North American Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Market Report Covers North American Transformer Manufacturers and is segmented by power rating (small, medium, and large), cooling type (air-cooled and oil-cooled), transformer type (power transformer and distribution transformer), and geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in terms of revenue (USD billion) for all the above segments.

North American Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

North America Transformer Market Size

View Global Report
North America Transformer Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 9.34 Billion
Market Size (2030) USD 12.15 Billion
CAGR (2025 - 2030) 5.41 %
Market Concentration Low

Major Players

North America Transformer Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of North America Transformer Market with other markets in Energy & Power Industry

Oil and Gas

Power

Battery

Decommissioning

Emerging Energy Technologies

Energy Storage Technology

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

North America Transformer Market Analysis

The North America Transformer Market size is estimated at USD 9.34 billion in 2025, and is expected to reach USD 12.15 billion by 2030, at a CAGR of 5.41% during the forecast period (2025-2030).

The North American power infrastructure landscape is undergoing a significant transformation driven by the increasing integration of renewable energy sources and grid modernization initiatives. According to the US Energy Information Administration (EIA), utility-scale power generation facilities in the United States generated 4,243 TWh in 2022, with renewable sources accounting for 21.5% of the total generation. The region's commitment to clean energy transition is evident in ambitious targets, with Canada aiming to achieve 90% clean electricity generation by 2030. This shift in the generation mix necessitates substantial modifications to existing transmission and distribution networks, creating a dynamic market environment for transformer manufacturers and suppliers.


The industry is witnessing unprecedented levels of investment in grid infrastructure modernization and expansion projects. In November 2022, the Department of Energy announced a landmark USD 13 billion funding initiative for upgrading and expanding the US electric grid through the Grid Resilience Innovative Partnership (GRIP) Program and the Transmission Facilitation Program. This investment surge is complemented by private sector participation, as demonstrated by Hitachi Energy's USD 37 million investment in its South Boston power transformer factory in October 2022, aimed at supporting growing utility and renewable energy sectors.


Technological advancement and manufacturing capacity expansion are emerging as key trends shaping the market landscape. In February 2023, Virginia Transformer marked a significant milestone with the inauguration of its fifth manufacturing facility in Mexico, featuring 300,000 square feet of space and advanced capabilities to reduce transformer manufacturing time. The industry is also witnessing an increased focus on smart transformer technologies, digital monitoring systems, and efficiency improvements to meet evolving grid requirements and environmental standards.


The market is experiencing a shift toward more sustainable and efficient transformer solutions, driven by stringent energy efficiency regulations and environmental considerations. Manufacturers are increasingly focusing on developing electrical transformers with improved energy efficiency ratings, reduced environmental impact, and enhanced digital capabilities. This trend is supported by utility companies' growing emphasis on grid reliability and resilience, as evidenced by the EIA's projection of 54.5 gigawatts of new utility-scale electric generating capacity additions to the US power grid in 2023, with more than half comprising solar power installations requiring advanced grid transformer solutions.

Segment Analysis: Power Rating

Small Power Rating Segment in North America Transformer Market

The small power rating segment (10 kVA – 750 kVA) continues to dominate the North America transformer market, holding approximately 43% market share in 2024. This segment's prominence is primarily driven by the extensive deployment of distribution transformers in residential and commercial applications. Distribution companies and electricity utilities predominantly install these transformers to step down voltage levels from substations or feeders before final power distribution to residential and commercial consumers. The segment's strength is further reinforced by rapid urban expansion and increased urbanization, which has led to significant augmentation of distribution networks to meet growing electricity demand. The efficiency of distribution transformers in this segment has become increasingly critical, particularly with the United States Department of Energy's proposed new energy efficiency standards that will likely come into effect in 2027, focusing on curtailing greenhouse gas emissions and potential consumer savings.

Market Analysis of North America Transformer Market: Chart for Power Rating

Large Power Rating Segment in North America Transformer Market

The large power rating segment (Above 101 MVA) is projected to experience the fastest growth rate of approximately 8% during the forecast period 2024-2029. This accelerated growth is primarily driven by the increasing development of high-voltage transmission infrastructure and renewable energy integration projects across North America. The segment's growth is particularly bolstered by significant government initiatives such as the Building a Better Grid Initiative, which has allocated substantial investments for transmission network expansion. The rising demand for large power transformers is also fueled by the development of cross-border electricity projects between the United States and Canada, along with numerous HVDC transmission line projects being developed by companies like Grid United. The segment's expansion is further supported by the increasing number of utility-scale renewable energy projects and nuclear power developments requiring high-capacity transformers for efficient power transmission and distribution.

Remaining Segments in Power Rating

The medium power rating segment (751 kVA – 100 MVA) serves as a crucial bridge between large power transmission and small-scale distribution applications in the North American transformer market. This segment primarily caters to various commercial and industrial applications, including data centers, buildings, healthcare facilities, and renewable energy projects. The segment's significance is particularly evident in the growing number of medium-sized commercial developments and the expansion of data center infrastructure across the region. The versatility of medium power rating transformers makes them essential for both distribution and power transformer applications, serving voltage networks of 33 kV and above, while maintaining the flexibility to meet diverse industrial and commercial power requirements.

Segment Analysis: Cooling Type

Oil-Cooled Segment in North America Transformer Market

The oil-filled transformer segment dominates the North American transformer market, commanding approximately 82% market share in 2024, while also emerging as the fastest-growing segment with a projected growth rate of around 6% during 2024-2029. Oil-filled transformers are predominantly utilized in outdoor installations and applications requiring capacities of 50 MVA and above, owing to their superior heat absorption and dissipation capabilities. These transformers have gained significant traction in utility-scale renewable energy projects, power generation facilities, and large industrial applications across the United States and Canada. The segment's growth is being driven by substantial investments in grid modernization initiatives, including the Building a Better Grid Initiative in the United States and various provincial infrastructure development programs in Canada. Major manufacturers like Hitachi Energy and Siemens Energy are expanding their production facilities across North America to meet the rising demand for oil-filled transformers, particularly in high-voltage applications and renewable energy integration projects.

Air-Cooled Segment in North America Transformer Market

The dry-type transformer segment maintains a significant presence in the North American transformer market, particularly in indoor applications and environments where fire safety and environmental considerations are paramount. These transformers are extensively deployed in high-rise buildings, airports, stadiums, hotels, shopping malls, chemical plants, and interior city substations. The segment's growth is supported by the increasing demand for dry-type transformers in urban infrastructure development and the expansion of commercial and industrial facilities. Manufacturers are focusing on developing advanced dry-type transformers with improved efficiency and smart monitoring capabilities to meet the evolving requirements of modern power distribution systems. The segment benefits from stringent safety regulations and environmental considerations, particularly in densely populated urban areas where oil-filled transformers pose potential risks.

Segment Analysis: Transformer Type

Power Transformer Segment in North America Transformer Market

The power transformer segment dominates the North American transformer market, holding approximately 54% market share in 2024. This segment's prominence is driven by substantial investments in grid modernization initiatives and the integration of renewable energy sources across the region. The United States Department of Energy's Building a Better Grid Initiative, which includes over USD 20 billion in investments for grid modernization, has significantly boosted demand for power transformers. The segment's growth is further supported by the increasing number of utility-scale renewable energy projects, particularly wind and solar installations, which require large power transformers for grid integration. Additionally, the ongoing replacement of aging power infrastructure and the development of new transmission corridors to support inter-regional power transfer have created sustained demand for power transformers across North America.

Distribution Transformer Segment in North America Transformer Market

The distribution transformer segment plays a vital role in the North American transformer market, serving as the crucial last mile connection between the transmission network and end-users. This segment is experiencing significant transformation driven by the increasing adoption of smart grid technologies and the growing need for efficient power distribution systems. The segment's growth is supported by various factors including rapid urbanization, increasing electricity demand from commercial and residential sectors, and the expansion of distribution networks in both rural and urban areas. The implementation of new energy efficiency standards by the Department of Energy, expected to come into effect by 2027, is driving the demand for more efficient distribution transformers. Additionally, the rising integration of distributed energy resources, such as rooftop solar installations and electric vehicle charging infrastructure, is creating new opportunities for distribution transformer deployments across the region.

North America Transformer Market Geography Segment Analysis

North America Transformer Market in the United States

The United States dominates the North American transformer market, commanding approximately 82% market share in 2024, while also demonstrating the strongest growth trajectory with a projected CAGR of nearly 6% during 2024-2029. The country's leadership position is underpinned by its extensive and aging power infrastructure network, which is currently undergoing significant modernization initiatives. The Department of Energy's Building a Better Grid Initiative, launched in 2022, represents a cornerstone of these efforts, with over $20 billion allocated for grid modernization over the coming years. The increasing integration of renewable energy sources, particularly wind and solar, into the national grid is driving substantial demand for new power transformer installations. The country's commitment to achieving 80% renewable energy in its power generation mix by 2030 necessitates extensive grid infrastructure upgrades. Furthermore, the rapid expansion of data centers, electric vehicle charging infrastructure, and smart grid technologies is creating additional demand for both distribution transformer and power transformer solutions across the nation.

North America Transformer Market in Canada

Canada's transformer market is characterized by robust infrastructure development and a strong focus on renewable energy integration. The country's ambitious goal of achieving 90% clean electricity generation by 2030 is driving significant investments in grid modernization and expansion projects. The Smart Renewables and Electrification Pathways Program (SREPs) is facilitating substantial grid infrastructure improvements across the nation. The country's unique geographical challenges, with vast distances between power generation sources and consumption centers, necessitate sophisticated industrial transformer solutions for efficient power transmission. The growing number of cross-border electricity projects with the United States, including multiple interconnection points, is creating additional demand for high-capacity high voltage transformer solutions. Moreover, Canada's expanding construction sector, particularly in metropolitan areas, is driving demand for distribution transformer solutions in both residential and commercial applications. The country's focus on enhancing grid resilience in remote and rural areas is also contributing to market growth.

North America Transformer Market in Mexico

Mexico's transformer market is experiencing significant transformation driven by comprehensive power sector reforms and modernization initiatives. The country's Programa de Desarrollo del Sistema Eléctrico Nacional (PRODESEN) 2021-35 outlines ambitious plans for expanding power generation, transmission, and distribution networks. The government's commitment to deploying an additional 30 gigawatts of renewable energy by 2030 is creating substantial opportunities in the transformer sector. The country's industrial growth, particularly in manufacturing hubs and special economic zones, is driving demand for industrial transformer solutions. Significant investments in grid infrastructure modernization, including the expansion of transmission lines and substations, are creating new opportunities for transformer manufacturers. The country's focus on improving electricity access in rural areas and upgrading urban distribution networks is further stimulating market growth. Additionally, Mexico's strategic position as a manufacturing hub for transformer components is enhancing its role in the regional supply chain.

North America Transformer Market in Other Countries

The remaining North American territories, including various Caribbean nations and dependent territories, represent a smaller but significant segment of the transformer market. These regions are characterized by unique challenges and opportunities, particularly in terms of grid resilience against natural disasters and the integration of renewable energy sources. Many of these territories are actively pursuing grid modernization initiatives to reduce dependence on fossil fuels and improve energy security. The increasing focus on sustainable energy solutions and the need to upgrade aging power infrastructure is driving transformer demand in these regions. The development of microgrids and distributed energy systems in island territories is creating specialized demand for medium voltage transformer solutions. These markets also benefit from various international development initiatives and funding programs aimed at improving energy infrastructure resilience and sustainability.

North America Transformer Industry Overview

Top Companies in North America Transformer Market

The North American transformer market features prominent players like Siemens Energy, General Electric, Schneider Electric, Hitachi, and Mitsubishi Electric Corporation leading the industry through continuous innovation and strategic expansion. These companies are increasingly focusing on developing energy-efficient and smart transformer solutions to meet evolving grid modernization needs. The market is characterized by significant investments in research and development, particularly in areas like solid-state transformer technology and digital monitoring capabilities. Companies are strengthening their manufacturing footprint through capacity expansions and facility upgrades, as evidenced by recent investments in production facilities across the United States and Canada. Strategic acquisitions and partnerships have become crucial tools for expanding product portfolios and gaining technological advantages, with several major players acquiring specialized transformer manufacturers to enhance their market presence.

Consolidated Market with Strong Regional Players

The North American electrical transformer market exhibits a moderately fragmented structure, with a mix of global conglomerates and specialized regional manufacturers competing for market share. Global players leverage their extensive research capabilities and broad product portfolios to serve diverse end-user segments, while regional specialists focus on customized solutions and local market expertise. The market has witnessed significant consolidation through strategic acquisitions, particularly among mid-sized players seeking to enhance their technological capabilities and geographic reach. Manufacturing capabilities and supply chain optimization have become crucial differentiators, with companies investing in local production facilities to better serve the North American market and reduce dependence on imports.


Recent years have seen increased merger and acquisition activity, with companies like GE-Prolec Transformers acquiring SPX Transformer Solutions and Northern Transformer Corporation acquiring VRT Power's North American operations. These strategic moves reflect the industry's focus on expanding manufacturing capabilities and technological expertise. The market also sees strong participation from Japanese and European manufacturers who have established significant manufacturing presence in North America through subsidiaries and joint ventures, contributing to the competitive dynamics of the industry.

Innovation and Efficiency Drive Future Success

Success in the North American energy transformer market increasingly depends on companies' ability to innovate while maintaining cost competitiveness. Incumbent players are focusing on developing advanced electrical transformer solutions with improved efficiency ratings and digital capabilities, while also strengthening their after-sales service networks. The integration of smart features and predictive maintenance capabilities has become crucial for maintaining market position, as utilities and industrial customers demand more sophisticated power management solutions. Companies are also investing in sustainable manufacturing practices and environmentally friendly products to align with stringent regulatory requirements and customer preferences.


Market contenders looking to gain ground must focus on developing specialized expertise in emerging technologies like solid-state transformers while building strong relationships with utilities and industrial customers. The high concentration of buyers in the utility sector makes strong customer relationships and reliable service capabilities essential for success. While the threat of substitution remains relatively low due to the essential nature of transformers in power infrastructure, companies must stay ahead of technological advances and regulatory changes affecting efficiency standards and environmental impact. The increasing focus on grid modernization and renewable energy integration presents opportunities for companies that can offer innovative solutions while maintaining competitive pricing and reliable delivery capabilities.

North America Transformer Market Leaders

  1. General Electric Company

  2. Schneider Electric SE

  3. Emerson Electric Co.

  4. Eaton Corporation PLC

  5. Siemens Energy AG

  6. *Disclaimer: Major Players sorted in no particular order
North America Transformer Market Concentration
Need More Details on Market Players and Competiters?
Download PDF

North America Transformer Market News

  • February 2023: Virginia Transformer completed the inauguration of its fifth transformer manufacturing facility in Mexico. The new facility was expected to reduce the time consumed in manufacturing transformers. The plant is located on an area of approximately 300,000 square feet and has a substantial area for further expansions in the future.
  • October 2022: Hitachi Energy announced its plan to invest approximately USD 37 million in its power transformer factory located in South Boston, United States. The investments are aimed at increasing the factory size to support the growing utility and renewable energy sectors in the region.

North America Transformer Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD, till 2028
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Substantial Investments and Efforts to Modernize the T&D Grid
    • 4.5.2 Restraints
    • 4.5.2.1 Rising Distributed Energy Generation
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Power Rating
    • 5.1.1 Small (10 KVA - 750 KVA)
    • 5.1.2 Medium (751 KVA - 100 MVA)
    • 5.1.3 Large (above 101 MVA)
  • 5.2 Cooling Type
    • 5.2.1 Air-Cooled
    • 5.2.2 Oil-Cooled
  • 5.3 Transformer Type
    • 5.3.1 Power Transformer
    • 5.3.2 Distribution Transformer
  • 5.4 Geography
    • 5.4.1 United States
    • 5.4.2 Canada
    • 5.4.3 Rest Of North America

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
  • 6.2 Strategies Adopted by Key Players
  • 6.3 Company Profiles
    • 6.3.1 Siemens Energy AG
    • 6.3.2 WEG SA
    • 6.3.3 General Electric Company
    • 6.3.4 Mitsubishi Electric Corporation
    • 6.3.5 Schneider Electric SE
    • 6.3.6 Toshiba Corporation
    • 6.3.7 Hitachi, Ltd.
    • 6.3.8 Emerson Electric Co.
    • 6.3.9 Eaton Corporation PLC
    • 6.3.10 Northern Transformer Corporation
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Developing Greener Alternatives to SF6
**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

North America Transformer Industry Segmentation

A transformer is a device that transfers electric energy from one alternating-current circuit to one or more other circuits, either increasing (stepping up) or reducing (stepping down) the voltage. Transformers are usually of two types: power and distribution transformers. In order to create the final voltage transformation from the level the consumer uses in the distribution lines, the power distribution system uses distribution transformers.

The North American transformer market is segmented by power rating, cooling type, transformer type, and geography (United States, Canada, and Rest of North America). By power rating, the market is segmented into small, medium, and large; by cooling type, the market is segmented into air-cooled and oil-cooled; by transformer type, the market is segmented into power transformers and distribution transformers; and by geography, the market is segmented into the United States, Canada, and the rest of North America. For each segment, market sizing and forecasts have been done based on revenue (USD) .

Power Rating Small (10 KVA - 750 KVA)
Medium (751 KVA - 100 MVA)
Large (above 101 MVA)
Cooling Type Air-Cooled
Oil-Cooled
Transformer Type Power Transformer
Distribution Transformer
Geography United States
Canada
Rest Of North America
Need A Different Region or Segment?
Customize Now

North America Transformer Market Research FAQs

How big is the North America Transformer Market?

The North America Transformer Market size is expected to reach USD 9.34 billion in 2025 and grow at a CAGR of 5.41% to reach USD 12.15 billion by 2030.

What is the current North America Transformer Market size?

In 2025, the North America Transformer Market size is expected to reach USD 9.34 billion.

Who are the key players in North America Transformer Market?

General Electric Company, Schneider Electric SE, Emerson Electric Co., Eaton Corporation PLC and Siemens Energy AG are the major companies operating in the North America Transformer Market.

What years does this North America Transformer Market cover, and what was the market size in 2024?

In 2024, the North America Transformer Market size was estimated at USD 8.83 billion. The report covers the North America Transformer Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Transformer Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

North America Transformer Market Research

Mordor Intelligence provides a comprehensive analysis of the transformer industry. We specialize in evaluating electrical transformer technologies and their applications. Our extensive research covers the full range, from power transformer systems to current transformer technologies. We include a detailed analysis of instrument transformer implementations. The report examines various configurations, such as three phase transformer and single phase transformer systems. It thoroughly explores voltage transformer technologies and distribution transformer applications across the region.

Stakeholders gain valuable insights into emerging technologies, including smart transformer solutions and grid transformer innovations. We offer detailed coverage of dry type transformer, high voltage transformer, and low voltage transformer segments. The analysis extends to transmission transformer systems, medium voltage transformer units, and industrial transformer applications. It includes energy transformer solutions and oil filled transformer technologies. The report, available for easy download as a PDF, also addresses utility transformer developments and traction transformer applications. Additionally, it examines advancements in power distribution equipment across North America, providing actionable intelligence for industry decision-makers.

North American Transformer Market Report Snapshots