Market Size of North America Smart Transformers Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Smart Transformer Market Analysis
The North American smart transformers market is expected to register a CAGR of more than 2.5% during the forecast period. The COVID-19 pandemic had a negative impact on the North American smart transformers market since the United States has reported a fall in its consumption of electricity amid the COVID-19 pandemic. For instance, in 2020, consumption declined by 5.7% compared to 2019. This downfall lowered the demand for smart transformers from power distributors across the region. Factors such as the increasing focus of governments across the developed and emerging economies on adopting smart technology in power grid infrastructure and efforts to overcome rising challenges, such as aging transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart transformers across the world. However, the installation cost and logistics difficulty of smart transformers are expected to act as restraints for the market to grow in the future.
- Distribution transformers, which are used for stepping down the voltage, are expected to be the major segment in the smart transformers market.
- A number of governments across the region are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in the smart transformers market in the near future.
- The United States is expected to dominate the market, primarily driven by the transmission and distribution developments and industrial growth in the country.
North America Smart Transformer Industry Segmentation
The North American smart transformers market report includes:
| Type | |
| Distribution Transformers | |
| Power Transformers |
| Geography | |
| United States | |
| Canada | |
| Mexico | |
| Other Countries |
North America Smart Transformers Market Size Summary
The North American smart transformer market is poised for growth, driven by the increasing adoption of smart technology in power grid infrastructure and the need to address challenges such as aging transmission and distribution systems, electric vehicle charging, and distributed generation. Despite the initial setback due to the COVID-19 pandemic, which led to a decline in electricity consumption and subsequently reduced demand for smart transformers, the market is expected to recover and expand. The focus on strategic infrastructural investments by governments in developed and emerging economies, aimed at achieving long-term economic prosperity and carbon emission reduction targets, is anticipated to create significant opportunities for market players. The United States is expected to lead the market, supported by advancements in transmission and distribution infrastructure and industrial growth.
The demand for smart distribution transformers is expected to be a major driver in the market, fueled by the growing emphasis on electricity generation and the expansion of electrical infrastructure projects across the region. Smart transformers play a crucial role in the electric distribution grid by monitoring and regulating voltage, thereby enhancing power quality and reducing outages. The increasing integration of renewable energy sources and the replacement of aging power distribution equipment in countries like the United States, Canada, Mexico, and Cuba further contribute to the market's growth. Notable developments, such as the introduction of large and flexible smart transformers by GE Research and Prolec GE, highlight the ongoing innovations in the sector. The United States, with its substantial investments in smart grid applications and renewable energy, is expected to dominate the market, supported by projects like offshore wind energy installations and solar farms requiring advanced transmission and distribution systems.
North America Smart Transformers Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Government Policies and Regulations
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1.4 Recent Trends and Developments
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Distribution Transformers
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2.1.2 Power Transformers
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2.2 Geography
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2.2.1 United States
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2.2.2 Canada
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2.2.3 Mexico
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2.2.4 Other Countries
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North America Smart Transformers Market Size FAQs
What is the current North America Smart Transformers Market size?
The North America Smart Transformers Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in North America Smart Transformers Market?
Hitachi Energy Ltd., Siemens Energy AG , Schneider Electric SE, Eaton Corporation PLC and General Electric Company are the major companies operating in the North America Smart Transformers Market.
