Market Size of North America Smart Transformers Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Smart Transformer Market Analysis
The North American smart transformers market is expected to register a CAGR of more than 2.5% during the forecast period. The COVID-19 pandemic had a negative impact on the North American smart transformers market since the United States has reported a fall in its consumption of electricity amid the COVID-19 pandemic. For instance, in 2020, consumption declined by 5.7% compared to 2019. This downfall lowered the demand for smart transformers from power distributors across the region. Factors such as the increasing focus of governments across the developed and emerging economies on adopting smart technology in power grid infrastructure and efforts to overcome rising challenges, such as aging transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart transformers across the world. However, the installation cost and logistics difficulty of smart transformers are expected to act as restraints for the market to grow in the future.
- Distribution transformers, which are used for stepping down the voltage, are expected to be the major segment in the smart transformers market.
- A number of governments across the region are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in the smart transformers market in the near future.
- The United States is expected to dominate the market, primarily driven by the transmission and distribution developments and industrial growth in the country.
