Market Size of United States Large Power Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Large Power Transformer Market Analysis
United States large power transformer market is expected to register a CAGR of more than 4.2% during the forecast period (2022-2027). As a result of the COVID-19 pandemic, U.S. greenhouse gas emissions decreased 11% in 2020, while electric power emissions decreased 10% due to reduced electricity demand and a continued shift from coal to renewable energy and less carbon-intensive natural gas. Large transformer manufacturers were unable to operate due to a lack of cash flow, and power distribution companies were hit by lockdown measures that negatively affected their financial health. Factors such as growing investments in transmission infrastructure and increasing demand for electrical energy are expected to drive the market during the forecast period. However, manufacturing costs and the high lead time required for producing large power transformers are likely to hamper the market's growth.
- The power generation segment is expected to dominate the market, owing to the high usage of large power transformers in renewable energy generation is expected to boost the market.
- As companies strive to reduce their carbon footprints, many transformer manufacturers in the United States are developing new low-carbon transformers insulated with fully biodegradable vegetable oils which generates reduced CO2 emissions. Increasing advancements in the power transformers technology coupled with initiatives for reducing carbon footprint is expected to provide ample opportunity to the market players in the forecast period
- Increasing investments in the renewable energy sector are expected to boost the large power transformer market. Through these investments, the United States government is going to make progress towards its goal of having a 100% clean energy grid by 2035.
US Large Power Transformer Industry Segmentation
United States large power transformer market report include:
| Type | |
| Single-phase Transformer | |
| Three-phase Transformer |
| Application | |
| Power Transmission | |
| Power Generation | |
| Other Applications |
United States Large Power Transformer Market Size Summary
The United States large power transformer market is poised for growth, driven by increasing investments in transmission infrastructure and a rising demand for electrical energy. The market is expected to experience a steady expansion, supported by the ongoing shift from coal to renewable energy sources and less carbon-intensive natural gas. Despite challenges such as high manufacturing costs and extended lead times, the market is bolstered by advancements in transformer technology and the development of eco-friendly transformers insulated with biodegradable materials. The power generation segment, particularly in renewable energy, is anticipated to dominate the market due to the critical role of large power transformers in electricity transmission and storage.
The market landscape is characterized by significant investments in renewable energy and transmission projects, with the U.S. government and private sector players actively working towards a cleaner energy grid. Initiatives such as the Transmission Facilitation Program and various state-level projects aim to enhance the power infrastructure, creating opportunities for market players. The fragmented market features key players like Siemens Energy AG, General Electric Company, and Hitachi T&D Solutions, Inc., who are involved in innovative projects and collaborations to advance transformer technology. As the demand for efficient and sustainable power solutions grows, the large power transformer market in the United States is expected to witness substantial developments in the coming years.
United States Large Power 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 billion, till 2027
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1.3 Electricity Consumption in TWh, United States, 2015-2021
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Single-phase Transformer
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2.1.2 Three-phase Transformer
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2.2 Application
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2.2.1 Power Transmission
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2.2.2 Power Generation
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2.2.3 Other Applications
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United States Large Power Transformer Market Size FAQs
What is the current United States Large Power Transformer Market size?
The United States Large Power Transformer Market is projected to register a CAGR of greater than 4.20% during the forecast period (2024-2029)
Who are the key players in United States Large Power Transformer Market?
Siemens Energy AG, General Electric Company, Hitachi T&D Solutions, Inc, Mitsubishi Electric Corporation and ABB Ltd. are the major companies operating in the United States Large Power Transformer Market.
