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North America High Voltage Power Transformer Market Trends

Report ID: GMI7096
Published Date: Oct 2023
Report Format: PDF

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North America High Voltage Power Transformer Market Trends

The power industry has experienced substantial growth due to ongoing initiatives aimed at modernizing the power grid. Programs focused on grid energy storage, smart grid development, and research in advanced technologies are set to play a pivotal role in shaping the industry's trajectory. Furthermore, the integration of interactive capabilities, such as adaptive networks, and the implementation of intelligent control and communication systems will positively impact the demand for innovative products in the power sector. These advancements in grid modernization and smart technologies are paving the way for a more efficient, reliable, and resilient power infrastructure, which, in turn, is fostering the growth of the industry.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America high voltage power transformer was exceeded USD 3.9 billion in 2023 and is anticipated to witness 6.4% CAGR from 2024 to 2032, driven by the ongoing modernization and refurbishment of the existing grid infrastructure.

North America high voltage power transformer market from the utility application segment is estimated to expand at over 5.5% CAGR from 2023 to 2032, owing to the growing uptake of renewable energy sources, including solar and wind power.

U.S. high voltage power transformer industry held more than 71.8% revenue share in 2022 and is expected to expand at notable CAGR from 2023 to 2032, owing to the increasing focus on grid modernization initiatives to enhance the resilience and efficiency of the power grids.

Some of the major high voltage power transformer companies in North America are Hitachi Energy Ltd., ABB, Toshiba Energy Systems & Solutions Corporation, Hyosung Heavy Industries, HD HYUNDAI ELECTRIC CO., LTD., Kirloskar Electric Company, Siemens Energy, and LS ELECTRIC Co., Ltd.