According to a recent study from market research firm Graphical Research, the North America transformer market size is poised to expand at substantial CAGR during the forecast period. North America transformer market share is going to experience commendable progress in the future because of growing need for advancing grid infrastructure across the region. In order to cater to the growing energy needs, many public and private sector organizations are raising their investments towards finding renewable energy sources. It is because people across the region have realized the harmful consequences of being overdependent on non-renewable energy sources for electricity generation and consumption.
Governments in North America are introducing important regulatory norms to ensure proper refurbishment of the existing electric infrastructure in the region. Industrialization is going on at a fast pace across many countries, driving the demand for transformers with advanced technologies.
Petrochemical and mining industries need electricity to carry out large scale mining and exploration activities. These factors will play an important role in the development of North America transformer market, which is predicted to reach a higher valuation by 2027.
Distribution, instrument and power transformers are the main product categories of transformer market. Among these, power transformers will gain high traction among end-users in North America. As mentioned above, industrialization activities have grown tremendously which has made the owners of manufacturing plants switch to electric systems that can withstand high voltage capacities. This factor will positively contribute towards the demand for power transformers in the region.
On the basis of type of installation, North America transformer market share from the indoor transformer segment is expected to grow at a notable rate in the future. This is because of the rise in electricity backup requirements in the region. The focus on small customers is growing lately to accommodate their energy needs. The regional authorities are introducing high-rate subsidies to encourage the installation of mini-grid electricity networks.
Air-insulated transformers will play a vital role in driving North America transformer industry forecast. A major reason for this is that the demand for finding renewable sources of generating electricity has seen an upward trend in the last decade or so. People and industries alike have become aware about the harmful effects of generating power from non-renewable energy sources. Air-insulated transformers have some great features in them like offering efficient cooling in extreme heat conditions, easy installation process and removal of spills.
Governments across North America are increasing their focus on upgrading the existing power systems. They are encouraging companies to create innovative technologies that ensure efficient utilization of power and minimal wastage of precious resources. The authorities have placed some strict norms that all industries have to follow to restrict their emission rates. All these aspects will create demand for air-insulated transformers in the region.
Canada transformer market is anticipated to grow at a steady rate due to rise in investments in the nation’s cement and steel sectors. It will foster the development of new and advanced electric infrastructure in the country. The government is introducing schemes and initiatives to promote the setup of electric vehicle charging stations. This will raise the demand for installing the related infrastructure, fueling the need for efficient transformer systems.
Some of the reputed firms that are engaged in the production of a wide variety of transformers for different purposes in North America are SPX Transformer Solutions, Northern Transformer, Hitachi ABB Power Grids, Toshiba International Corporation, Schneider Electric and some others.
Source: www.graphicalresearch.com/industry-insights/1900/north-america-transformer-market
