North America Transformer Market size is poised to grow at a remarkable CAGR between 2021 and 2027 owing to burgeoning investments in the deployment of renewable energy resources and the integration of efficient electricity supply systems. Ongoing industrialization along with regulatory reforms to the refurbishment of existing grid infrastructures with advanced systems will augment the market landscape. Stringent governmental measures to minimize power theft coupled with favorable policies toward the adoption of electrical vehicles will further energize the industry dynamics.
The North America transformer market growth is further attributed to increasing electricity demand across cement manufacturing units and mining & petrochemical industries. Stringent government electricity supply reforms in association with public & private players will drive product penetration. Ambitious energy transformation goals along with expansive cross-border distribution network needs will propel the market demand.
The COVID-19 pandemic had significantly impacted the market owing to supply chain disruptions and minimal on-site operations during the lockdown phase. Post-vaccination drives, lockdowns have been removed which led to a revival of the economy. In addition, government efforts in the robust development of the healthcare sector to respond to the crisis will foster the market size.
North America Market, By Product
North America power transformer market is estimated to gain significant momentum during the forecast period, due to the growing deployment of power generation units and surging consumer efforts to stabilize power demand. Rising electricity demand across the industrial sector along with a switch over to extra-high voltage supply lines will lead to product adoption. Regulatory focus on grid modernization coupled with ongoing advancements in electricity storage technology will stimulate the market expansion.
North America Market, By Installation
The outdoor installation segment share in the North America transformer market will expand substantially through 2027, impelled by rising infrastructural spending and growing demand for captive power generation. Increasing applicability across high voltage application areas owing to less space requirements and high reliability is set to boost product deployment. Hurricanes and other natural disasters are common across the region leading to the erection & installation of these systems regularly, which in turn, will accelerate the industry demand.
North America Market, By Insulation
Air-insulated transformers will gain an appreciable thrust till 2027, driven by the growing deployment of renewable energy and expansion of micro-grid networks. The key features including easy installation, removal of spills and efficient cooling across harsh climatic conditions when compared to its available counterparts will boost the product adoption. Government efforts to refurbish grid infrastructure along with strict environmental norms to limit emissions will stimulate the market growth.
Competitive Industry Landscape
Prominent players operating across the North America transformer market are Hitachi ABB Power Grids, SPX Transformer Solutions, Northern Transformer, Atlas Transformers, Hyosung Heavy Industries, DOS Canada, Siemens, Schneider Electric, Toshiba International Corporation, Eaton, Ermco ECI, and General Electric Grid Solutions.