North America Power Transformer Market: Top Trends Impelling the Industry Share Through 2027
August 24, 2022
According to a recent study from market research firm Graphical Research, the North America power transformer market size is set to register a significant growth during the forecast timeframe, with trends shifting to innovation that will address today’s economic, demographic, and environmental challenges. Electricity is becoming a crucial contribution to the energy shift in a connected and data-driven society, thanks to greater electrical mobility. Transformers are a component of this energy shift, contributing to current megatrends such as renewable energy, digitalization, sustainability, and energy efficiency, among others.
Power transformers may be found almost anywhere, from enormous national systems to common household gadgets. With power transformers being employed in almost every electrical equipment and connection, North America power transformer market expects steady growth between 2021 and 2027. This brings up a slew of lucrative opportunities for regional power transformer manufacturers.
Atlas Power Transformers, Hitachi ABB Power Grids, Eaton, Hyosung Heavy Industries, Ermco ECI, DOS Canada Inc, Siemens, Northern Power transformer, Schneider Electric, General Electric, SPX Power Transformer Solutions, and Toshiba International Corporation are among the leading power transformer manufacturers in North America.
Let’s look at some of the significant highlights from the industry:
High sales of indoor based power transformers
Indoor types are designed for installing across indoor settings. As North America progresses towards industrialization, large-scale integration of captive energy sources across the industrial sector, along with a growing emphasis on carbon-neutral technologies. North America power transformer market share from indoor-based transformers is expected to grow at a substantial CAGR between 2021 and 2027, owing to the growing energy consumption and long-term power backup requirements from residents.
U.S. power transformer market on the rise
The U.S. power infrastructure is one of the world’s largest and most vital infrastructures. Its ability to provide a stable source of energy to industries, business entities, residential facilities, government, and military groups is critical to the country’s financial well-being, public health, and national security. The United States power transformer industry is undergoing expansion at a rapid pace, with increased electricity consumption across the mining, cement manufacturing, and petrochemical industries.
Given the complexity and age of the power equipment, lifetime reliability of recent products is exceptional. Participants in the industry are continually working to close the demand and supply gap by remodeling and replacing existing power infrastructures, and they are making strategic decisions to do so. In 2021, WEG launched its fifth factory in the United States, increasing output of power transformers up to 10 MVA. With this launch, the company will be able to provide a diverse selection of power transformers across the country.
Growing adoption of three phase power transformers
Because these transformers are less costly than single phase transformers, they are commonly used in three phase power systems. Since three-phase power is one of the most popular forms of generating, transferring, and utilizing energy, North America three phase power transformer market size is expected to grow significantly between 2021 and 2027.
Three-phase energy is used in many power distribution systems because it creates a balanced load. The regional government is undertaking grid infrastructure upgrades, including smart and energy-efficient transmission and distribution networks. Frequent power outages, along with increased need for dependable power distribution stations with large capacity, are likely to drive the fast-paced installation of power transformers across the region.
The future of energy will be electrical, digital, intelligent, and sustainable, with significant breakthroughs in power generation, distribution, management, and usage enabled by innovation. Demand for smart grids, the construction of new transmission and distribution networks, and cross-country electric trade are the key reasons driving the expansion of the power transformer market. With countries exchanging electricity and building massive infrastructure to generate power from various sources, smart power transformers will witness significant uptake in the coming years.
