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North America Medium Voltage Transformer Industry Outlook from 2024 to 2034

The North America medium voltage transformer industry size reached USD 2,185.5 million in 2024. Over the forecast period, medium voltage transformer demand in the region is anticipated to rise at 4.4% CAGR, with revenue totaling USD 3,373.6 million by 2034.

Medium voltage transformers are witnessing significant demand across North American nations. This is because they play an important role in electricity distribution systems, serving as a key link between high-voltage transmission systems and low-voltage distribution.

One of the key drivers for sales growth is the expansion of power systems. Rapid urbanization, industrialization, and electricity consumption in emerging countries are increasing the demand for reliable and efficient electricity distribution systems, including medium-voltage transformers.

Technological advances are also shaping the industry scenario. Manufacturers are increasingly integrating intelligent monitoring and diagnostic capabilities into transformer design to enable predictive maintenance and increase efficiency.

New environment stringent regulations and sustainability initiatives are being introduced in North American nations. This is prompting key players to develop environmentally friendly and energy-efficient technologies, including dry-type transformers.

Renewable energy integration is another key factor boosting sales growth. The integration of wind and solar energy into the grid requires high-efficiency central transmissions to facilitate the interconnection and distribution of electricity generated from these sources. For this purpose, MV transformers are being employed.

The growing demand for electricity in various sectors, such as industrial, commercial, and residential, is acting as a catalyst triggering growth. Manufacturers are developing transformers that are more efficient, reduce environmental impact, and can manage and maintain resources.

The adoption of digitization and smart grid technologies is having an impact on the design and efficiency of transformers. The novel technologies enable remote monitoring, predictive maintenance, and optimized operation.

Oil-immersed transformers dominate the sector with a volume share of about 84.6% in 2024. Oil-injected transformers have a proven track record of reliability and durability. Using high-quality protective oil helps prevent heat degradation during operation, ensures efficiency, and extends transformer life.

Oil-insulated transformers can handle significant overloads, providing flexibility and adaptability to demanding operating conditions. This capability makes them suitable for applications with fluctuating loads or transient increases in power demand, such as peak hours or industrial conditions with production cycle changes.

Attributes Description
Estimated North America Medium Voltage Transformer Industry Size (2024E) USD 2,185.5 million
Projected North America Medium Voltage Transformer Industry Value (2034F) USD 3,373.6 million
Value-based CAGR (2024 to 2034) 4.4%

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Key Industry Highlights

Renewable Energy Integration to Boost Growth

In response to the increasing urgency to address climate change, countries are significantly amplifying their investments in renewable projects, such as solar and wind farms. These endeavors require medium voltage transformers to facilitate the efficient and reliable transmission of electricity generated from dispersed and often remote renewable sources.

North America’s push for the annual deployment of around 1,000 GW of renewable power, as emphasized by IRENA, necessitates a significant scale-up in renewable energy infrastructure. This, in turn, will consequently uplift medium-voltage transformer demand.

Modernization of Power Grids and Infrastructure Fueling Demand

Nations like the United States are striving to modernize the power grid infrastructure to meet electricity demand. This is anticipated to create opportunities for leading medium-voltage transformer companies.

Utilities are upgrading substations and distribution networks with advanced MV transformers equipped with smart monitoring and control capabilities to improve grid reliability and efficiency. This will play a key role in boosting sales growth.

Growing Focus on Energy Efficiency and Sustainability

Focusing on energy efficiency and sustainability is another factor boosting growth of the medium voltage transformer industry in North America.

Governments, utilities, and industries are implementing energy efficiency measures and adopting sustainable practices to reduce carbon emissions and mitigate climate change. As a result, the demand for efficient MV transformers is increasing, reducing power losses and environmental impact.

Regulations and standards mandating increased energy efficiency for transformers are driving the adoption of energy-efficient MV transformers in North America. Industrial and commercial buildings invest in sustainable infrastructure, including energy-efficient transformers, to reduce operating costs and meet corporate sustainability goals of eternal existence.

Challenges of Economic Uncertainty and Financing

Economic uncertainty and challenges have severely restrained growth. Economic conditions affect the energy sector significantly, and changes in economic indicators can affect investment decisions.

According to the International Energy Agency (IEA), the economic downturn in North America has led to a decline in energy input in recent years, affecting the electricity sector. This, in turn, is negatively impacting the industry.

2019 to 2023 North America Medium Voltage Transformer Sales Analysis Compared to Demand Forecast for 2024 to 2034

Sales of medium voltage transformers in North America recorded a CAGR of 2% between 2019 and 2023. Total revenue reached about USD 2,185.5 million in 2023. In the forecast period, the target industry is set to progress at a CAGR of 4.4%.

The North America medium-voltage transformer industry witnessed slow growth between 2019 and 2023. This was due to many factors, such as economic uncertainty and fluctuating demand in key industries, such as power utilities, refining and petrochemicals, and oil and gas.

The COVID-19 pandemic has impacted the target sector’s dynamics, such as changes in consumer behavior along with disruptions in supply chains. These combined elements contributed to the slow growth during that period.

Looking forward, the medium voltage transformer industry outlook in North America seems promising, driven by several key factors. Continued urbanization and technological progress will likely increase the need for reliable power distribution systems, including MV transformers.

Increasing demand for electricity and growing popularity of electric vehicles are key growth drivers for medium voltage transformer sector. Similarly, increasing interest in renewable energy resources, such as wind and solar power, will likely boost sales growth through 2034.

Technological advances, including development of smart transformers and eco-friendly designs, are set to further boost. Similarly, investments in grid modernization and electrification projects will likely benefit the industry.

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Nikhil Kaitwade

Principal Consultant

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Comparative Industry Overview

The section below provides a comparative analysis of two industries in the industrial automation division related to target industry, namely, transformer monitoring systems and transformer tap changers and voltage control relay industries. The information provided in the tables below would enable potential clients to make wise investment decisions and put efforts in the most beneficial zones.

Transformer Monitoring System Industry Assessment:

Growing demand for uninterrupted and reliable power supply in residential and industrial sectors is expected to boost growth of the transformer monitoring systems. Companies are widely using transform monitoring systems to ensure stability and reliability of power grids.

Attributes Description
Related Industry Transformer Monitoring System Industry
CAGR (2024 to 2034) 8.9%
Growth Factor Growing demand for reliable power supply globally.
Opportunity Increasing investments in developing and expanding power infrastructure.
Key Trends Adoption of smart grid technologies.

Transformer Tap Changers and Voltage Control Relay Industry Assessment:

With rapid industrialization and urbanization, electricity demand is rising significantly globally. This, in turn, is set to provide impetus for the growth of transformer tap changers and voltage control relay industry. Aging power infrastructure is another key factor expected to boost sales growth through 2034.

Attributes Description
Related Industry Transformer Tap Changers and Voltage Control Relay Industry
CAGR (2024 to 2034) 4.9%
Growth Factor Increasing demand for electricity across the world
Opportunity Rising grid modernization initiatives
Key Trends Integration of renewable energy sources

Country-wise Insights

The table below shows the estimated growth rates of the two leading countries. Mexico and Canada are set to record CAGRs of 5.4% and 4.8%, respectively, through 2034.

Countries CAGR 2024 to 2034
Mexico 5.4%
Canada 4.8%
United States 4.1%

United States Remains at the Epicenter of Growth

The United States medium voltage transformer industry is projected to total USD 2,213 million by 2034. Over the assessment period, demand for medium voltage transformers in the United States will likely rise at 4.1% CAGR, owing to wider usage in a variety of industries.

Medium voltage transformers play an important role in power transmission and distribution. With the growth of renewable energy sources such as wind and solar power, the need for efficient transmission of this energy over long distances is increasing.

Medium voltage transformers facilitate efficient transmission by increasing voltage for long-distance transmission and reducing it for distribution to customers. Thus, they contribute to greater robustness and efficient grid design.

The expansion of electric vehicle (EV) infrastructure is another growth-shaping factor. Increasing adoption of EVs has increased the demand for charging points across the nation. Medium voltage transformers are an integral part of the charging stations, allowing them to convert grid electricity into enough energy for EV battery charging.

The growing data center sector relies heavily on medium-voltage transformers to ensure reliable power supply for its operations. As data usage continues to rise, driven by trends such as cloud computing and IoT devices, the demand for data centers and associated infrastructure will increase, creating growth prospects for companies.

Growth in Power Infrastructure Fueling Sales in Mexico

Mexico is witnessing significant growth in infrastructure, including energy transmission, transportation, and expanded industrial infrastructure. This is expected to play a key role in fueling sales of medium-voltage transformers.

Medium-voltage transformers play an important role in the power, transportation, and industrial sectors. They enable the transmission and distribution of electricity to homes, businesses, and offices.

Continued government investment in infrastructure development, especially in power sector, is set to boost sales growth in Mexico. A CAGR of 5.4% has been assigned for Mexico, with total value reaching USD 730.3 million by 2034.

Canada to Create Ample Opportunities for Companies

Medium voltage transformers are essential components of grid infrastructure, enabling long-distance power transmission and reducing distribution voltage to homes and businesses. As utilities upgrade and expand their grid networks, importance of medium voltage transformers will increase.

Canadian industries and commercial sectors, including mining, construction, and manufacturing, rely heavily on electricity for their operations. Medium voltage transformers are an integral part of these industries, supporting equipment, tools, and supplies.

As manufacturing industries mature and modernize in Canada, demand for solutions like medium-voltage transformers will likely witness an upward trend. Canada is poised to register a CAGR of 4.8% during the forecast period, with sales totaling USD 430.2 million by 2034.

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Category-wise Insights

The section provides a medium voltage transformer industry forecast based on segments. Based on product type, the oil-immersed segment is forecast to advance at 4.6% CAGR through 2034. By end-use, the power utility segment is set to exhibit a CAGR of 4.5% from 2024 to 2034.

Oil Immersed Transformers Remain Highly Sought-after Products

Segment Oil Immersed (Product Type)
Value CAGR (2024 to 2034) 4.6%

Currently, oil-immersed transformers remain hot-selling products across North America owing to advantages like cost-effectiveness and effective heat dissipation. The target segment is set to account for a revenue share of 84.6% in 2024 and further experience a CAGR of 4.6% through 2034.

Oil-immersed transformers are increasingly used in a wide range of applications. This is due to the reliability, efficiency, and other advantages of oil-immersed transformers.

Oil-immersed transformers provide good insulation properties, making them safe in various environments, including industrial, commercial, and residential. The long service life and minimal maintenance requirements also make oil-immersed ones a cost-effective solution for power distribution and transmission.

As industries expand, infrastructure matures, and power infrastructure develops, demand for mid-range transformers, especially in the oil-saturated segment, is expected to move high. This trend is driven by the need for reliable electricity supply, efforts to modernize the electricity grid, and the integration of renewable energy sources.

Medium-voltage Transformer Demand Remains High in Power Utilities

Segment Power Utilities (End-use)
Value CAGR (2024 to 2034) 4.5%

Consumption of medium-voltage transformers remains high in power utilities, giving them the title of being leading end users. The target segment is projected to progress at 4.5% CAGR during the forecast period, totaling USD 988.9 million by 2034.

Several factors contribute to the target segment’s growth. First, the need for grid modernization and expansion is driving demand. As utilities modernize aging infrastructure and adapt to renewable energy integration, medium voltage transformers play an important role in efficiently transmitting electricity over long distances and reducing power distribution.

Growing demand for electricity driven by increasing population and technological advancement requires the use of new transformers to meet the increasing consumption. Similarly, emphasis on efficiency and reliability encourages utilities to invest in advanced transformer technology that improves transmission efficiency and reduces losses.

Competition Outlook

The North America medium voltage transformer sector is highly competitive, with leading players accounting for about 30% to 35% 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 a few leading medium voltage transformer players listed in the report.

Key companies are constantly upgrading their portfolios through new product launches. Similarly, growing interest in eco-friendly solutions is prompting companies to strengthen their dry-type transformers portfolio as they are leak-proof and environmentally friendly.

New materials and technologies are being incorporated into transformers to cater to different customer needs and preferences. Players are also offering customized products with advanced monitoring systems. Similarly, mergers, facility expansions, partnerships, agreements, and acquisitions are becoming popular among companies.

Industry Updates

  • In September 2023, Schneider Electric, a North American leader in energy management and automation, marked a significant milestone by officially unveiling its new 160,000-square-foot manufacturing plant in El Paso, TX. This substantial investment, totaling USD 300 million, underscores the company's commitment to supporting customers and advancing the energy transition. The plant inauguration, attended by officials and dignitaries, signifies Schneider Electric’s pivotal role in bolstering America infrastructure and fostering the digital transformation of energy management on a North America scale.
  • In February 2024, Siemens Energy announced the expansion of the company’s first power transformer manufacturing and refurbishment facility in the United States. The new facility will help the company fulfill its commitment to increasing the reliability and security of the United States power grid.

Leading Medium Voltage Transformer Brands in North America

  • ABB Group
  • Schaffner Holding AG
  • Siemens AG
  • Hammond Power Solutions Inc.
  • Hitachi, Ltd.
  • Kirloskar Electric Company
  • Fuji Electric Co., Ltd.
  • MGM Transformer Company Co.
  • Schneider Electric SE
  • Amran Inc.
  • Eaton Corporation PLC
  • Tianan Electric Group Co., Ltd.
  • Mitsubishi Electric Corporation
  • RITZ Instrument Transformers GmbH
  • Jinpan International USA Ltd.
  • RECO Transformer Pvt. Ltd
  • Koncar - Distribution and Special Transformers, Inc.
  • CG Power & Industrial Solutions Ltd
  • Fortune Electric Co., Ltd.
  • Eaton Corporation Plc.

Key Segments of Industry Report

By Product Type:

As per the product type, the report is segmented into dry and oil-immersed.

By Rating:

Medium-voltage transformers come in different ratings, including 1,200 kVA, 1,500 kVA, 2,000 kVA, and 2,500 kVA.

By Supply Phase:

Based on supply phase, the report is divided into single phase and three phase.

By Mounting Type:

In terms of mounting type, the report is categorized into pad-mounted and pole-mounted.

By End-use:

Key end-use sub-segments include residential, commercial, power utilities, refining and petrochemical, oil and gas, pharmaceutical, defense, metals and mining, and others.

By Country:

Analysis has been carried out in key countries of North America, including the United States, Canada, and Mexico.

Frequently Asked Questions

How big is the North America medium voltage transformer industry?

North America is set to reach USD 2,185.5 million in 2024.

At what rate will the demand rise through 2034?

Demand in North America is anticipated to rise at 4.4% CAGR.

What is the predicted industry size in 2034?

The target industry is set to total USD 3,373.6 million by 2034.

Which end-use segment will lead the sector?

Power utilities.

Who is the significant transformer manufacturer in North America?

Virginia Transformer.

How many transformers are in the United States?

Over 50 million distribution transformers.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Industry Definition

3. Trends and Success Factors, including Macro-economic Factors, Industry Dynamics, and Recent Industry Developments

4. Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Rating

    6.2. Product Type

    6.3. Supply Phase

    6.4. Mounting Type

    6.5. End Use

7. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Rating

    7.1. 1,200 kVA

    7.2. 1,500 kVA

    7.3. 2,000 kVA

    7.4. 2,500 kVA

8. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type

    8.1. Dry

    8.2. Oil Immersed

9. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Supply Phase

    9.1. Single Phase

    9.2. Three Phase

10. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Mounting Type

    10.1. Pad Mounted

    10.2. Pole Mounted

11. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use

    11.1. Residential

    11.2. Commercial

    11.3. Power Utilities

    11.4. Refining & Petrochemical

    11.5. Oil & Gas

    11.6. Pharmaceutical

    11.7. Defense

    11.8. Metals & Mining

    11.9. Others

12. Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    12.1. North America

    12.2. Latin America

    12.3. Western Europe

    12.4. South Asia

    12.5. East Asia

    12.6. Eastern Europe

    12.7. Middle East & Africa

13. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. Sales Forecast 2024 to 2034 by Rating, Product Type, Supply Phase, Mounting Type, and End Use for 30 Countries

15. Competition Outlook, including Industry Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

16. Company Profile

    16.1. ABB Group

    16.2. Schaffner Holding AG

    16.3. Siemens AG

    16.4. Hammond Power Solutions Inc.

    16.5. Hitachi, Ltd.

    16.6. Kirloskar Electric Company

    16.7. Fuji Electric Co., Ltd.

    16.8. MGM Transformer Company Co.

    16.9. Schneider Electric SE

    16.10. Amran Inc.

    16.11. Eaton Corporation PLC

    16.12. Tianan Electric Group Co., Ltd.

    16.13. Mitsubishi Electric Corporation


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