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America Transformers Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), America Transformers Market Information by Power Rating, Cooling Type, Transformer Type, and By Region – Forecast till 2032. The America transformers industry size is all set to go from USD 8.79 Billion in 2023 to USD 14.022 Billion by 2032, with a strong CAGR of 6.00% from 2023 to 2032.
The America transformer market will likely be driven by factors like the escalating need for energy among various industries and the need to upgrade outdated transmission and distribution systems.
Because of the surging number of substation installations in the area, distribution transformers are anticipated to account for the largest portion of the North American transformer market during the forecast period.
One technology that is thought to be very effective and affordable at lowering carbon emissions into the atmosphere is the smart grid. Future prospects for the America transformer market may arise from such upgrades to the currently in place networks.
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Market Drivers:
For a number of years, all of the US has had access to 100% electricity. Nonetheless, the nation’s transformer market will probably be driven by the country’s continuously rising energy demand as well as the modernization of antiquated transmission and distribution networks.
The United States generated approximately 4406.4 TWh of electricity in 2021, more than twice as much as it did in 2020 (4284.8 TWh). The increase in power generation capacity, which is reflected in the increased production of electricity, suggests the need for new distribution transformers to carry the energy from producers to consumers.
In January 2023, American Electric Power (AEP) and Hyundai Electric America Corp., the South Korean company’s sales division in Atlanta, inked a USD 86.3 million contract for the supply of 3,500 distribution transformers. The devices will be placed throughout Texas, Oklahoma, and Ohio, where AEP supplies electricity. Because of this, such an investment in the power transmission line is probably going to generate demand for transformers, which will propel the transformer market during the projected period.
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A large amount of renewable energy is being installed in the United States as a result of rising energy demand and growing concerns about greenhouse gas emissions. In order to get electricity from the site of generation to the consumers, a large number of power and distribution transformers are needed.
Furthermore, large-scale solar farms have been installed in the counties of Texas and California. These solar farms, whether they are planned or already constructed, are anticipated to link to the state grid through transmission lines. A few of the state’s solar farms have also set up their substations, complete with transformers on the premises for direct connection to the state grid.
On the other hand, Canada is home to a number of offshore wind energy projects that are either proposed, under construction, or have received government approval. To transfer electricity from the offshore facility to the onshore, transmission lines and distribution systems are needed for each of these projects. Transformer-equipped offshore substations will probably be installed in these offshore wind farms in order to increase the voltage.
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Market Restraints:
The America transformer market might be constrained by the projects’ implementation delays.
Market Segmentation
The power rating-based market segmentation for transformers in America is divided into three categories: Small (10 KVA – 750 KVA), Medium (751 KVA – 100 MVA), and Large (above 101 MVA).
The cooling types included in the America transformers market segmentation are oil- and air-cooled.
Power Transformer and Distribution Transformer are the key types of transformers.
Country Insights
Given the surge in renovation of the transmission network’s ageing infrastructure and the rising generation of renewable energy that requires the installation of new power transformers, the market size in the US is bound to expand at an impressive rate over the forthcoming years.
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About:
Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
