Market Size of North America Transformer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.86 Billion |
| Market Size (2029) | USD 11.54 Billion |
| CAGR (2024 - 2029) | 5.41 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Transformer Market Analysis
The North America Transformer Market size is estimated at USD 8.86 billion in 2024, and is expected to reach USD 11.54 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing energy demands from the industries and upgrading old transmission and distribution systems are likely going to drive the North America transformer market.
- On the other hand, delay in the implementation of the projects is expected to restrain the North America transformer market.
- Neverthless, a smart grid is seen as a highly efficient and economical technology that is able to reduce carbon emissions into the environment. Such upgradation for now existing networks in the region can create several opportunities for the North America transformer market in the future.
North America Transformer Industry Segmentation
A transformer is a device that transfers electric energy from one alternating-current circuit to one or more other circuits, either increasing (stepping up) or reducing (stepping down) the voltage. Transformers are usually of two types: power and distribution transformers. In order to create the final voltage transformation from the level the consumer uses in the distribution lines, the power distribution system uses distribution transformers.
The North American transformer market is segmented by power rating, cooling type, transformer type, and geography (United States, Canada, and Rest of North America). By power rating, the market is segmented into small, medium, and large; by cooling type, the market is segmented into air-cooled and oil-cooled; by transformer type, the market is segmented into power transformers and distribution transformers; and by geography, the market is segmented into the United States, Canada, and the rest of North America. For each segment, market sizing and forecasts have been done based on revenue (USD) .
| Power Rating | |
| Small (10 KVA - 750 KVA) | |
| Medium (751 KVA - 100 MVA) | |
| Large (above 101 MVA) |
| Cooling Type | |
| Air-Cooled | |
| Oil-Cooled |
| Transformer Type | |
| Power Transformer | |
| Distribution Transformer |
| Geography | |
| United States | |
| Canada | |
| Rest Of North America |
North America Transformer Market Size Summary
The North American transformer market is poised for significant growth over the forecast period, driven by increasing energy demands from industries and the need to upgrade aging transmission and distribution systems. The market is expected to expand as the region embraces smart grid technologies, which offer efficient and economical solutions to reduce carbon emissions. Despite potential project implementation delays posing challenges, the market is set to benefit from the growing deployment of renewable energy sources, necessitating the installation of new power transformers. This trend is further supported by initiatives such as the proposal from New England states to enhance their transmission network, leveraging offshore wind energy potential, which is anticipated to boost demand for power transformers.
In the United States, the aging power infrastructure, coupled with the rising demand for electricity, underscores the critical role of transformers in supporting the country's economic stability and national security. The shift towards renewable energy in the power generation mix is expected to drive substantial developments in transmission and distribution systems, creating a robust demand for transformers. Utilities are increasingly investing in replacing outdated equipment and building new infrastructure to accommodate renewable generation, further fueling market growth. The fragmented market landscape features key players like Siemens Energy AG, Eaton Corporation PLC, and General Electric Company, who are actively innovating and expanding their manufacturing capabilities to meet the evolving demands of the North American transformer market.
North America Transformer 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, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Substantial Investments and Efforts to Modernize the T&D Grid
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1.5.2 Restraints
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1.5.2.1 Rising Distributed Energy Generation
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1.6 Supply Chain Analysis
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1.7 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 Power Rating
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2.1.1 Small (10 KVA - 750 KVA)
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2.1.2 Medium (751 KVA - 100 MVA)
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2.1.3 Large (above 101 MVA)
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2.2 Cooling Type
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2.2.1 Air-Cooled
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2.2.2 Oil-Cooled
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2.3 Transformer Type
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2.3.1 Power Transformer
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2.3.2 Distribution Transformer
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2.4 Geography
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2.4.1 United States
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2.4.2 Canada
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2.4.3 Rest Of North America
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North America Transformer Market Size FAQs
How big is the North America Transformer Market?
The North America Transformer Market size is expected to reach USD 8.86 billion in 2024 and grow at a CAGR of 5.41% to reach USD 11.54 billion by 2029.
What is the current North America Transformer Market size?
In 2024, the North America Transformer Market size is expected to reach USD 8.86 billion.
