The North America Power Transformer Market would witness market growth of 6.1% CAGR during the forecast period (2022-2028).
It is anticipated that burgeoning green initiatives, service expansions in resource-based businesses, and rising PCB replacement programmes will present remarkable growth opportunities for the power transformer market. Power plants, conventional electric utility companies, and power plants widely utilize these devices. As compared to the production stations and transmission networks, these devices are large in size.
As the power transformers are utilized in transmitting networks, they are not directly used by the customers. Instead, these devices are utilized as step-up systems for transmitting energy and decreasing I2R waste to a prescribed power flow. The power transformers are primarily employed at distribution stations for power generation. They are also used in six-pulse and twelve-pulse rectifier transformers, isolation systems, wind farm transformers, earthing transformers, autotransformer starters, and solar PV farm transformers.
In Mexico, the power generation was credited for 327,965 GWh (Gigawatt hours) in 2019. Of this, 26.6% was produced with clean energy sources comprising efficient cogeneration, nuclear energy, and renewables. It is predicted that by 2020, the power generation will amount to 340,162 GWh, with 31.6% expected from clean energy sources. As per the IRENA (international renewable energy agency) publication, Mexico has a diverse and significant resource potential and can attract extensive investments to expand its energy supply. This, in turn, will support the growth of regional market.
The US market dominated the North America Power Transformer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,485 Million by 2028. The Canada market is poised to grow at a CAGR of 8.5% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 7.5% during (2022 - 2028).
Based on Insulation, the market is segmented into Oil, Gas, Air, Solid and Others. Based on Application, the market is segmented into Industrial, Residential & Commercial and Utilities. Based on Rating, the market is segmented into 100 MVA to 500 MVA, 501 MVA to 800 MVA and 801 MVA to 1,200 MVA. Based on Phase, the market is segmented into Three and Single. Based on Core, the market is segmented into Shell, Closed and Berry. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Power Transformer Market is Estimated to reach $33.7 Billion by 2028, at a CAGR of 6.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, ABB Group, General Electric Company, Siemens Energy AG, Alstom SA, Mitsubishi Electric Corporation, Hyosung Heavy Industries Corporation, CG Power & Industrial Solutions Ltd. (Murugappa Group), Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), and Bharat Heavy Electricals Ltd.
By Insulation
By Application
By Rating
By Phase
By Core
By Country
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