North America Transformer Market Size (2024 - 2029)

North America Transformer Market Analysis

The North America Transformer Market size is estimated at USD 8.86 billion in 2024, and is expected to reach USD 11.54 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

• Over the medium term, factors such as increasing energy demands from the industries and upgrading old transmission and distribution systems are likely going to drive the North America transformer market. 
• On the other hand, delay in the implementation of the projects is expected to restrain the North America transformer market.
• Neverthless, a smart grid is seen as a highly efficient and economical technology that is able to reduce carbon emissions into the environment. Such upgradation for now existing networks in the region can create several opportunities for the North America transformer market in the future.

North America Transformer Industry Segmentation

A transformer is a device that transfers electric energy from one alternating-current circuit to one or more other circuits, either increasing (stepping up) or reducing (stepping down) the voltage. Transformers are usually of two types: power and distribution transformers. In order to create the final voltage transformation from the level the consumer uses in the distribution lines, the power distribution system uses distribution transformers.

The North American transformer market is segmented by power rating, cooling type, transformer type, and geography (United States, Canada, and Rest of North America). By power rating, the market is segmented into small, medium, and large; by cooling type, the market is segmented into air-cooled and oil-cooled; by transformer type, the market is segmented into power transformers and distribution transformers; and by geography, the market is segmented into the United States, Canada, and the rest of North America. For each segment, market sizing and forecasts have been done based on revenue (USD) .