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North America Power Transformer Market Trends

Report ID: GMI10680
Published Date: Aug 2024
Report Format: PDF

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North America Power Transformer Market Trends

The North America power transformer industry is experiencing significant growth, driven by increasing investments in renewable energy projects and the modernization of aging grid infrastructure. The integration of smart grid technologies and the rise in electricity consumption due to rapid urbanization and industrialization are further bolstering market expansion. Additionally, government initiatives promoting energy efficiency and the adoption of sustainable energy solutions are fueling demand for advanced power transformers. Technological advancements, such as the development of high-voltage transformers and digital monitoring systems, are also contributing to the market's evolution, ensuring improved performance, reliability, and efficiency in power distribution and transmission networks.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America power transformer was worth about USD 3.7 billion in 2023 and is anticipated to register 4.8% CAGR between 2024 and 2032, owing to increasing investments in power grid infrastructure and the integration of renewable energy sources.

North America power transformer industry share from the shell core segment will reach USD 2 billion by 2032, due to the rising demand for efficient and reliable power transmission solutions.

U.S. power transformer industry size is likely to reach USD 4 billion by 2032, due to urbanization and industrialization and the integration of renewable energy source.

ABB, CG Power & Industrial Solutions Ltd., DAIHEN Corporation, General Electric, Hitachi Energy Ltd., Hyosung Heavy Industries, Hammond Power Solutions, Hyundai Electric & Energy Systems Co., Ltd., and JSHP Transformer, among others.