in private and public investments and flourishing real estate sector. These units are easily deployed at indoor locations by providing special consideration to the placement of these transformers to mitigate the occurrence of a potential catastrophic failure which in turn will fuel the product demand.
Single phase segment of North America oil filled transformer market is anticipated to grow on account of extensive penetration across commercial and residential areas. The ongoing integration of sustainable energy networks across residential establishments for stepping down power will complement the business landscape. Moreover, widespread popularity of these units across non-urban areas owing to comparatively less electrical demand and affordable cost structure is set to drive the product deployment.
Surging development of grid infrastructure will propel the Canada oil filled transformer industry statistics
Canada oil filled transformer market exceeded USD 1 billion in 2020. The rising investments toward the development of electricity grid infrastructure and deployment of new T&D networks will complement the industry landscape. Increasing cross border electricity trade agreements along with government efforts to provide effective power transmission will incline customers toward advanced electrical equipment. The integration of renewable sources across the power networks along with ongoing project pipeline toward construction of solar, wind, geothermal, and hydro power plants will augment the business scenario.
Notable players operating across North America oil filled transformer market includes General Electric, Hitachi ABB Power Grids, WEG, SPX Transformer Solutions, Siemens, Toshiba Corporation, Hyosung Heavy Industries, ERMCO, Schneider Electric, Atlas Transformer, Eaton, L/C Magnetics, Northern Transformer and DOS Canada.