The North America Oil Immersed Power Transformer Market would witness market growth of 5.9% CAGR during the forecast period (2023-2030).
A rising electricity demand, developments in renewable energy technologies, and the necessity to modernize outdated power infrastructure all contribute to a paradigm shift in the energy landscape. Central to this evolution is the crucial role played by power transformers, particularly oil-immersed power transformers, which form the backbone of electricity transmission and distribution networks. The market stands at the intersection of traditional power systems and emerging energy trends, navigating a landscape of technological innovation, regulatory dynamics, and evolving environmental considerations.
In addition, oil-immersed power transformers have long been the workhorses of the electrical grid, facilitating the efficient and reliable transmission of electricity across various voltage levels. Adopting these transformers is deeply intertwined with the expansion and modernization of power infrastructure in developed and developing economies. The robust design, high efficiency, and long operational life of oil-immersed transformers make them indispensable components in power networks, supporting the reliable delivery of electricity from generation sources to end-users.
Canada has been experiencing population growth and urbanization, particularly in major cities and urban centers. As the population increases, so does the demand for electricity to power residential, commercial, and industrial activities. As per the data from the International Trade Administration, Canada’s total installed electricity generation capacity was approximately 149 GW in 2021 and is projected to reach 170 GW in 2035. The Canada Small Modular Reactors (SMR) Roadmap will be decisive in reaching this goal. The total electricity generated in Canada in 2022 was 640.3 TWH, approximately 2% higher than in 2021. Hence, rising electricity demand in North America will assist in the expansion of the regional market.
The US market dominated the North America Oil Immersed Power Transformer Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,134.1 Million by 2030. The Canada market is experiencing a CAGR of 8.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 7.3% during (2023 - 2030).
Free Valuable Insights: The Oil Immersed Power Transformer Market is Predict to reach $31.5 Billion by 2030, at a CAGR of 6.1%
Based on Phase, the market is segmented into Three, and Single. Based on Installation, the market is segmented into Pad-mounted, Pole-mounted, and Substation Installation. Based on Voltage, the market is segmented into High, Medium, and Low. Based on End User, the market is segmented into Utilities, Industrial, and Residential & Commercial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Phase
By Installation
By Voltage
By End User
By Country
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