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North America Transformer Market Size

Report ID: GMI6941
Published Date: Nov 2024
Report Format: PDF

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North America Transformer Market Size

North America transformer market size was assessed at USD 17.8 billion in 2024 and is envisioned to witness a CAGR of 7.8% from 2025 to 2034. Various transformers in North America are nearing the end of their lifespan, driving investments in upgrades and replacements. Utilities are modernizing the grid to boost resilience and reliability, especially against extreme weather and rising power needs. This trend increases demand for advanced transformers that perform well in tough conditions.

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The rise in renewable energy projects, especially solar and wind, has boosted demand for transformers. These devices manage variable power output and integrate renewable sources into the grid. Step-up transformers, which prepare renewable power for distribution, are particularly sought after. The unpredictable nature of renewable energy is driving innovation in transformer technology, with a focus on flexibility and efficiency. Utilities are adopting smart transformers with IoT sensors for real-time monitoring. These devices provide data on performance, faults, and load, enabling predictive maintenance and reducing downtime. By using data analytics, operators can improve power distribution, grid stability, and asset lifespan.

North America Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2024
North America Transformer Market Size in 2024:	USD 17.8 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	7.8%
2034 Value Projection:	USD 38.1 Billion
Historical Data for:	2021 to 2024
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Core, Product, Winding, Cooling, Insulation, Rating, Mounting, and Application
Growth Drivers:	Refurbishment of existing grid networks Rising electric infrastructure spending Rapid smart grid adoption
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The North American transformer market was valued at USD 17.8 billion in 2024 and is projected to grow at a 7.8% CAGR from 2025 to 2034, driven by the need to upgrade aging transformers.

The shell core segment is expected to exceed USD 13.1 billion by 2034, owing to their robust construction and high short-circuit resistance, making them ideal for reliability-focused environments.

U.S. transformer industry is projected to surpass USD 24.7 billion by 2034, driven by significant investments to modernize and expand the aging power grid infrastructure.

Key players in the industry include ABB, Arteche, Celme, CG Power and Industrial Solutions, Daihen, Eaton, Elsewedy Electric, General Electric, Hyosung Heavy Industries, Kirloskar Electric Company, Imefy Group, Mitsubishi Electric, and Ormazabal.