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America Transformers Market Research Report Information By Power Rating (Small (10 KVA โ€“ 750 KVA), Medium (751 KVA โ€“ 100 MVA) and Large (above 101 MVA)), By Cooling Type (Air-Cooled and Oil-Cooled), and By Transformer Type (Power Transformer and Distribution Transformer) โ€“ Industry Size, Share, Growth, Trends and Forecast Till 2032

ID: MRFR/E&P/10932-HCR | 128 Pages | Author: Garvit Vyas| April 2024

America Transformers Market Overview:

America Transformers Market Size was valued at USD 8.3 Billion in 2022. The America transformers market industry is projected to grow from USD 8.79 Billion in 2023 to USD 14.022 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2024 - 2032). The main market drivers for its growth over the projected period are anticipated to be the rise in investment for large-scale renewable power plant projects, the rise in demand for electricity produced by renewable energy sources, and the increase in demand for smart transformers, which are used in smart grids.

Transformers Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

America Transformers Market Trends

  • Increasing Integration of Renewable Energies is Driving the Market Growth

There has been a significant increase in the integration for the sources of renewable energy into power grids due to the movement towards cleaner and sustainable energy. Transformers are more in demand as a result of this integration, which links the sporadic power produced by solar and wind power plants to the grid. An essential part of the movement to reduce greenhouse gas emissions and decarbonize is the incorporation of renewable energy. Since renewable energy sources are frequently found in isolated locations, it is important to deliver the electricity they produce over great distances to the designated area. This necessitates a strong power distribution and transmission system that uses transformers to adjust voltage to the proper steps. Transformer manufacturers now have the chance to research and develop new technologies and solutions that better suit the specific features of renewable energy sources, due to the growing demand for the integration of renewable energy. Therefore, there is an increasing demand for transformers as governments and energy firms in America spend extensively in the integration of renewable energy.

Furthermore, the market CAGR is expanding as a result of the industrialization and centralization that have led to the deployment of electrical transformers in many industries. Due to their versatility, effectiveness, affordability, and other factors, transformers are also being used more frequently for power transmission in sectors including energy and power, oil and gas, and petrochemicals. The swift advancement of industrialization has resulted in increasingly sophisticated, swift, and economical power transmission and voltage control sources. Transformers are the ideal fit for these sources, supporting the market's expansion. Thus, driving the America transformers market revenue.

America Transformers Market Segment Insights:

America Transformers Power Rating Insights

The America transformers market segmentation, based on power rating includes Small (10 KVA – 750 KVA), Medium (751 KVA – 100 MVA) and Large (above 101 MVA). The small (10 KVA – 750 KVA) segment dominated the market mostly driven by their extensive applications in fields like infrastructure, power generation, and process industries. Micro-grid networks' quick development and the speedy adoption of renewable energy sources in homes are predicted to have a favorable impact on the sector.

Figure 1: America Transformers Market by Power Rating Type, 2024 & 2032 (USD Billion)

America Transformers Market by Power Rating Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

America Transformers Cooling Type Insights

The America transformers market segmentation, based on cooling type, includes Air-Cooled and Oil-Cooled. The air-cooled category generated the most income. Electrical transformers that use air as a cooling medium to release heat produced during operation are referred to as air-cooled transformers, or dry-type transformers. By using forced air circulation and natural convection, air-cooled transformers maintain an acceptable temperature within the transformer, in contrast to liquid-immersed transformers that use oil or other liquids for cooling.

America Transformers Transformer Type Insights

The America transformers market segmentation, based on transformer type, includes Power Transformer and Distribution Transformer. The power transformer category generated the most income. Power transformers' advantages—such as their consistent power supply, lower energy losses, and improved grid performance—are blamed for the segment's expansion. Electricity can be transported over long distances at high voltages to reduce energy losses and then distributed to end consumers at lower, safer voltages thanks to power transformers, which facilitate the conversion of voltage levels.

America Transformers Country Insights

The American transformers market area will dominate this market. To improve and raise the efficiency and dependability of its electrical system, the United States keeps funding grid modernization initiatives. In particular, transformers help integrate renewable energy sources and increase system resilience, which is why they are essential to these programs. Transformer demand has surged as a result of the expansion of renewable energy sources, such as solar & wind power, because these energy sources are scattered and changeable.

America Transformers Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the America transformers market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, transformers industry must offer cost-effective items.

Key Companies in the America transformers market include

  • Siemens AG

  • WEG SA

  • General Electric Company

  • Mitsubishi Electric Corporation

  • Schneider Electric SE

  • Toshiba Corporation

  • Hitachi, Ltd.

  • Emerson Electric Co.

  • Eaton Corporation PLC

  • Northern Transformer Corporation

America Transformers Market Segmentation

America Transformers Power Rating Outlook

  • Small (10 KVA – 750 KVA)

  • Medium (751 KVA – 100 MVA)

  • Large (above 101 MVA)

America Transformers Cooling Type Outlook

  • Air-Cooled

  • Oil-Cooled

America Transformers Transformer Type Outlook

  • Power Transformer

  • Distribution Transformer

America Transformers Regional Outlook

  • North America

  • US

  • Canada

  • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 8.3 Billion
Market Size 2023 USD 8.79 Billion
Market Size 2032 USD 14.022 Billion
Compound Annual Growth Rate (CAGR) 6.00% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Power Rating, Cooling Type, Transformer Type, and Region
Countries Covered America
Key Companies Profiled Siemens AG, WEG SA, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Toshiba Corporation, Hitachi, Ltd., Emerson Electric Co., Eaton Corporation PLC and Northern Transformer Corporation
Key Market Opportunities Expanding the use of renewable energy
Key Market Dynamics Growing expenditure on infrastructure Rising need for grid infrastructure refurbishment

Frequently Asked Questions (FAQ) :

The America transformers market size was valued at USD 8.3 Billion in 2022.

The market is projected to grow at a CAGR of 6.00% during the forecast period, 2024-2032.

The key players in the market are Siemens AG, WEG SA, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Toshiba Corporation, Hitachi, Ltd., Emerson Electric Co., Eaton Corporation PLC and Northern Transformer Corporation.

The power transformer category dominated the market in 2022.

The small (10 KVA – 750 KVA) category had the largest share in the market.

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