Market Size of United States Power Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.00 % |
| 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 Power Transformer Market Analysis
The United States power transformer market is expected to rise at a CAGR of more than 1% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Over the long term, factors such as the increasing deployment of three-phase transformers are expected to drive the market.
- On the other hand, the installation cost and logistics difficulty of power transformers in the country is expected to restrain the market's growth.
- Nevertheless, increasing advancements in the power transformers technology coupled with the use of Internet-of-things is expected to provide ample opportunity to the market players in the forecast period.
US Power Transformer Industry Segmentation
A power transformer's function is to change the voltage on a transmission line from high to low (consumer). The transformer is a piece of electrical equipment that uses electromagnetic induction to transmit electric energy.
The United States power transformer market is segmented by type and phase. By type, the market is segmented into oil-insulated and air-insulated. By phase, the market is segmented into a single phase and three phases. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Type | |
| Oil-Insulated | |
| Air-Insulated |
| Phase | |
| Single Phase | |
| Three Phase |
United States Power Transformer Market Size Summary
The United States power transformer market is poised for growth, driven by the increasing deployment of three-phase transformers and advancements in power transformer technology. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The adoption of oil-insulated transformers is expected to dominate the market, attributed to their superior cooling capabilities and space-saving advantages. These transformers are particularly beneficial in areas with space constraints and are becoming increasingly popular due to their ability to handle high loads efficiently. The integration of Internet-of-Things (IoT) technology is anticipated to offer significant opportunities for market players, enhancing the functionality and efficiency of power transformers.
The market is also witnessing a shift towards smart grid solutions, which aim to reduce power losses and extend the longevity of transformers. The modernization of transmission and distribution networks, coupled with the growing urbanization and increased energy consumption, is expected to further drive market demand. Key industry players, including Hitachi Ltd., Kirloskar Electric Co. Ltd., and Siemens AG, are investing in technological advancements and facility expansions to meet the rising demand. Regulatory changes, such as the proposed energy efficiency standards by the U.S. Department of Energy, are likely to influence market dynamics by promoting the use of more efficient transformer technologies. Overall, the market is characterized by a mix of opportunities and challenges, with a focus on innovation and efficiency.
United States 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 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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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Oil-Insulated
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2.1.2 Air-Insulated
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2.2 Phase
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2.2.1 Single Phase
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2.2.2 Three Phase
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United States Power Transformer Market Size FAQs
What is the current United States Power Transformer Market size?
The United States Power Transformer Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in United States Power Transformer Market?
Hitachi, Ltd., Kirloskar Electric Co. Ltd., Schneider Electric SA, Siemens AG and Eaton Corporation PLC are the major companies operating in the United States Power Transformer Market.
