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North America Transformer Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 to 2034
Market Report I 2024-11-15 I 80 Pages I Global Market Insights
North America Transformer Market was valued at USD 17.8 billion in 2024 and is anticipated to grow at a robust CAGR of 7.8% from 2025 to 2034. Aging infrastructure is a significant driver, with many transformers reaching the end of their operational lifespan. This scenario is prompting utilities to invest in modernizing and replacing equipment, aiming to enhance grid reliability and resilience, especially against extreme weather conditions and rising energy demands.
The surge in renewable energy projects, particularly solar and wind, has significantly fueled transformer demand. These systems are vital for managing the variable outputs of renewable sources and integrating them seamlessly into the power grid. Advanced step-up transformers are gaining prominence as they help in preparing renewable energy for distribution. To meet the challenges posed by the intermittent nature of renewables, innovations are focused on developing efficient and adaptable transformer technologies. Additionally, smart transformers equipped with IoT sensors are being adopted for real-time monitoring and enhanced operational efficiency.
Segmented by core type, the market includes closed, shell, and berry cores. Among these, the shell core segment is poised for significant growth, with USD 13.1 billion by 2034. Shell core transformers are preferred for their robust construction and exceptional short-circuit resistance, making them suitable for demanding environments such as heavy industrial settings and renewable energy applications. Their design, characterized by windings enclosed within a core frame, enhances durability and performance under challenging conditions.
By application, the market serves residential, commercial, industrial, and utility sectors. The commercial and industrial segment is projected to grow at a CAGR of 7.5% through 2034, driven by advancements in cloud computing, IoT, and artificial intelligence. The increasing establishment of large-scale data centers in North America requires reliable, high-capacity transformers to ensure uninterrupted power. These transformers are now equipped with advanced cooling systems, redundancy, and integrated backup power to meet stringent uptime demands.
U.S. transformer market is expected to reach USD 24.7 billion by 2034. The country's aging power grid necessitates substantial investments in modernization and expansion. New-generation transformers are essential for improving grid efficiency, reliability, and resilience while addressing the growing energy needs. Renewable energy developments, particularly solar and wind farms, are creating significant opportunities for specialized transformers, such as step-up models, to manage fluctuating power flows and support diverse energy sources.
Report Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.2 Regulatory landscape
2.3 Industry impact forces
2.3.1 Growth drivers
2.3.2 Industry pitfalls & challenges
2.4 Growth potential analysis
2.5 Porter's analysis
2.5.1 Bargaining power of suppliers
2.5.2 Bargaining power of buyers
2.5.3 Threat of new entrants
2.5.4 Threat of substitutes
2.6 PESTEL analysis
Chapter 3 Competitive landscape, 2024
3.1 Strategic dashboard
3.2 Innovation & sustainability landscape
Chapter 4 Market Size and Forecast, By Core, 2021 - 2034 ('000 Units & USD Million)
4.1 Key trends
4.2 Closed
4.3 Shell
4.4 Berry
Chapter 5 Market Size and Forecast, By Product, 2021 - 2034 ('000 Units & USD Million)
5.1 Key trends
5.2 Distribution transformer
5.3 Power transformer
5.4 Instrument transformer
5.5 Others
Chapter 6 Market Size and Forecast, By Winding, 2021 - 2034 ('000 Units & USD Million)
6.1 Key trends
6.2 Two winding
6.3 Auto transformer
Chapter 7 Market Size and Forecast, By Cooling, 2021 - 2034 ('000 Units & USD Million)
7.1 Key trends
7.2 Dry type
7.3 Oil immersed
Chapter 8 Market Size and Forecast, By Insulation, 2021 - 2034 ('000 Units & USD Million)
8.1 Key trends
8.2 Gas
8.3 Oil
8.4 Solid
8.5 Air
8.6 Others
Chapter 9 Market Size and Forecast, By Rating, 2021 - 2034 ('000 Units & USD Million)
9.1 Key trends
9.2 ? 10 MVA
9.3 > 10 MVA to ? 100 MVA
9.4 > 100 MVA to ? 600 MVA
9.5 > 600 MVA
Chapter 10 Market Size and Forecast, By Mounting, 2021 - 2034 ('000 Units & USD Million)
10.1 Key trends
10.2 Pad
10.3 Pole
10.4 Others
Chapter 11 Market Size and Forecast, By Application, 2021 - 2034 ('000 Units & USD Million)
11.1 Key trends
11.2 Residential
11.3 Commercial & industrial
11.4 Utility
Chapter 12 Market Size and Forecast, By Country, 2021 - 2034 ('000 Units & USD million)
12.1 Key trends
12.2 U.S.
12.3 Canada
12.4 Mexico
Chapter 13 Company Profiles
13.1 ABB
13.2 Arteche
13.3 Celme
13.4 CG Power and Industrial Solutions
13.5 Daihen
13.6 Eaton
13.7 Elsewedy Electric
13.8 General Electric
13.9 Hyosung Heavy Industries
13.10 Kirloskar Electric Company
13.11 Imefy Group
13.12 Mitsubishi Electric
13.13 Ormazabal
13.14 Pfiffner Group
13.15 Schneider Electric
13.16 Siemens Energy
13.17 Toshiba International
13.18 Trench Group
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