North America Transformer Market - By Core (Closed, Shell, Berry), By Product Type (Distribution Transformer, Power Transformer, Instrument Transformer), By Winding (Two Winding, Auto Winding), By Cooling, By Insulation, By Rating, By Mounting (Pad, Pole)

North America Transformer Market - By Core (Closed, Shell, Berry), By Product Type (Distribution Transformer, Power Transformer, Instrument Transformer), By Winding (Two Winding, Auto Winding), By Cooling, By Insulation, By Rating, By Mounting (Pad, Pole), By Application & Forecast, 2023 - 2032

North America Transformer Market size is projected to expand at 8.1% CAGR from 2023-2032, attributed to the continuous surge in initiatives aimed at strengthening the power system in the region. Of late, there have been ongoing efforts to enhance grid reliability, resilience, and efficiency through comprehensive infrastructure upgrades. Rising investments in smart grid technologies coupled with the higher advancements in transformer design and functionality are playing crucial role in modernizing the power infrastructure.

Additionally, the influx of initiatives, such as updated energy efficiency standards and regulations are also propelling the adoption of advanced and more efficient transformers, thereby boosting the industry expansion. For instance, in December 2022, the U.S. DOE proposed new energy-efficiency criteria for three types of distribution transformers to boost the strength of power systems in America while cutting down the utility rates, and considerably reducing the domestic CO2 emissions.

The North America transformer industry is segmented into core, product, winding, cooling, insulation, rating, mounting, application, and region.

Based on product type, the market share from the distribution transformer segment is anticipated to gain significant traction from 2023-2032 attributed to the growing demand for electricity distribution across residential, commercial, and industrial sectors. The increasing urbanization, infrastructure upgrades, and the integration of renewable energy sources are also contributing to the rising adoption of distribution transformers. Moreover, several industry players are responding with innovations in design and technology in the transformers, adding to the segment growth.

In terms of application, the North America transformer industry from the utility segment is projected to observe lucrative growth between 2023 and 2032. With significant infrastructural development in the region, utilities are upgrading and expanding their power transmission networks for escalating the need for reliable and efficient energy distribution systems. The ongoing smart grid and renewable energy projects will further contribute to the surging adoption of transformers in the region. Moreover, the emphasis on enhancing grid resilience, reducing losses, and integrating sustainable energy sources across the utility sector is likely to accelerate segment expansion.

Canada transformer market is estimated to expand at a robust pace through 2032 driven by the rising need for reliable electricity distribution infrastructure. The government in the country is largely committed to clean energy initiatives, including renewable sources. Furthermore, massive investments in grid modernization and smart technologies will augment the regional market growth. To cite an instance, the Maritime Electric Company announced a $47.6 million investment to establish more efficient and robust energy grid infrastructure on Prince Edward Island for enabling quicker detection of possible outages for effective power restoration.