Market Size of Canada Transformer Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.30 Billion |
| Market Size (2029) | USD 1.79 Billion |
| CAGR (2024 - 2029) | 6.57 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Transformer Market Analysis
The Canada Transformer Market size is estimated at USD 1.30 billion in 2024, and is expected to reach USD 1.79 billion by 2029, growing at a CAGR of 6.57% during the forecast period (2024-2029).
Over the medium term, Canada's transformer market has been driven by the need to restructure and modernize the existing old grid infrastructure coupled with the increasing investment in construction activities due to increasing urbanization.
On the other hand, the market's growth is restrained by the delays in T&D grid expansion and refurbishment projects.
Nevertheless, the declining cost of renewable-based power generation is anticipated to enhance demand for T&D infrastructure expansion, providing an opportunity for those involved in transformer manufacturing and supply. Throughout the projection period, the Canadian transformer market's distribution transformer segment is anticipated to experience considerable expansion.
