The increasing demand for electricity, owing to the rapid urbanization in developing countries, and the rising expansion of transmission and distribution (T&D) network to integrate renewable energy resources are some of the key factors driving the growth of the global medium voltage transformer market.
NEWARK, DE / ACCESSWIRE / July 11, 2024 / North America medium voltage transformer industry value is forecast to increase from USD 2,185.5 million in 2024 to USD 3,373.6 million by 2034. Over the assessment period, demand for medium voltage transformers is projected to surge at a CAGR of 4.4% in the region.
The United States is predicted to dominate the North America medium voltage transformer industry through 2034. This growth is attributed to the presence of several well-established companies in the country. These companies are constantly innovating their transformer technology and are emphasizing product launches to gain a competitive edge.
Some of the companies are striving to enhance the country's abundant and diverse energy generation projects. These projects rely heavily on electricity for commercial and industrial purposes. Hence, rising demand for central power grids and the presence of a strict regulatory framework are set to ensure the quality and safety of electrical equipment. It is further projected to help ensure confidence in the domestic and international industries.
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Companies in the United States are poised to maintain their stronghold on the global stage, leveraging their expertise and infrastructure to meet evolving industry demands. This approach emphasizes the role of the country. It is considered a key force in the medium-converter industry, emphasizing innovation, reliability, and efficiency.
Key Takeaways from the Report
North America's industry is projected to thrive at 4.4% CAGR through 2034.
By product type, the oil-immersed segment is expected to total a valuation of USD 2,894.4 million by 2034.
By end-use, the power utilities segment is estimated to witness a CAGR of 4.5% by 2034.
The United States is expected to witness a significant 4.1% CAGR through 2034.
Mexico is projected to showcase a considerable CAGR of around 5.4% by 2034.
"Increasing adoption of state-of-the-art insulation technologies and materials is projected to propel transformer reliability and efficiency. Several companies are integrating their products into digital control and monitoring systems to offer features like predictive maintenance and remote diagnostics," - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Growth in Renewable Energy Installations
One prominent opportunity in the medium voltage transformer market is the growth in renewable energy installations. As the world transitions towards cleaner energy sources, there is a significant increase in the deployment of renewable energy generation infrastructure such as wind farms and solar power plants. Medium voltage transformers play a crucial role in these installations by stepping up the voltage generated by renewable sources for efficient transmission over long distances.
With governments worldwide implementing ambitious renewable energy targets and incentivizing the adoption of clean energy technologies, the demand for medium voltage transformers is expected to surge. Manufacturers can capitalize on this opportunity by developing transformers optimized for renewable energy applications, incorporating features such as enhanced efficiency, compact design, and compatibility with intermittent power generation sources. By catering to the evolving needs of the renewable energy sector, companies can establish themselves as key players in the expanding medium voltage transformer market.
Competitive Landscape
Several companies located in the United States hold most portions of North America's medium voltage transformer industry. These leading players account for about 30% to 35% of share. ABB, Siemens AG, Fuji Electric Co., Ltd., Schneider Electric, CG Power & Industrial Solutions Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, and Hitachi, Ltd. are the leading manufacturers and suppliers of medium voltage transformers listed in the report.
Key medium voltage transformer manufacturers are investing in continuous research for producing new devices and increasing their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
Recent Developments-
In September 2023, Schneider Electric, a leader in energy management and automation, marked a significant milestone by officially unveiling its new 160,000-square-foot manufacturing plant in El Paso, Texas. This substantial investment underscores the company's commitment to supporting customers and advancing the energy transition.
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Key Segmentations
By Product Type:
Dry
Oil-immersed
By Rating:
1,200 kVA
1,500 kVA
2,000 kVA
2,500 kVA
By Supply Phase:
Single phase
Three phase
By Mounting Type:
Pad-mounted
Pole-mounted
By End-use:
Residential
Commercial
Power utilities
Refining and petrochemical
Oil and gas
Pharmaceutical
Defense
Metals and mining
By Country:
North America
United States
Canada
Mexico
About the Industrial Automation Division at Future Market Insights (FMI)
The Industrial Automation division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our industry research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest industry trends and developments - ‘The Way Forward'.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
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