North America Oil Filled Transformer Market Size - By Core (Closed, Shell, Berry), By Product, By Winding, By Modes of Cooling, By Mounting, By Rating, By Substation Connectivity, By Application & Forecast, 2024 - 2032

North America Oil Filled Transformer Market Size

North America Oil Filled Transformer Market was valued at USD 10.2 billion in 2023 and is expected to register at a 7.3% CAGR between 2024 and 2032. Increasing investments in upgrading aging grid infrastructure and expanding renewable energy projects are significant contributors. For instance, Canada has pledged USD 100 million through its Smart Grid Program to enhance the deployment of smart grid technologies and integrated systems, thereby driving market growth.
 

The rising demand for reliable and efficient power distribution systems across residential, commercial, and industrial sectors also fuels market expansion. Technological advancements in transformer design, focusing on enhanced performance and energy efficiency, further support this growth. Additionally, regulatory mandates emphasizing energy efficiency and sustainability are propelling the adoption of advanced oil-filled transformers, ensuring a positive market outlook.
 

North America Oil Filled Transformer Market Trends

North American oil-filled transformer industry is experiencing significant growth, driven by increasing investments in grid infrastructure and modernization efforts. The demand for reliable and efficient power distribution systems has surged due to urbanization, industrial expansion, and the integration of renewable energy sources. Technological advancements, such as the development of smart transformers with enhanced monitoring and diagnostic capabilities, are further propelling market growth.
 

Regulatory policies promoting energy efficiency and the replacement of aging infrastructure also play a crucial role. For instance, CIP-014-2 focuses on the physical security of transformers, targeting substations, primary control stations, and distribution stations. It applies to operators and owners with three or more 200 kV lines or a single 500 kV line. The standard mandates the identification of critical substations, assessment of their vulnerability to physical attacks, and the creation and implementation of documented security plans. Additionally, the market is witnessing a shift towards eco-friendly insulating fluids, reflecting a broader trend towards sustainability in the energy sector.
 

North America Oil Filled Transformer Market Analysis

North American berry core oil-filled transformer industry will surpass USD 7.4 billion by 2032. The increasing adoption of berry core technology is driven by several factors. These transformers offer superior efficiency and durability, reducing energy losses and maintenance costs. Additionally, their enhanced environmental performance aligns with stringent regulatory standards and sustainability goals. The growing demand for reliable and efficient power transmission and distribution systems further fuels this trend, as industries and utilities seek advanced solutions to meet the evolving energy landscape's requirements.
 

North American oil-filled transformer market is witnessing substantial growth, with distribution transformers projected to achieve a CAGR of over 7.5% through 2032. This surge is driven by several factors, including increasing investments in upgrading aging grid infrastructure, rising demand for reliable and efficient power distribution, and the growing adoption of renewable energy sources. In addition, urbanization and industrialization are boosting electricity consumption, necessitating enhanced transformer capabilities. Technological advancements in transformer design and manufacturing, along with supportive government policies and initiatives to modernize the power sector, are further propelling the market's expansion.
 

U.S. oil-filled transformer market is expected to exceed USD 12.5 billion by 2032, Increasing investments in modernizing aging electrical grid infrastructure and the rising demand for efficient and reliable power distribution systems are major contributors. Additionally, the growing integration of renewable energy sources into the grid, rapid urbanization, and industrial expansion are boosting the need for advanced transformer solutions. According to REN21, the U.S. invested USD 49.5 billion in renewable energy integration in 2022, with expectations for continued growth ahead. Technological advancements in transformer design and materials, coupled with favorable government policies and initiatives to enhance the power sector's resilience and efficiency, are further accelerating market growth.
 

North America Oil Filled Transformer Market Share

General Electric holds a substantial market share in the North American oil-filled transformer market. The company's strong presence is bolstered by its innovative technologies and extensive product portfolio, catering to the growing demand for efficient and reliable power distribution. GE's commitment to modernizing aging grid infrastructure and integrating renewable energy sources has positioned it as a key player in the market, driving significant growth and maintaining its competitive edge.
 

North America Oil Filled Transformer Market Companies

Major key players operating across the North America oil filled transformer industry are:

• CG Power & Industrial Solutions Ltd.
• Celme S.r.l.
• Elsewedy Electric
• Eaton
• General Electric
• Hyosung Heavy Industries
• Kitashiba Electric co., ltd
• LS ELECTRIC Co., Ltd
• Lemi Trafo Transformers
• MGM Transformer Company
• Northern Transformer
• Ormazabal
• Siemens Energy
• Schneider Electric
• Toshiba International Corporation
• WEG
   

North America Oil Filled Transformer Industry News

• In April 2023, Hyosung Heavy Industries expanded its high-voltage transformer production facility in Memphis, Tennessee, marking its entry into the U.S. market. Acquired in 2020, the facility specializes in flagship products like Large Power Transformers (LPTs), crucial for transmitting 90% of the nation's power. This expansion aims to meet increasing demand for high-voltage transformers and address specific needs within the U.S. power sector.
   
• In October 2021, Prolec GE and General Electric, in a 50-50 joint venture with Xignux, introduced the world's first flexible power transformer. This transformer enhances the voltage of power plants over high-voltage lines, emphasizing the critical role of grid infrastructure. The U.S. Department of Energy has provided funding to activate and validate the device's performance, highlighting its significance in advancing energy efficiency and reliability.
   

This North America oil filled transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in ‘000 Units & USD Million from 2021 to 2032, for the following segments:

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Market, By Core

• Closed
• Shell
• Berry

Market, By Product

• Distribution transformer
• Power transformer
• Instrument transformer
• Others

Market, By Winding

• Two winding
• Auto-transformer

Market, By Modes of Cooling

• Oil Natural Air Natural (ONAN)
• Oil Natural Water Forced (ONWF)
• Oil Natural Air Forced (ONAF)
• Others

Market, By Mounting

• Pad
• Pole
• Foundation
• Others

Market, By Rating

• ≤ 5 MVA
• > 5 MVA to ≤ 10 MVA
• > 10 MVA

Market, By Substation Connectivity

• Distribution
• Transmission

Market, By Application

• Residential
• Commercial & industrial
• Utility

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico