North America Smart Transformers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The North American smart transformers market is expected to register a CAGR of more than 2.5% during the forecast period. The COVID-19 pandemic had a negative impact on the North American smart transformers market since the United States has reported a fall in its consumption of electricity amid the COVID-19 pandemic. For instance, in 2020, consumption declined by 5.7% compared to 2019. This downfall lowered the demand for smart transformers from power distributors across the region. Factors such as the increasing focus of governments across the developed and emerging economies on adopting smart technology in power grid infrastructure and efforts to overcome rising challenges, such as aging transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart transformers across the world. However, the installation cost and logistics difficulty of smart transformers are expected to act as restraints for the market to grow in the future.
Key HighlightsThe North American smart transformers market is moderately fragmented. Some of the key players in this market are Hitachi Energy Ltd, Siemens Energy AG, Schneider Electric SE, Eaton Corporation PLC, and General Electric Company, among others.
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